Before 1971 everything was priced in gold with the dollar as a substitute for convenience, but after Nixon permanently removing the implied ‘L’ on the back of every dollar printed, the strongest currency in the world was freely floating. This created havoc. Oil producing economies got crushed. The dollar (unofficially) needed a tether. It found one in the oil crisis of the 1970’s and the ensuing petrodollar system. Since then everything has been prices in energy (mainly but deminishingly oil)...