3 ms·
That is a good point, and is indeed the case. However, oil requires trading a tangible good, which makes it less efficient than the Bretton Woods system where m
by 29athrowaway 6y ago
That is a good point, and is indeed the case. However, oil requires trading a tangible good, which makes it less efficient than the Bretton Woods system where money was simply infinite.
- tehjoker 6y agoI don't think that's true. In my understanding of this, the oil peg works for the world kind of like how requiring taxes to be paid in USD makes a paper currency "real". In our system, the money is effectively infinite until somehow the dollar is displaced from the reserve position.