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It also has a de-facto underlying physical asset, since the Kingdom of Saudi Arabia will only sell oil to you in USD since ~1974 (based on the backroom deals be
by medvezhenok 4y ago
It also has a de-facto underlying physical asset, since the Kingdom of Saudi Arabia will only sell oil to you in USD since ~1974 (based on the backroom deals between US & Saudis).
That's why our system is called the Petrodollar system.