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[Music] foreign quick take I am Jacob get ready for a deep dive into the most current news and advancements in world affairs international relations and Technology in this video well be discussing that major oil producing Nations Japan and Europe speed up the dollarization in three key areas back in the 1970s the U.S dollar was removed from the gold standard and became the reserve currency of the world this was further solidified by the petrodollar agreement with oil producing countries in the Middle East despite the rise of the Euro as a contender in the 1990s the Dollars position remained unchallenged in the Global Financial system other countries were only able to hold U.S treasuries and accumulate large dollar reserves to purchase oil however the Petro dollar system has taken two hard hits recently [Music] first the 2008 financial crisis exposed the Western banking systems instability this led many countries including major oil producers and emerging economies to search for alte
