I see that as a side show to the overall banking system. I trying to express that this was a reactionary response to an immediate problem rather than a key part of banking.
> see that as a side show to the overall banking system
See what? The geopolitics? The petrodollar was entirely a geopolitical affair. If anything, one could argue petrodollar recycling—together with the fall of the USSR-created the modern American banking system. (The timeline is compelling for e.g. LBO debt.)
The reaction to 70's era oil embargo as opposed to the overall global monetary system. The oil embargo was a use of the monetary system not an intrinsic part of it's development.
Oil embargo was about America not having oil. We didn’t react with a financial tool to that, but with security guarantees via our military. Putting the financial piece first reverses causation on the order of a decade.
I don't think so I think the US had many levers one might have been security guarantees. To try to separate the US influence into specific categories is the same as trying to dissect a joke or a frog.
