Folks,
If you tried listening to this episode when I sent it yesterday, don’t worry, you are not insane! Only one half of the audio (my side) was available, making for a strange listening experience… All host, no guest.
Alas, I believe we fixed the problem and thanks to the good folks out there who alerted me to the issue.
You’ll want to listen to this episode by the way. Jason is sharp & has a good grasp on the financial markets and the history. And we’re not done… he’s coming back on for part 3 soon enough.
~BO’L
The Brian D. O’Leary Show
December 5, 2023
We welcome financial analyst Jason Purcell on the program for the second part in a series on the history of money and banking. We’re talking about the “petrodollar” once again.
Jason is working on a book on the topic which includes a chapter about his theory of the “Petrodollar System.” You can find the first episode at our Substack page (and on all podcatchers):
Jason will be on the show again soon to complete his analysis of the petrodollar system. Once we complete the discussion, we’ll have a longer compilation episode and more robust show notes page for you.
Topics discussed:
A Spate Of Recent Deals Raises Chatter Of A Fading Petrodollar (Forbes)
Jason mentions this article as an entry point into our discussion.
Petrodollar-Saudi Axis Is Why Washington Hates Iran
Gary Richied article that Jason mentions.
"Petrodollar" search at Mises.org
Several mises.org articles reference “petrodollar” (36 at last count). Take some time and read the free resources.
Jason’s theory runs somewhat counter to what you’ll hear in Forbes or mises.org, but it helps to have the background
Not So Fast My Friend!
Lee Corso autographed 8x10 poster (eBay)
OPEC
OPEC countries include: Algeria, Angola, Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela
The host was unaware that Nigeria was a part of OPEC. It is!
OPEC+ is a loose grouping of countries that includes Azerbaijan, Bahrain, Brunei, Brazil, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
BRICS
Governments represented are from countries: Brazil, Russia, India, China, and South Africa.
Dollar hegemony (Monetary hegemony)
Monetary hegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary system. A monetary hegemon would need:
accessibility to international credits,
foreign exchange markets
the management of balance of payments problems in which the hegemon operates under no balance of payments constraint.
the direct (and absolute) power to enforce a unit of account in which economic calculations are made in the world economy.
Key Currency
a currency which is stable, does not fluctuate much, and provides the foundation for exchange rates for international transactions. Because of their global use, key currencies tend to set the value of other currencies. Also, these currencies tend to have a stable valuation over time. A key currency usually comes from a country that is financially strong, economically stable and developed, and one that is involved in the global market.
Currency Converter (Yahoo!)
https://finance.yahoo.com/currency-converter/
Petroleum refining in the United States
(Wikipedia) https://en.wikipedia.org/wiki/Petroleum_refining_in_the_United_States
Bank Charter Act 1844 (Peel Act)
Also known as the “Peel Act”
Bearer Bonds, et cetera in Die Hard
Die Hard (1988)
Bearer bonds and how they figure into the plot (a McGuffin, if you will)
Die Hard $100,000 American Bearer Bond. (eBay) This was a real movie prop.
A more modestly priced replica of the “Nakatomi Bonds” available at Etsy
Taxes in Everything: Die Hard Edition
As for questions with your own taxes, and for your free report on ideas for over 60 Business Expense Ideas and a few personal deductions: visit www.agoristTaxAdvice.com/oleary
Matthew Sercely, the man behind Agorist Tax Advice was a recent guest on the show. Check it out ...
Jason Purcell’s Links
Jason Purcell – LinkedIn
https://www.linkedin.com/in/jasonmpurcell/
Purcell Investments - YouTube
https://www.youtube.com/@purcellinvestments
Email Jason
Supply & Demand Update - Instagram
https://www.instagram.com/supplyndemandupdate/
Jason Purcell Senior Writer, Financial Markets at The Lake Street Review
https://www.thelakestreetreview.com/profile/jpurcell525/profile
To learn more about the fine community of people where Jason and I first met:
Tom Woods School of Life
Social Media, etc.
Follow us on Twitter. Yes, I still call it Twitter…
Brian O’Leary on 𝕏-Twitter
Fountain.FM
Listen and support us at the same time over at Fountain.FM
For all the rest of it, go to BrianDOLeary.com for more information.
Jason Purcell - The Petrodollar System - Part 2