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this post was submitted on 18 Oct 2024
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Hate to tell you this, but most banks in the world deal in multiple currencies including USD.
Do you know what the Petrodollar is? Have you ever seen USD called "the World's Reserve Currency"? There are reasons for this. The majority of world commerce is done using USD.
As the article goes on to say, Russia's invastion of Ukraine, and BRICS attempt to move away from USD toward other currencies like the Yuan, is changing the landscape as we speak.
But since 1963, or whenever the fuck it started, the USD has dominated. The act of simply not allowing a nation to participate in that, for such a long time, does a lot of damage. I think Cuba has done pretty well for itself, all things considered.
Yeah, I know what a petrodollar is. Played the oil spot market years ago. So, I'm guesstting you must be indicating that Cuba can't pay for oil. That's nonsense. Let's suppose they have their money at HSBC, a Chinese bank in Hong Kong. They make a deal for oil supply with Mexico. To pay for it, they have HSBC move money from Hong Kong to Mexico in USD.
BTW, I find the downvotes funny as he'll.