Originally Posted by
Basil77 laxxy wrote:
And, most importantly, no one cares what he'd sell his oil for, or how Iran is gonna sell theirs.
No one cares you say? You may be say also no one cares if Russia, China, Taiwan and Japan(national banks of that states have in reserve more dollars, than a US year profit) ask US goverment to exchange this $ for something material instead of this toilet paper? For example gold, dimonds, oil, metal - any material things.
I also wonder whether you actually realize that those reserves are not invested in callable bonds (or "dollars", whatever that means
Are you maybe imagining something like a huge checking account or something?
), and that the most they could do would be to decide how much new bonds to purchase.
Not to mention that the "US government" (like pretty much any other one these days) is not exactly a trader in "gold, diamonds, oil and metal" to be expected to provide them in exchange for anything.
The weirdest part is of course how can any such imaginary scenario be related in any way to what Saddam sold his oil for.