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Originally Posted by jaguar
Yelof - oil is traded in Euros as well. I'm not going to say any more, such events inhabit a relm of disasters where all bets are off, I don't expect something that drastic, the world simply wouldn't let it happen, but I do expect the necessary........readjustment of things  |
I believe that the only country to do that was pre-invasion Iraq!
There was some talk of Russia doing so (selling oil direct to Germany priced in €) around the time of the invasion, but I've heard nothing of it recently..I guess Putan has made his Peace with W, wonder what the price was.
I talked the pricing in Euro thing to a economist friend of mine who works in Brussels and he says it would never happen as most world government forigen reserves are in $ and the necessary re-alignment would be catistrophic.
However I guess I could imagine a regime coming to power in Saudi Arabia hostile to the US who starts an economic war on the US in this maner