Post #867867

Only one oil country switched to Euros and an invasion switched it back to dollars. A lot of the international banking structure was built on American systems of banking, so the dollar got baked into a lot. Until Trump, the dollar was generally seen as more stable given its longevity and being the currency of the largest superpower. Also, compared to the Euro and Yuan, the American dollar has an internal hedge when it comes to energy prices given that the USA can supply most of its energy needs by itself. It is hard to handle an oil shock when the currency’s value drops because the internal market can’t afford oil.