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View Diary: The PetroDollar - Why Syria? w/poll (17 comments)

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  •  Take your CT and GTFO. (0+ / 0-)

    Seriously, the whole "petrodollar" thing is about as credible as Majestic-12, and about equally as dated.  The USD being the global reserve currency is only tangentially related to oil, and most oil sales never involve dollars to begin with (The spot market is a small percentage of oil sales.)  The spot prices are USD, and contracts may be indexed to that, but need never involve actual dollars.

    In 2001, Iraq began selling their oil in the Euro. We invaded.
    2001 is not when we invaded Iraq.

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