to be backed by gold. Then we swapped that out in the early '70s and we said, "No, no, we're going to back it by oil." But it really wasn't oil that was backing it, it was violence. And the violence was the violence needed to keep these choke points open. You know, and there are these moments where great power shows that it's not capable of doing what it told everybody it could do, which was use its military muscle judiciously to keep markets humming. And right now we're in a one crazy situation with Iran,
Then we swapped that out in the early '70s and we said, "No, no, we're going to back it by oil." But it really wasn't oil that was backing it, it was violence.