So in arguably one of the most underreported stories in America, China is now buying up oil in their currency. This is a seismic shift in prevailing global monetary policy that has existed for the past few decades. China is the biggest oil importer in world, so this really matters. They are now pressuring Iran and Saudi Arabia to sell their oil in chinese currency.
So here's the trillion dollar question - what happens to the greenback if other countries follow suit and ditch the greenback on the oil market? Does it inevitably collapse?
Thoughts? Is this something one should think about when setting up one's investment portfolio?
So here's the trillion dollar question - what happens to the greenback if other countries follow suit and ditch the greenback on the oil market? Does it inevitably collapse?
Thoughts? Is this something one should think about when setting up one's investment portfolio?
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