Nixon's brilliant move was the creation of the petrodollar, which buoyed the value of the FRN and cemented it as the world's reserve currency. Now that is unraveling with the inclusion of the Yuan as a reserve currency and the creation of the AIIB, which can bypass the petrodollar, SWIFT and the dominance of the FRN in the IMF. We may be able to bully Iran, roll over Iraq and destabilize Libya, but we are fucked if we try that with Russia, India, and China.
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