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"For people saying that this is a sign of the dollar dominance ending consider this ..." I think you are mistaken. The technical fungibility of dollars/gold/o
by rsync 4y ago
"For people saying that this is a sign of the dollar dominance ending consider this ..."
I think you are mistaken.
The technical fungibility of dollars/gold/oil is irrelevant.
The requirement to sell other assets to buy dollars in order to settle oil is not a minor detail - it's the whole point ...
... and it would, indeed, be a sign of an erosion of US currency and trade dominance ... which is why it's not going to happen.
Ghana will either not go through with this plan or they will proceed and pay an enormous economic and political price ... or worse.
- happyjack 4y agoYou're indeed 100% right. I think a lot of HN programmer bros miss this point ... that being forced to settle in dollars is not a formality ... it's the whole point!