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[–] murraryrothbard 2 points 3 points (+5|-2) ago 

I think your probably closer to the mark. I don't think NATO/US were worried so much about a gold backed currency (if that would have even happened) but they were worried about african countries trying to unite into a political block. The euro powers especially view africa as their vassals.

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[–] laserpewpewpewpew 0 points 4 points (+4|-0) ago 

You'd be wrong. Controlling the world currency with military backed oil petrodollars is the only thing that matters. Literally everything is secondary.

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[–] murraryrothbard 0 points 1 points (+1|-0) ago 

I just don't think they put much stock in gaddafi's rumored plan to use a gold backed dinar. Africa doesn't have much developed wealth, it's a shithole really. Size of economy matters. We could debate development potential sure but a gold backed dinar was not a huge threat so much as the countries taking steps to form a union.

Iraq was a different story on the currency topic. Vast oil and natural gas wealth in the ME that is already industrialized for export...if saddam kicked the US dollar it was very important. If he got away with it other ME countries might join, game over. Africa has a long way to go before they are capable of exporting something other than illiterate, unemployable mouths to feed.

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[–] go1dfish 0 points 4 points (+4|-0) ago  (edited ago)

The only thing backing the value of the USD is the lengths the government is willing to go to collect taxes. I.e. theft and violence

So yes, oil rich nations ditching the dollar is something the US does not want.

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[–] vastrightwing 0 points 3 points (+3|-0) ago 

I often tell people the federal reserve note isn't backed by anything. But in reality, it's baked by the US military. See Bitter Lake for a better understanding of this.

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[–] Obie_Kenobi 0 points 1 points (+1|-0) ago 

If Africa became a stable, independent continent then there would be no need to ship them into Europe. The gold standard is just one step into that direction.