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Petrodollar

from Maquiladora by Killer Cortez

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about

PET·RO DOL·LAR
petrəʊˌdɒlər
noun
· Money, paid in US dollars, earned by a country for the exportation of petroleum
· In the 1970s the United States government held high-level talks with Saudi Arabia to unilaterally price international oil sales in US dollars only
· In exchange the US would provide military protection of oil fields in the region; soon similar arrangements were reached with other OPEC member countries in the Middle East
· This means in order to buy oil on the international market US dollars are needed; the preferred way for countries to get dollars is therefore to export goods and services in exchange for dollars (or to get a loan from banks who hold enough dollar denominated assets, such as the IMF or other big western banks)
· This creates a massive global dependency on US currency, which artificially keeps the value of the dollar high to due its inherent demand in virtually all major international transactions
· This also explains why there is little incentive to move away from oil dependency economies, as definitively moving towards green energy production would significantly depreciate the value of the US dollar on the global market

*****

lyrics

how can we turn back?
devotion has no end.
once we crack we'll crumble,
or will we merely bend?

hold on brother
hold on, bend

the more we see the less we know
the more we'd like to let it go
the more we try to make it stop
the more the world keeps turning

hold on brother
hold on, bend

how can we turn back?
devotion has no end.

credits

from Maquiladora, released January 30, 2017

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Killer Cortez Boston, Massachusetts

Boston-based prog rock band; two-piece ensemble that upends convention with its cavernous sound and psychedelic sonic-storytelling.

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