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No. They have their own domestic source of gold. US dollars can only be minted in the USA so they have no domestic source of those, they're running low on dol
by fuzzfactor 4y ago
No.
They have their own domestic source of gold.
US dollars can only be minted in the USA so they have no domestic source of those, they're running low on dollars and they need them to purchase other international commodities besides petroleum.
- LatteLazy 4y agoSo instead of selling gold for dollars and then dollars for petroleum, they'll sell gold for petroleum. They won't have any more dollars than before. And they'll need to ship gold to countries that don't actually really want to, just for them to sell it for dollars. Still no free lunch. Still seems inefficient.
- fuzzfactor 4y agoDefinitely inefficient, but nobody has ever truly rejected gold since prehistoric times.