4 ms·
the us dollar is quite fragile too. Remember that it had to invade libya and iraq to stop them from selling oil in other currencies. If the saudi and other ara
by mrcheesebreeze 4y ago
the us dollar is quite fragile too. Remember that it had to invade libya and iraq to stop them from selling oil in other currencies.
If the saudi and other arab nations' deals with china and their acquiring of yuans are significant, it could signal the end of the petroldollar.
I highly doubt they will stop using it now, but if any big producers from the middle east stop using the dollar its basically worthless overnight.
At least the euro can't be insta-killed by some dude half-way across the world.
The dollar is on a house of cards, its a dumb way to structure the currency's worth.
- pawsforthought 4y agoWorth considering that OPEC members hold ~80% of known crude oil reserves.
- deepsun 4y ago> it had to invade libya and iraq to stop them from selling oil in other currencies Sounds like a propaganda meme, at least for Iraq that I know a little about. Iraq was invaded for failure to fulfill WMD disarmament requirements, which was known and very _legal_ reason for invasion, according to the agreement made after Desert Storm. Iraq not just failed to prove that it destroyed all WMDs and precursors, it actively and blatantly prevented UN investigations, which is documented in UN resolutions in 1992, 1995, 1996, 1998 and 2002. Note it's not just US, those are UN resolutions. The propaganda meme keeps floating around because UN weren't able to find WMD after invasion, but the point is that the reason was not whether they find or not. It was Iraq's responsibility to provide proofs of WMD destruction, but instead they actively interfered with that. Who knows, maybe there are still WMD stockpiles, hidden somewhere in the vast country.