It was my understanding that the denomination of oil in American dollars was just an account mechanism (ie. you could represent the price in grain or sheep and it would still be essentially the same) and that most of the demand for dollars instead comes from foreign central banks. Anyone else know anything about this? I think I read a article by Mike Whitney concerning this recently. I could be wrong.
When was this talk? 2008 ?
TrueNorthNorway1970 2 days ago
It was my understanding that the denomination of oil in American dollars was just an account mechanism (ie. you could represent the price in grain or sheep and it would still be essentially the same) and that most of the demand for dollars instead comes from foreign central banks. Anyone else know anything about this? I think I read a article by Mike Whitney concerning this recently. I could be wrong.
WilhelmDrake 2 years ago
★★★★★
ubuibiok 2 years ago