posted on Mar, 31 2013 @ 12:24 AM
Originally posted by AmberLeaf
reply to post by FatherStacks
It doesnt need detailing, if you had to buy oil with gold your economy would grind to a halt within days
And how long would the oil exporting economies last if they insisted on terms their primary customer refused?
The USA does have oil production, and ethanol production. What other major industries do the oil exporters have?
The oil exporting economies could, if they wanted to, take dollars and euros and buy lots of gold and put it in their vault. But they don't, because
they want to use the money to buy things for their people who would otherwise cut off their heads.
OIl will be traded on whatever terms are maximally mutually acceptable. Right now, oil exporters want dollars because it's the easiest to do stuff
they want with dollars.
edit on 31-3-2013 by mbkennel because: (no reason given)