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What would happen if the € became the world/reserve currency? (sopuli.xyz)

submitted 1 week ago* (last edited 1 week ago) by sopularity_fax@sopuli.xyz to c/nostupidquestions@lemmy.ca

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[–] ultranaut@lemmy.world 2 points 6 days ago (3 children)

Linking the invasion of Iraq with their selling oil in Euros makes no sense at all.

[–] GuyIncognito@lemmy.ca 5 points 5 days ago (1 children)

Maintenance of the petrodollar has long been a core US geopolitical concern

[–] ultranaut@lemmy.world 1 points 5 days ago (2 children)

To some extent but it's really not that important. Oil gets traded for all kinds of things besides dollars, it's never been so big a deal that the US would engineer a very dumb war over it. Maybe there were some for whom it was a motivating factor in their support for attacking Iraq, but by and large the animating force was not concern about what currency Iraqi oil exports are traded for. It makes no real difference to anything, it's not significant.

[–] GuyIncognito@lemmy.ca 1 points 3 days ago

I'm not sold on the Iraq invasion being about Iraq selling oil not in USD, but you're drastically underplaying the significance of the petrodollar, especially 20 years ago.

[–] axus@lemmy.ca 2 points 5 days ago (1 children)

What was the animating force for the invasion?

[–] ultranaut@lemmy.world 1 points 5 days ago

It's complicated to explain but the easiest summary is "neoconservative ideology" and a certain kind of postmodern imperialism that came to dominate US elite culture following 9/11. Read up on PNAC if you want to dig into it more.

[–] d00ery@lemmy.world 1 points 5 days ago

Iraq, which has called the dollar the currency of its "enemy state," informed oil customers earlier this month to start making payments in euros, beginning November 1. Baghdad also has threatened to stop oil exports, the bulk of which flows through the UN humanitarian program, if its request for payment in the euro is denied.

https://gulfnews.com/business/energy/un-says-iraq-switch-to-euros-would-be-costly-1.433781

After the invasion it switched back to the us dollar. https://medium.com/%40gsaidheeraj/from-saddam-to-maduro-the-hidden-cost-of-pricing-oil-beyond-the-dollar-2b9e373cc944

It's certainly a coincidence. I'm sure it's not a justification for war, or even a threat of war.