Petrodollar

I wonder when the Petrodollar will lose value so that we can return to gold and silver coins. This is the stuff they don’t teach you in schools. The US dollar is exchangeable with Saudi Arabian oil because there is a finite amount of gold in the world so President Nixon made the decision that US dollars were no longer to be exchanged for gold (thus becoming a fiat currency) but instead exchanged for Saudi Arabian oil during the 1970s.

But like all things, oil will eventually run out on Earth or no longer be as valuable considering that renewable sources of energy are being developed to replace dependency on oil for transport (Elon Musk’s mission to make electric cars efficient and fast using his Tesla company). This would suggest that once oil has run out or is no longer in demand, fiat currencies like the US dollar will lose its value.

Funny that all these man-made things that our Society needs to function at its current state, the lifeblood that is money, are just pieces of paper with ink on it.

References:
https://en.wikipedia.org/wiki/Nixon_shock