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Wow, I bet Venezuela wishes as a country that they did not announce the intention to sell oil in any currency. No one, apparently, is allowed to stop using the
by mark_l_watson 7y ago
Wow, I bet Venezuela wishes as a country that they did not announce the intention to sell oil in any currency. No one, apparently, is allowed to stop using the US dollar as the reserve currency.
As a reminder: early in George W Bush’s presidency, Venezuela, Iran, and Russia all announced that they would sell oil in any currency and almost immediately they were labeled “axis of evil.”
We in the USA benefit from owning the reserve currency it I am always surprised at how long we have kept this advantage.
- profalseidol 7y agoLibya got destroyed when they wanted gold for oil. At least China has established yuan for oil for their trade with Russia. > I am always surprised at how long we have kept this advantage. With the amount spent with US Military (more than all the next 9 countries combined), not surprised. Military bases everywhere, wars everywhere etc.
- antientropic 7y agoGWB's "axis of evil" was Iran, Iraq and North Korea, not the countries you mentioned.