This really shouldn’t be the top comment. USD is very convenient and desirable to use and no other currency comes close as a replacement reserve currency.
If the agreement was extremely inconvenient the Saudis would surely have found a way around it. Rare is the economic agreement that stands against efficiency.
There’s a meme going around certain circles that the USD is doomed and everyone is going to use….Yuan, Rubles? The Euro? Yen?
It simply isn’t plausible. The USD wins out because it is very useful. I write this as a non-American who transacts business mostly in USD, including with non-American contractors and companies.
The US may or may not have to pay its debts but this pact does not seem very relevant.
If the agreement was extremely inconvenient the Saudis would surely have found a way around it. Rare is the economic agreement that stands against efficiency.
There’s a meme going around certain circles that the USD is doomed and everyone is going to use….Yuan, Rubles? The Euro? Yen?
It simply isn’t plausible. The USD wins out because it is very useful. I write this as a non-American who transacts business mostly in USD, including with non-American contractors and companies.
The US may or may not have to pay its debts but this pact does not seem very relevant.