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The USD is reserve currency because Saudi Arabia agreed to...

  1. steve10
    4,872 Posts.
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    16/03/22
    20:15
    Post #: 60235197
    The USD is reserve currency because Saudi Arabia agreed to accept USD for crude oil in exchange for USA military protection.

    Iraq started paying in euro & was bombed. Venezuela started paying in euro, rmb & other currencies with the result being US sanctions. US can't bomb Venezuela without it starting a war with Russia.

    Now the US & Saudi's have some issues between them. Russia will accept currencies other than USD for oil. The US will go to war to defend the petrodollar.

    Reserve currency lasts about 100 years. We are due for a new reserve currency. China is on the rise & whether we like or not RMB might be the new reserve currency within a decade. Wars precede a new currency & this Ukraine situation will either blow over like US/Iraq or grow into something global. Either way history suggests a war & new reserve currency is a matter of time.

    https://hotcopper.com.au/data/attachments/4177/4177499-2d93cbc14a55361683d76027b1fec000.jpg

    Last edited by steve10: 16/03/22
    NOV Price at posting: 20.0¢ Sentiment: Buy Disclosure: Held
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