Quote:
Originally Posted by aceventura3
I am open learning, I am not an expert.
Other than US dollars what currency is oil traded in?
How are these currencies independent from the US dollar?
Once we get more specific I may either understand your point of view or I may be better able to explain mine.
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It doesn't matter what currency the oil is actually traded in. Currencies in these transactions are just measures of value. If the dollar loses value with regards to oil because of government printing of dollars, it also loses value with regards to the Euro in a similar magnitude, so that the amount of euros needed to buy oil and gas remains the same. Right now, prices are going up in euros and other currencies, meaning it is not the dollar's fault.
To put it another way, the only things increasing in price in dollars are commodities. If it was monetary policy and not something specific to the commodities market, prices would be going up in all sectors, but that is not the case.