In Currency the U.S. is Dominant, Europe is Fading, China Is Irrelevant For Now

Re:In Currency the U.S. is Dominant, Europe is Fading, China... by aurelius83 on Tuesday September 24, 2013 @08:09PM (#6441764)

Makes perfect sense to me. As none of these currencies are actually backed by an asset, the US dollar is probably the most stable and most likely to be accepted as a means for payment by more people around the world.

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Re:In Currency the U.S. is Dominant, Europe is Fading, China... by Wingman4l7 on Tuesday September 24, 2013 @08:14PM (#6441783)

Are you implying that the USD is backed by an asset? Because AFAIK, it's not (at least not anymore).

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Re:In Currency the U.S. is Dominant, Europe is Fading, China... by cdash on Tuesday September 24, 2013 @08:43PM (#6441911)

I am pretty sure he is saying no currency is backed by an asset so if you had to choose a currency not backed by anything you would choose USD.

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Re:In Currency the U.S. is Dominant, Europe is Fading, China... by killerpopiller on Wednesday September 25, 2013 @04:24AM (#6443297)

please correct me, but I thought $ receives it's backing through the oil market.

If one purchases oil, one needs to pay in $.

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Re:In Currency the U.S. is Dominant, Europe is Fading, China... by Wingman4l7 on Wednesday September 25, 2013 @04:28AM (#6443312)

If one purchases almost anything one needs to pay in $.

I was speaking in terms of fiat money which is not backed by precious metals anymore.

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