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Is the oil being traded in dollars really that big a deal to anyone? Call me naive but that sounds like being worried about whether the volume of the oil is me
by doubleunplussed 8y ago
Is the oil being traded in dollars really that big a deal to anyone?
Call me naive but that sounds like being worried about whether the volume of the oil is measured in gallons vs litres.
- yaakov34 8y agoThe fact that dollars are widely used in international markets, e.g. in oil trading, is what enables the US to borrow money abroad in its own currency. Which is a pretty big deal, since owing money in currency you don't control (which of course is what most nations have to do) leaves you vulnerable if there is a downturn in your economy and your currency weakens. Keeping the status of the dollar as a major reserve and trade currency is important to the USA.