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August 31, 2009 1:18 PM Subscribe
What difference does it make to the United States economy whether oil is traded or denominated in the US dollar or in other currencies?
posted by Juffo-Wup to Work & Money (11 answers total) 1 user marked this as a favorite
I often hear it said that oil is globally traded and denominated in US dollars and that the US economy would suffer greatly if countries were to trade oil in other currencies. Is this true? If so, why and how would it harm our economy?