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Since oil is traded in dollars I was referring to petrodollars in that context.https://en.wikipedia.org/wiki/Petrodollar_recycling https://en.wikipedia.org/wiki

Since oil is traded in dollars I was referring to petrodollars in that context.https://en.wikipedia.org/wiki/Petrodollar_recycling https://en.wikipedia.org/wiki/Petrodollar_recycling The USA attacked Iraq in the S Hussien era the moment they attempted to formally trade oil in euros for example. http://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/ http://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/

JumpCrisscross 8y ago
> Since oil is traded in dollars I was referring to petrodollars Oil is quoted and traded in all kinds of currencies. It tends to be exchanged in dollars for the same reason that when Lufthansa bought Airbus jets in the last decade, they did the deal in dollars: Fedwire was, until very recently, the world's only international real-time high-volume electronic money transfer system. (Now Europe has a competitor.) The Hussein euro thing is a conspiracy. In what currency do you think British North Sea oil being shipped to Europe is paid for?
- olivermarks 8y ago
  What do you mean by 'conspiracy?" Oil bourses trade in dollars
  - olivermarks 8y ago
    Iran in the crosshairs https://en.wikipedia.org/wiki/Iranian_oil_bourse https://en.wikipedia.org/wiki/Iranian_oil_bourse
  - JumpCrisscross 8y ago
    > What do you mean by 'conspiracy?" The United States did not invade Iraq because it was threatening to switch to Euros. If anything, American banks would have been thrilled at the prospect of new FX revenues. > Oil bourses trade in dollars Oil bourses? Oil futures are mostly traded on exchanges, but oil the commodity is mostly traded over the counter. It's privately negotiated. Those private negotiations reference whatever they want to, whether Brent in USD, Brent in EUR, WTI in USD, COM in JPY, et cetera.
    - olivermarks 8y ago
      Right. 'In the case of crude oil, the main futures exchanges are the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE) where West Texas Intermediate (WTI) and North Sea Brent crude oil are traded respectively. These exchanges trade what is referred to as 'light- sweet' crude oil and a single contract, or 'lot', calls for the purchase or sale of 1,000 barrels of oil. Traders can buy and sell oil for delivery several months or years ahead' https://www.telegraph.co.uk/finance/newsbysector/energy/2790647/Oil-price-QandA-What-are-oil-futures-and-how-are-they-traded.html https://www.telegraph.co.uk/finance/newsbysector/energy/2790...
  - acct1771 8y ago
    The term they were looking for was "conspiracy theory", arguably one of the most important colloquial mistakes to correct when talking "cloak and dagger" politics.

JumpCrisscross 8y ago

> Since oil is traded in dollars I was referring to petrodollars Oil is quoted and traded in all kinds of currencies. It tends to be exchanged in dollars for the same reason that when Lufthansa bought Airbus jets in the last decade, they did the deal in dollars: Fedwire was, until very recently, the world's only international real-time high-volume electronic money transfer system. (Now Europe has a competitor.) The Hussein euro thing is a conspiracy. In what currency do you think British North Sea oil being shipped to Europe is paid for?

olivermarks 8y ago
What do you mean by 'conspiracy?" Oil bourses trade in dollars
- olivermarks 8y ago
  Iran in the crosshairs https://en.wikipedia.org/wiki/Iranian_oil_bourse https://en.wikipedia.org/wiki/Iranian_oil_bourse
- JumpCrisscross 8y ago
  > What do you mean by 'conspiracy?" The United States did not invade Iraq because it was threatening to switch to Euros. If anything, American banks would have been thrilled at the prospect of new FX revenues. > Oil bourses trade in dollars Oil bourses? Oil futures are mostly traded on exchanges, but oil the commodity is mostly traded over the counter. It's privately negotiated. Those private negotiations reference whatever they want to, whether Brent in USD, Brent in EUR, WTI in USD, COM in JPY, et cetera.
  - olivermarks 8y ago
    Right. 'In the case of crude oil, the main futures exchanges are the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE) where West Texas Intermediate (WTI) and North Sea Brent crude oil are traded respectively. These exchanges trade what is referred to as 'light- sweet' crude oil and a single contract, or 'lot', calls for the purchase or sale of 1,000 barrels of oil. Traders can buy and sell oil for delivery several months or years ahead' https://www.telegraph.co.uk/finance/newsbysector/energy/2790647/Oil-price-QandA-What-are-oil-futures-and-how-are-they-traded.html https://www.telegraph.co.uk/finance/newsbysector/energy/2790...
- acct1771 8y ago
  The term they were looking for was "conspiracy theory", arguably one of the most important colloquial mistakes to correct when talking "cloak and dagger" politics.