> armchair doomerism Exactly. For years the cranks and conspiracy theorists have been whingeing about rumors of oil being traded in currencies other than doll

> armchair doomerism Exactly. For years the cranks and conspiracy theorists have been whingeing about rumors of oil being traded in currencies other than dollars, as if that would somehow wipe out US global power. This argument never made sense to me since forex trading is extraordinarily liquid and cheap. If the seller of oil wants to receive euros or yen instead of dollars, and the buyer of oil wants to pay in francs or pounds, the cost of the forex conversion is measured in hundredths of a percentage point.