Valuation of metals
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2014
Why valuation of gold, silver ,Petroleum products is done in terms of dollars..when 50% of petroleum products comes from middle east countries.........
10 June 2014
well whether you believe it or not, till 1960s Indian Rupee was the dominant currency in middle-east.
US has followed a concept called dollar diplomacy since 20th century to establish economic dominance over the world.
while you are correct that substantial portion of petroleum products are from middle-east, these countries don't have the technology to harness these oil resources. US contractors do most of the oil drilling in this area.
for diamonds, another high-end product, US is the world's largest consumer. This helps US in demanding pricing in USD terms.
plus, given that world-wide USD is now the main currency for world trade, US is in unique position to decide the terms of the trade including the currency.
you may refer https://en.wikipedia.org/wiki/Dollar_diplomacy
https://www.vdare.com/articles/dollar-diplomacy-outsourcing-and-the-iraq-war
US has followed a concept called dollar diplomacy since 20th century to establish economic dominance over the world.
while you are correct that substantial portion of petroleum products are from middle-east, these countries don't have the technology to harness these oil resources. US contractors do most of the oil drilling in this area.
for diamonds, another high-end product, US is the world's largest consumer. This helps US in demanding pricing in USD terms.
plus, given that world-wide USD is now the main currency for world trade, US is in unique position to decide the terms of the trade including the currency.
you may refer https://en.wikipedia.org/wiki/Dollar_diplomacy
https://www.vdare.com/articles/dollar-diplomacy-outsourcing-and-the-iraq-war
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