What would happen if the € became the world/reserve currency?
from sopularity_fax@sopuli.xyz to nostupidquestions@lemmy.ca on 01 Feb 02:36
https://sopuli.xyz/post/40467563

#nostupidquestions

threaded - newest

BlameThePeacock@lemmy.ca on 01 Feb 04:08 next collapse

Trump would invade England… Because reasons.

flowers_galore2@lemmynsfw.com on 01 Feb 04:20 collapse

Uh, that’s the pound sterling. Unless they want to unbrexit. (not gonna happen as long as Farage is still haunting the country).

ambitious_bones@lemmy.world on 01 Feb 06:07 next collapse

Trump invading the UK cause he thinks they have the Euro would probably surprise no one at this point.

ILikeBoobies@lemmy.ca on 01 Feb 18:42 collapse

Trump’s not stupid, he would most likely invade someone who can’t hit back like Ukraine.

BlameThePeacock@lemmy.ca on 01 Feb 16:54 next collapse

That was the joke.

Lectral@lemmy.ca on 02 Feb 01:52 collapse

I think the term should be breturn or maybe bre-enter. Pardon me. My brain’s taking me on a side quest.

mp3@lemmy.ca on 01 Feb 04:23 next collapse

A big fat tantrump.

Infrapink@thebrainbin.org on 01 Feb 10:30 next collapse

In August 2000, Iraq switched to selling oil in euros instead of dollars. Within two years, Iraq was responsible for 9/11 had weapons of mass destruction.

Two things of note came in the wake of the absolute clusterfuck of replacing Saddam Hussein. Iraq brought back the death penalty, and started selling oil in dollars again.

ultranaut@lemmy.world on 01 Feb 22:54 collapse

Linking the invasion of Iraq with their selling oil in Euros makes no sense at all.

[deleted] on 02 Feb 04:05 next collapse
.
GuyIncognito@lemmy.ca on 02 Feb 17:16 next collapse

Maintenance of the petrodollar has long been a core US geopolitical concern

ultranaut@lemmy.world on 02 Feb 17:32 collapse

To some extent but it’s really not that important. Oil gets traded for all kinds of things besides dollars, it’s never been so big a deal that the US would engineer a very dumb war over it. Maybe there were some for whom it was a motivating factor in their support for attacking Iraq, but by and large the animating force was not concern about what currency Iraqi oil exports are traded for. It makes no real difference to anything, it’s not significant.

axus@lemmy.ca on 02 Feb 19:18 collapse

What was the animating force for the invasion?

ultranaut@lemmy.world on 02 Feb 20:01 collapse

It’s complicated to explain but the easiest summary is “neoconservative ideology” and a certain kind of postmodern imperialism that came to dominate US elite culture following 9/11. Read up on PNAC if you want to dig into it more.

d00ery@lemmy.world on 02 Feb 18:26 collapse

Iraq, which has called the dollar the currency of its “enemy state,” informed oil customers earlier this month to start making payments in euros, beginning November 1. Baghdad also has threatened to stop oil exports, the bulk of which flows through the UN humanitarian program, if its request for payment in the euro is denied.

gulfnews.com/…/un-says-iraq-switch-to-euros-would…

After the invasion it switched back to the us dollar. medium.com/…/from-saddam-to-maduro-the-hidden-cos…

It’s certainly a coincidence. I’m sure it’s not a justification for war, or even a threat of war.

jimmy90@lemmy.world on 01 Feb 11:59 next collapse

i think the euro has started to act as a reserve currency but not the reserve currency

iirc when the dollar became the world currency it had good and bad effects. one of the side effects was the massive increase in national debt to create the currency (securities) for people to invest in. it’s got so large that there is actual risk on the US defaulting on these debts as the US economy struggles to keep up.

en.wikipedia.org/wiki/Reserve_currency

i think more likely will be the increased use of Chinese currency as a reserve

_Nico198X_@europe.pub on 02 Feb 19:15 collapse

Yuan is unlikely due to unpredictability of gov influence on the currency

ScoffingLizard@lemmy.dbzer0.com on 02 Feb 04:23 next collapse

A lot of entities would have to agree on who to bully.

rbos@lemmy.ca on 02 Feb 04:37 next collapse

There should really be a currency specifically for intergovernmental banking, so that no one government can manipulate it to their ends.

resipsaloquitur@lemmy.world on 02 Feb 21:40 collapse

I would say that they could use that to print money with less inflation but Europeans (read: Germans) will never print money.

So, I don’t know, probably use a strong € to buy Japanese companies since the yen is weak now.