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More like riding on the world's need for oil, as oil is by decree traded in USD.

• jacobush 9y ago
  Yes, the US went from backing USD by gold to oil quite some time ago. The exchange rate is not quite fixed, but it’s upheld by the US military against anyone who would try to exchange oil for anything but USD.
  • jacobush 9y ago
    Oh, down vote, no voice. What started the Iraq war? Russia and Iraq wanted to create a new exchange dominated in Euro. Try that shit again and see how far you go.
    • konart 9y ago
      Russia has exchanges in local currency with several countries already. No problem with that. And that Iraq shit won't happen this easily anymore.
      • jacobush 9y ago
        But do they have any of “our” countries?
• JumpCrisscross 9y ago
  > oil is by decree traded in USD This is patently false. OPEC quotes oil in U.S. dollars, because people tend to have U.S. dollars lying around as a result of the massive American consumer base (as well as deep and open financial system), but e.g. North Sea oil is sold for pounds sterling and Bakken shale oil is sold for loonies. Oil is quoted, future and spot, in every major currency FX traders can think up. Wall Street would love if crude were quoted in more currencies. It would mean FX revenue. Sadly for it the world has some sense.