Given that, why is it fundamentally different if, instead of dollars, the Saudis accepted German marks (at that time), and then they converted the marks into dollars before handing them over to the bank? With their volumes. the spreads and commissions would be minuscule, so I don’t see how that would make a fundamental difference.
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This may already be explained, so forgive if it is redundant. If Saudis will only accept USD for oil, then everyone who buys Saudi Oil, has to have some USD for the purchase, thus ensuring that all these countries will hold USD.
That helps to secure the USD as the world’s currency. However, given sactions,(financial warfare) and the US control of the SWIFT system, countries are increasingly trying to get around that.
It seems that the Dollar will eventually be somewhat sidelined, but as yet, there is no other currency that could be used as a replacement, so it’ll probably take a while, unless they crash the system and force some new scheme.
If Saudis will only accept USD for oil, then everyone who buys Saudi Oil, has to have some USD for the purchase, thus ensuring that all these countries will hold USD.
The banksters are the money changers in the temple at the time of Christ. To worship and pay offerings, the people had to convert the Roman coinage or their local coinage into that accepted by the temple as prescribed by the Sanhedrim.
Of course, the money changers (and banksters) got rich off of the people in the process.