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by choward
1961 days ago
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> including the externalities from the extraction of oil, which implicitly backs the dollar This isn't true. Internationally the thing that backs the dollar is the U.S. economy. People know they can spend dollars to get anything they need. Domestically what drives the dollar is that it's the only way you can pay taxes. I suppose you could say that oil is used to defend the U.S. economy but that's a stretch. |
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>This isn't true.
Basic economics and the law of supply and demand says that it is true.
>when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa.
https://www.investopedia.com/ask/answers/033115/how-does-law...