In your opinion what is the MOST IMPORTANT commodity to the global economy today? (As in what has the most effect, crucial for trade, etc?)
Oil is so important and any potential disruption is so damaging to the global economy. It would happen in an instant. The petrodollar is also a major factor which has kept this monopoly alive for so long. Commodities are priced in US dollars and that gives the US such an advantage. Some argue that having the reserve currency gives the US the ability to export their inflation abroad. Understand the in’s and out’s of oil, and you will understand its effect on the global economy.
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