In 1974, something happened that changed America forever...
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In 1974, something happened that changed America forever.
The man on the street probably had no idea it took place… yet over the next
five decades this single event would help transfer trillions of dollars out of
the hands of regular folks and into America's asset-owning elite.
It divided the country between those who understood what was happening to
their money and those who were quietly impoverished by it.
Today, I'd like to tell you why I believe it's happening again.
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In July 1974, Treasury Secretary William Simon boarded an 8 AM flight from
Andrews Air Force Base.
Officially, he was beginning a routine diplomatic tour. But under orders from
Henry Kissinger and the Nixon White House, Simon's real mission was a secret
four-day layover in Jeddah, Saudi Arabia.
What he proposed to King Faisal would effectively reset the U.S. dollar.
Saudi Arabia would price its oil exclusively in dollars.
And the billions it earned would be recycled into U.S. Treasury bonds.
In return, America would guarantee the security of the Saudi Kingdom with the
full force of the U.S. military.
King Faisal agreed – with one condition:
The arrangement must remain "strictly secret."
Within a year, every other major OPEC nation followed. Suddenly, every country
that needed oil also needed dollars.
The dollar was no longer anchored to gold. It was anchored to the one
commodity the modern world could not function without. The petrodollar was born
– and the greatest repricing in American history began.
Enormous waves of capital flooded into the companies sitting at the
chokepoints of the new monetary order.
Over the decades that followed ExxonMobil climbed roughly 9,700%.
JPMorgan rose around 6,000%.
Lockheed Martin surged more than 14,400%.
And Microsoft ascended an almost unimaginable 479,000%.
America transformed from a nation of roughly 180,000 millionaires in 1974 to
one with nearly 24 million today.
The savvy, asset-owning elite who understood the petrodollar deal didn't
merely buy oil stocks.
They owned the banks, defense contractors, industrial companies, and
technology firms through which the new money was all but forced to flow.
And they built fortunes from it.
But millions of other Americans experienced something very different.
They worked hard, they saved carefully, they kept their money in the bank and
trusted the system to protect what they had earned.
Yet they watched helplessly as the dollar lost more than 84% of its purchasing
power.
Something that cost $100 in 1974 costs more than $600 today. Food became more
expensive. Housing became more expensive. Healthcare, education, energy,
practically every part of American life was radically repriced.
Meanwhile, the financial assets owned by the wealthiest Americans soared.
Savers didn't simply miss an investment opportunity, their wealth was slowly
drained away by the same monetary system that was making their neighbors rich.
In other words, the petrodollar divided America in two:
Between those who owned a piece of the system – and those who were owned by it.
Now I believe that same dividing line is being drawn again.
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