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I have no expertise in this area, but my understanding is that global trade in general is carried out largely in dollars, not just oil.
by woodandsteel 9y ago
I have no expertise in this area, but my understanding is that global trade in general is carried out largely in dollars, not just oil.
- thephyber 9y agoTo address this, a discussion about political ideology seeps in, which violates HN guidelines. It has to do with the Gold Standard, the Bretton Woods agreement, Nixon taking the US off the Gold Standard, and countries in the Middle East that the US has attacked (either overtly or secretly). Basically the hypothesis is that the US has attacked every oil-exporting country soon after they threaten to transact oil in any currency other than the petrodollar (Iraq, Libya, Syria, Iran, etc). I haven't read into it enough to support or refute the claims, but it's a common refrain in US-libertarian media.