Yep. There's an interesting overlap with the concept of the petrodollar here. If you look at the countries as units, instead of individual people: The US exports some stuff; mainly food and IP. But it imports more. So then at some point we're paying each other with these dollars that mainly have value because people need dollars, with one of the main reasons for that being oil.
Yep. There's an interesting overlap with the concept of the petrodollar here. If you look at the countries as units, instead of individual people: The US exports some stuff; mainly food and IP. But it imports more. So then at some point we're paying each other with these dollars that mainly have value because people need dollars, with one of the main reasons for that being oil.