Every so often, I propose a theory that’s new (to me, at least). When I do, my initial presentation of that theory is often clumsy and incomplete. This isn’t surprising. If the theory offers a new insight, it takes time to learn how to explain it clearly. However, over time, if the theory comes to seem valid, my presentations of that theory become more refined and easily understood.
Today, I present another theory with language that’s at least clumsy (some might say, “half-baked”). I don’t like to present texts that seem clumsy even to me, but I have to do so to not only to try explain the theory to my readers, but also to explain it to myself. More, I must make the presentation because I know that some of my readers will make comments that will help me to better understand if the theory is probably true or probably false and thereby help me to make clearer presentations in the future.
In essence, I can’t seem to take this theory any further without help from my readers.
For today’s theory du jour, I propose that while the former global monetary system from A.D. 1971 to A.D. 2001 was based on the singular “Petro-Dollar,” in the past two years it’s been replaced by a new system based on several “petro-currencies”. The fiat dollar is no longer the only currency that can purchase petroleum, but with the reemergence of the US as an oil exporting nation, the fiat dollar has gained some value as one of several “petro-currencies”.
The emergence of the several “petro-currencies” might explain the last 20-month decline in the price of gold.