Iran’s supreme leader, Ayatollah Khamenei, is pursuing an increasingly pushy foreign policy intended to cement his nation’s supremacy within the Middle East.(Getty Images)
Iran’s supreme leader, Ayatollah Khamenei, is pursuing an increasingly pushy foreign policy intended to cement his nation’s supremacy within the Middle East.
(Getty Images)

Will the Iranian Oil Bourse Threaten the Dollar?

September 13, 2005  •  From theTrumpet.com
Iran continues to push its weight around. Now it proposes to begin pricing oil in euros. Unfortunately, just about everyone would benefit—except the United States.
 

For half a century, the American dollar has been the reserve currency of the world. Seventy percent of all currency reserves are in American dollars.

This has a lot to do with the fact that oil, the most important commodity traded in the world, is mostly priced in U.S. dollars. The majority of countries, being oil importers, have to buy their oil in U.S. dollars. This, together with related economic considerations, encourages them keep most of their foreign currency in dollars.

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