Posted on 04/25/2022 3:27:58 PM PDT by delta7
The petrodollar became a myth when the US became an oil exporter.
Those days are over—at least for now.
“The petrodollar became a myth when the US became an oil exporter.”
WRONG! It always was a myth. Only ONE PERCENT of us dollar forex trades are for oil. Changing that to 3/4 of a percent doesn’t make any difference.
“And Russia has more domestic goods than Western countries.”
You have to admit that one is pretty funny.
Here is a more detailed discussion—it is a bit more complicated:
https://www.investopedia.com/articles/forex/072915/how-petrodollars-affect-us-dollar.asp
Its cluelessness is breathtaking. Like Bernie saying breadlines are a good thing.
No it’s really not more complicated. Oil is a tiny fraction of US dollars traded. A few countries taking some other cuurency for their oil won’t really make a difference in how and why the dollar is used.
It’s Baghdad Bob on steroids.
On vodka.....lots of vodka.
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