Post
Topic
Board Economics
Re: Is the US dollar backed by oil?What do you think?
by
stompix
on 22/03/2019, 18:58:55 UTC
The oil part is true but why it is not Saudi real and why it is "trust in us government" is because USA basically owns Saudi Arabia that is why. Saudi Arabia could "try" to not give their oil to USA and try to blackmail USA and just sell their oil to Russia for cheap and that is exactly when USA will decide "bringing democracy to Saudi Arabia" is a good decision. It would be a bloody war again but you will see a USA flag everywhere in Saudi Arabia for sure.

Yeah, nice conspiracy theory and plan of action but it has a problem, called reality.

First, the US is getting only 12% of its oil from the Middle East.
China, India, and Japan are bigger oil importers from Saudi Arabia than the United States.
Rusia can't buy oil from Saudi Arabia as Russia is a net exporter, they have no use for oil.
Blackmailing the US won't work as they can easily find other sources while selling their oil cheaper will destroy their oil income dependent economy.

Do your homework better next time.

America always interesting in Oil. America use military power to take control on oil. We can see this at middle east, how america want to control the politics and taking benefits from oil.

Except for the fact that China and Russia are extracting more oil from Iraq and Lybia than US companies.

I do not think that US dollar is backed by oil. It should be backed by the Gold which is also not the case.

How do you back a 20 trillion per year economy with gold when all the gold ever mined in the world is barely worth 1/3 of it?