Of course this would not happen unless another country developed a military to dominate the mid east.What would happen if OPEC decided to stop accepting US dollar fiat money as payment for oil?
Nothing would happen.
Well, oil would probably get a little more expensive for us, but that's about it.
Other countries don't use the dollar, yet somehow they manage to buy oil just fine. Why? Because they convert their money into dollars and buy with that.
The Chinese Yuan is artificially tied to the dollar by the Chinese, so that really wouldn't effect us. If it's tied to the Euro, that just means we convert the money to Euros, just like we do for any products we buy from Europe.What would happen if OPEC decided to stop accepting US dollar fiat money as payment for oil?
nice question... wont happen... the futures markets are based here in the states... and based on the dollar... the other currencyies dont have the support of their governments... they abandon their value and float against the dollar... it is unfortunate that the current obama stratagy is to debase the dollar... what a morons obama and gietner bernakee... the three stooges
They know that if they try to cut us off, we'll march in and take it.
They'd rather get paid.
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