Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

The question is...when?

China will overtake America..

Few things would be more powerfully symbolic of the shift in the balance of global economic power than to have oil traded in the Chinese renminbi rather than the American dollar.

True, no one is going to price a barrel of West Texas Intermediate Crude in renminbi tomorrow. But you can see how that could change. Oil is traded in dollars for economic reasons - not sentimental ones. The oil business pretty much started in the US (vividly portrayed in the film There Will be Blood), the giant oil companies are still mostly American, and the US has long been the world's largest consumer, importer and one of the largest producers of oil. The presidency of George W Bush offered ample evidence of the intimate connections between politics and oil. And the dollar is easily the most traded currency in the world. As such, it makes sense to trade oil in dollars.

Answer Question
 
tnmomofive

Asked by tnmomofive at 7:18 AM on Oct. 6, 2009 in Politics & Current Events

Level 32 (56,190 Credits)
Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN