Ghana plans to buy oil with gold instead of dollars

Post by happyjack » Fri, Nov 25, 2022, 10:27 PM UTC

jkepler wrote: post #257

happyjack wrote: post #239

It is really interesting that the folks running the show in the USA are able to export a lot of the problems with the $ to the rest of the world. Caribbean nations know this first hand, and have given in to the peg. I worked in oil, and now work in an industry where I sell parts worldwide. I'm not a trained economist, but deal with currency and transfer pricing with labor and goods. Couple things: what a lot of peopl…

> China? They do too much contract manufacturing for America, and no one wants yen or a currency from a dictatorship. Yen is Japanese currency; yuan is China's money.

Post by mythrwy » Fri, Nov 25, 2022, 10:31 PM UTC

immibis wrote: post #262

danielschonfeld wrote: post #135

Earlier quoted context omitted.

It has everything to do with USD dominance. Ghana is shouting out loud I can’t get my hands on USD. They’re echoing what the global market in general has been pricing. Now true, having your product be a hot commodity everybody wants is good for business but there’s only so much of that before your competitor starts offering a more readily available product. Pepper that with some morally objectionable stances the US h…

If getting its hands on USD is hard, where's it going to get gold...?

Post by dislikedtom2 » Fri, Nov 25, 2022, 10:34 PM UTC

benj111 wrote: post #232

ketzo wrote: post #218

Earlier quoted context omitted.

Just bad form to mention your own score, period.

True, but if you ask a genuine question and get downvotes, what are you supposed to infer from that? Yes it may be bad form to mention your own score, but it's equally bad form to downvote for asking a question, or read into a question something that wasn't said which may require a down vote. Why don't you take the time to answer the parents question rather than downvote them for querying why their question got downv…

Post by shyn3 » Fri, Nov 25, 2022, 10:41 PM UTC

shyn3 wrote: post #235

Dear Ghana. See Libya. R.I.P Ghana.

Post by pessimizer » Fri, Nov 25, 2022, 10:44 PM UTC

giaour wrote: post #241

988747 wrote: post #213

Earlier quoted context omitted.

Yes, it does at least for those of us who are not US citizens. You can never be sure that one day the US won't sanction your home country in the same way, for some weird reason. Of course for some countries the risk is greater than for others, but still, it's a good reason to avoid US financial markets.

All financial markets participate in sanctions, so taking this absolute stance would limit the negotiable instruments available to you to briefcases full of gold or cryptocurrency.