Oil is a commodity and subject to supply/demand. Our currency is also a commodity. It is subject to supply/demand. The dollar is backed by oil, but not pegged to it. That is, the fed is not ensuring $1 will always buy a fixed amount of oil.
Oil is a commodity and subject to supply/demand. Our currency is also a commodity. It is subject to supply/demand. The dollar is backed by oil, but not pegged to it. That is, the fed is not ensuring $1 will always buy a fixed amount of oil.
It's not backed by oil. There is no guarantee of oil in exchange for USD. There is simply an embargo preventing sale of oil in other currencies, which I believe has already been broken.
It's not backed by oil. There is no guarantee of oil in exchange for USD. There is simply an embargo preventing sale of oil in other currencies, which I believe has already been broken.
$1 is just $1
$1 is just $1
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