Jason Purcell — The Petrodollar System (Part 2) - The Brian D. O'Leary Show Ep 93

The Brian D. O'Leary Show

The Brian D. O’Leary Show

December 5, 2023

Jason Purcell – The petrodollar system (Part 2) Ep. 93

Check us out on Substack: https://open.substack.com/pub/briandoleary/p/jason-purcell-the-petrodollar-system?r=3c44f&utm_campaign=post&utm_medium=web

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):

https://briandoleary.substack.com/p/the-petrodollar-system-part-1-w-jason

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

· https://mises.org/search-mises?search=petrodollar

· 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

o 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:

o accessibility to international credits,

o foreign exchange markets

o the management of balance of payments problems in which the hegemon operates under no balance of payments constraint.

o 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)

o Bearer Bonds

· 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

o 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

o Matthew Sercely, the man behind Agorist Tax Advice was a recent guest on the show. Check it out ... https://briandoleary.substack.com/p/matthew-sercely-agorist-tax-advisor

Jason Purcell’s Links

Jason Purcell – LinkedIn

https://www.linkedin.com/in/jasonmpurcell/

Purcell Investments - YouTube

https://www.youtube.com/@purcellinvestments

Email Jason

[e-mail]

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.

Disclaimer: Opinions expressed on the podcast do not necessarily reflect the views of the host or The Brian D. O'Leary Show. Opinions or assertions expressed by guests of The Brian D. O'Leary Show are their own and any statements or advice on this podcast or written material for the show are for general information, educational, and entertainment purposes only and should not be construed as personal tax or financial advice. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented on this podcast, its notes, or website before seeking appropriate advice from an accountant, lawyer, or other professional.