How much trouble would the US be in if both Iraq and Iran decide to sell oil in Euros?
I haven’t done much research in this department, economics gives my liberal head a headache. I’ve heard that Ahmadinejad is considering selling oil in Euros instead of dollars and this will totally mess up the US economy. If he gets his friend Maliki to do the same are we in big trouble?
No trouble at all. Iran could decide to trade oil in seashells and it wouldn’t matter.
Foreign currency markets exist for this very reason, if we need Euros for something, people can go out and exchange for Euros.
The banks/companies that now have these dollars tend to re-invest back in the US due to the combination of ROI and safety US assets offer.
At worst, our designation as a reserve currency has been calculated by economists to give us a boost of about 0.1% of GDP, due to the nature of it, it is essentially a small, interest free loan.
So the end result would likely be a small decrease in the real exchange rate of the dollar, and a small increase in investment in the US.
04/27/11 Oil & Euro Futures Trading Recap
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