With the ongoing war between Russia and Ukraine, many people are wondering how long the Russian economy can stay afloat. It’s been over three months since the beginning of the conflict.
The petrodollar system is an unofficial monetary system that started in 1974. As parst of the petrodollar system, most global oil exports are priced in US dollars. In return, the United States offers protection and cooperation to Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC).
The gold standard is a monetary system that pegs a country’s currency to physical gold at a fixed exchange rate. It was the predominant monetary system between 1870 and 1933. Under a gold standard, governments can’t inflate the money supply arbitrarily.