▲ | overfeed 14 days ago | |
> The US does not have most countries in an economic chokehold For most of living history, the US went out of it's way to ensure that crude oil is sold in USD, including oil that's extracted in oilfields halfway around the world. There's only one way to get USD is to trade with the US. | ||
▲ | fakedang 11 days ago | parent [-] | |
Yes, but in our very recent history, the US has enabled policies that have driven countries to purchase using currencies other than the USD. Only if you're buying direct from the gulf countries or you're buying on the spot markets are you forced to pay with the USD. For example, the EU had a long standing agreement to pay for Russian oil and gas with Euros, India has recently begun paying for Russian gas with Indian rupee, as does China with yuan. While Saudi Arabia and the rest of the oil dependent GCC are forced to curtail production to force prices up, Russia floods the oil market to account for the shortfall. |