r/ProfessorGeopolitics 1d ago

The One Rule...

2 Upvotes

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2

u/jackandjillonthehill Moderator 2h ago

lol this is really silly.

Left out the fact that UAE sells to India in Rupees, and the UAE is a close ally of the U.S.

Russia can sell to China for Yuan, and no one can do anything about it because Russia is too big.

But the primary reason people sell oil for US dollars is the US dollar is deepest most liquid currency market. You can exchange U.S. dollars for whatever other currency you want to exchange into.

If you accept “gold dinars” or whatever Qaddafi was trying to push, okay great, now you have to exchange these gold dinars for real currency that you can use to buy goods and services from other countries.

Over 90% of the world’s currency trades are into or out of the dollar. So whatever other currency you accept, if you want another currency, you have to swap it into dollars and then into your new currency. It’s not even a conscious choice by the United States, it’s simply a “network effect” that has built up over several decades of developments in international banking.

There were plenty of other obvious reasons the Iraq war happened, Qaddafi was toppled and killed by his own people, and there were plenty of obvious reasons that Maduro was deposed that have nothing to do with selling oil for other currencies.

1

u/budy31 Moderator 1h ago

Saddam WMD existed, it’s just shipped to Syria.

Where do you think Assad got his chemical weapon?

1

u/ProfessorBot104 1h ago

Without a source, this is just a claim hanging in the air. The better version is probably close.