American dollar had ordinary value
It asked Saudi Arab and others to accept oil payments from countries only in dollar, in exchange for US security
Every country started buying dollar
Dollar artificially went up in value
Then US could import anything for dirt cheap
Above that, US kept printing dollar
That meant, US could buy anything for almost free as long as dollar value was many times value of other currencies (actual productivity of US dollar was v v less)
If dollar now losses value, import costs will sky rocket. Dollar hyped value will collapse US will be in deep crisis
