#krabby patty #spongebob #remix #music #trap #soundcloud
The lack of convertibility to gold and high inflation rates resulted in a lack of trust and a declining demand for U.S. dollars on the world market and a falling exchange rate.
In an effort to shore up demand for the dollar, in 1973 Nixon struck a deal with Saudi Arabia that they would denominate all oil sales in dollars and in exchange the U.S. would supply weapons and protection to the Saudis. This system of requiring oil sales to be performed in dollars increased the demand for dollars (since everyone needs oil) and became known as the “Petrodollar”. These petrodollars not only increased demand for the U.S dollar but also allowed the U.S. to export its inflation as these dollars never return to the U.S. but instead are used strictly for foreign trade.
By 1975, all of OPEC had agreed to denominate all oil sales in Dollars in exchange for weapons and military assistance.
(Source: inflationdata.com)@1 week ago with 1 note
Do not allow people to mispronounce your name
birth - 2008: Brock (normally with a Pokemon reference)
2008 - 2010: Barack (you were named after the president?!)
2010 - today: Brock (still with a chance of Pokemon reference)
I do get some ‘Rock’s and ‘Bra’s thrown in.
(via smoke-thc-drop-lsd)@3 days ago with 60085 notes