Great powers rarely separate economic production from monetary policy. Behind every strong trade route and factory is a currency that the government has worked to make stable and that outsiders trust. But the strength of the U.S. dollar, some argue, goes deeper, relying on military force rather than market competition.

Among the most vocal proponents of that view is Robert Kiyosaki, author of Rich Dad Poor Dad. Kiyosaki argues that while “most people think Iraq, Iran and Venezuela are about oil—that’s the surface story.” The deeper motive is enforcement of the petrodollar—a system that helps maintain U.S. currency dominance by ensuring that global oil is traded in dollars.

While Kiyosaki is famous for hyperbole, others have argued this “Petrodollar War Theory” in a more sober and scholastic way. It posits that the U.S. intervenes abroad not primarily for national security or humanitarian reasons, nor even to seize oil directly, but to preserve the dollar’s role as the world’s energy-trading currency. According to this theory, countries that attempt to price oil in euros, yuan or other alternatives find themselves sanctioned, destabilized—or even invaded.

Is this true? Let’s unpack it.

The History of the Petrodollar System

After the collapse of the Bretton Woods system in 1971—when President Richard Nixon ended the gold standard—the dollar was no longer backed by gold. The United States........

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