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

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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