Hard Money Herald on Nostr: In July 1974, Treasury Secretary William Simon brokered a deal: military aid and ...

In July 1974, Treasury Secretary William Simon brokered a deal: military aid and equipment in exchange for Saudi Arabia parking billions in petrodollar revenue into U.S. government debt. The oil price spike post-1973 embargo created the surplus. The U.S. needed to recycle it or risk financing its deficit elsewhere.