Americans understood that Petrol is equally valuable as Gold so they made Agreement with all the Middle East countries to sell petrol in Dollars only. That is why Americans print their Dollar as legal tender for debts. This mean if you don't like their American Dollar and go to their Governor and ask for repayment in form of Gold, as in India they won't give you Gold.
You observe Indian Rupee, " I promise to pay the bearer..." is clearly printed along with the signature of Reserve Bank Governor. This mean, if you don't like Indian Rupee and ask for repayment, Reserve Bank of India will pay you back an equal value of gold.(Actually there may be minor differences in the Transaction dealing rules, but for easy comprehension I am explaining this)
Let us see an example. Indian petroleum minister goes to Middle East country to purchase petrol, the Middle East petrol bunk people will say that litre petrol is one Dollar. But Indians won't have dollars. They have Indian Rupees. So what to do now? So That Indian Minister will ask America to give Dollars. American Federal Reserve will take a white paper , print Dollars on it and give it to the Indian Minister. Like this we get dollars , pay it to petrol bunks and buy petrol.
But there is a fraud here. If you change your mind and want to give back the Dollars to America we can't demand them to pay Gold in return for the Dollars. They will say " Have we promised to return something back to you? Haven't you checked the Dollar ? We clearly printed on the Dollar that it is Debt" So, Americans don't need any Gold with them to print Dollars. They will print Dollars on white papers as they like.
But what will Americans give to the Middle East countries for selling petrol in Dollars only?
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