Nov
23rd
Fri
23rd
On why we accept worthless pieces of paper and what happens when we stop.
Exercise for the reader: Let suppose you are the chief of Saudi Arabia, you sell most of the oil in the world. Why would you ask to be paid in a currency that is not your currency? Think why Saudi Arabia asks to be paid in dollars and not directly in its own currency (Riyal).
Did it?
Ok, so now the news from Reuters: some OPEC countries are considering/threatening stopping asking dollars in exchange for oil. The precise sentence uttered by Iranian President Ahmadinejad was “They get our…
