[tarunupaday]

India is a developing country. Are you somehow under the impression that the US army will attack a coffee shop in New Delhi if they stop taking US dollars?

Even in those parts of Mexico and Caribbean countries where the economy is heavily dependent on US tourism - and the US dollar will be accepted at retail shops; the price difference between paying in dollars and paying in local currency is going to be against the US dollar, and for any significant transaction, you will be better off paying in the local currency.

More to the point, it is true that a considerable part of international trade is conducted in USD. It is also true that the USA tries very hard to keep it like that (more so through economic sanctions than the military might), but it's hyperbole to state that any country that does not accept USD will get attacked.

For example, India and China buy a non-trivial part of their oil in roubles and have not been attacked - so far.

[acomar]

no but expect the US to start invading weaker countries that depeg from the dollar. the US is, at present, the world's reserve currency. that status is what creates the petrodollar. as countries move towards Russia or China, that hegemony is threatened.

[me_again]

What countries peg to the dollar that you think are in danger of being invaded?

[bombolo]

Lybia.

https://news.ycombinator.com/item?id=35107971

[acomar]

a lot of the African nations moving closer to China come to mind

[me_again]

Per https://en.wikipedia.org/wiki/List_of_circulating_fixed_exch... the only African country with a currency pegged to the dollar is Eritrea. Not really seeing it.

[acomar]

you're aware that barrels of oil are sold in USD and this status is what maintains the American position as the world's reserve currency, right? you're also aware of the wars, coups, and sanctions that have been used over the past 60 years to maintain that position? Venezuela and Iran are the only two countries to have left that standard and we've ratcheted up sanctions on both in response.

[me_again]

I wouldn't claim the US is some miracle of innocence.

You said "countries that depeg". Pegging, in the context of cryptocurrencies and regular ones, means something specific: ensuring that the exchange rate between the 2 is fixed within a certain band. I don't believe that the US is threatened by whether other countries peg their currency to the dollar or not.

The dollar's use as reserve currency is a separate matter.

[bombolo]

I said "a country"… are you under the impression that "a coffee shop" is "a country"?

How could you mistake a coffee shop for a country?

Seems like you want to misread me on purpose?

[capableweb]

Many "countries" don't do business in USD, they do business in their own currency. Why haven't those countries already been invaded if what you're saying is true?

[bombolo]

Can they buy oil with their own currency? No, they have to use their currency to buy USD and then buy oil.

If they get a deal with an oil selling country that says otherwise, USA sends in the army (usually to the seller, not the buyer).

[stonogo]

India is buying oil in rubles right now. Let me know when the US invades.