Post
Topic
Board Economics
Re: Sniff ... do you smell smoke?
by
ribuck
on 20/02/2011, 10:00:31 UTC
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.

There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).