270 sats \ 1 reply \ @cryptofolyo 16 Jan \ parent \ on: Why did ALL countries abandon gold & silver money to use fiat currency? econ
Probably created a pseudo demand for oil
  • otherwise if the demand was not pseudo why would oil supply need to be controlled by OPEC?
  • Properties of money being -- Divisibility -- Scarcity -- Portability -- Fungibility -- Durability
All met by Crude oil barrels also in a limited way
Read more in my article https://bit.ly/dollarhyperinflation
write
preview
10 sats \ 0 replies \ @Undisciplined 16 Jan
would oil supply need to be controlled by OPEC?
It's just an ordinary cartel. The demand is real, but the supply is artificially limited to drive prices higher.
Russian and American production undermines OPEC dramatically, but American production is good for the petrodollar. OPEC can withstand that competition, because its members have cheaper to produce oil reserves.
reply