It’s an international agreement a country has to sign on to to participate in commodity markets to purchase in US dollars.
The example of BRIC trading amongst themselves with barter or currencies of their choosing is a violation of trading agreements because undercutting prices to sell to one and not the other creates havoc and hostility between trading partners.
It is call the rule-of-law but if you don’t get it, I don’t know what to tell you.
Wow! That's funny.
Starting and running a commodities exchange or any other exchange is easy. Getting people to participate in investments denominated in your itty bitty country’s currency, not so easy.
I don’t see how your comments are that relevant to this thread anyway.
The FED helps world central banks because the U.S. economy is 1/5 of world GDP, not because most commodity transactions are executed in dollars.