7 PM EST – On this first day of Black August 2021, we look at how the cotton industry made kings in america.
“A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions and often considered a hard currency or safe-haven currency.”
The US dollar has been artificially maintained as the world’s number one “reserve currency”. If that changes, what kind of impact with it have on those living within the borders of the United States?
“Petro dollars may be defined as the U.S. dollar earned front the sale of oil, or they may be simply defined as oil revenues denominated in U.S. dollars. Petrodollars accrued to oil-exporting nations depend on the sale price of oil as well as the volume being sold abroad, which is in turn dependent on oil production.”
“Petrodollar surpluses may also be defined as the net U.S. dollars earned from the sale of oil that are in excess of internal development needs. Petrodollar surpluses, accrued in the process of converting subsoil wealth into an internal income-generating capital stock, refers to oil production that exceeds such needs but is transformed into monetary units.” – Georgetown University
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