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Frytown, Iowa | Strange I think of this tonight. Memory is a crazy thing. I remember hearing back when I was in high school how the United States has the worlds reserve currency and oil is traded in US dollars which gives our currency an advantage over other countries currency. This was brought up because Iraq was planning to shift their trade from US dollars to the euro which was a newer prominent currency. This was the year 2000 from what I found on a quick search. 2001 was the terrorist attacks with 9/11 and low and behold the terrorists are in Iraq. Off to war we go and look that country is now still trading oil in the US dollar.
Well what do you know 15 years later China starts talking about trading oil in yuan instead of the US dollar and next thing we know we are no longer going to accept these “trade imbalances” going on between us...
A clear signal if you rock the boat of the worlds largest commodity exchange being traded in US dollars then be prepared to who knows what but it ain’t going to be pretty.
Can you imagine if the US dollar lost its reserve currency status how THAT would effect our markets? I personally don’t know but others talk of hyperinflation... it would definitely ruin our stabile currency which is good for business...
My tin foil hat and tin foil laced pillow are on tonight. Blocking the radio waves so I can think clearer. Maybe this is what jogged my memory in the first place! Freedom of thought from the controlling radio waves from “them”!!!
The only country’s that currently trade oil in a currency other than the dollars are Venezuela and Iran and look at our grand relationship with them. No wonder we don’t waste our time with North Korea... we have other targets more imminent!
Will be interesting to see if one of the outcomes of China America trade is oil remains traded in US dollars... I still think the soybean trade is small peas to what’s at steak here
https://en.m.wikipedia.org/wiki/Petrocurrency
https://usiraq.procon.org/view.answers.php?questionID=000911
http://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/
https://www.thesiriusreport.com/geopolitics/china-saudi-arabia-trade...
Hate when dates are not printed in the article but this one is from march 29, 2018 just before trade war was launched
https://mobile.reuters.com/article/amp/idUSKBN1H51FA
Thoughts?
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What do we know...
