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That's some QAnon Economics right there. The suggestion that the US benefits more on a dollar basis than a nation selling a commodity in that currency is very
by jasmer 4y ago
That's some QAnon Economics right there.
The suggestion that the US benefits more on a dollar basis than a nation selling a commodity in that currency is very false.
Iraq is the primary beneficiary of it's Oil exports irrespective of the currency it uses, and those exports are protected by the US.
If the US did not enable open commerce in the region, there would be no Iraq. Or Saudi Arabia for that matter.
If collectively those nations want to switch currencies, they can absolutely do it, but it means they are on their own in terms of security and they don't want that.
The US does gain a bit of an advantage from seigneurage, but it actually has benefits for everyone else as well. It's no some existential thing.