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>"The dollar is essentially backed by oil ..." No, the petrodollar system effectively ended with the 2008 financial crisis[1]. The US dollar is just backed by
by bogomipz 9y ago
>"The dollar is essentially backed by oil ..."
No, the petrodollar system effectively ended with the 2008 financial crisis[1]. The US dollar is just backed by debt now.
EDIT(wrong URL):
https://uk.reuters.com/article/uk-usa-bonds-petrodollars/commentary-the-waning-power-of-the-petrodollar-idUKKBN19Y15H https://uk.reuters.com/article/uk-usa-bonds-petrodollars/com...
- thinkling 9y agoI'm missing how your link supports your claim. The linked article says nothing about the financial crisis and discusses petrodollar behavior in recent years. Much of the reduction in export of petrodollars to asset markets is blamed on sanctions on Russia.
- bogomipz 9y agoSorry I pasted the wrong URL I've since corrected it.