From 2003 and The Guardian
''The oil-dollar nexus is one of the foundations of the world economy
that inevitably filters through to geopolitics. Recycling so-called
petrodollars, the proceeds of these high oil prices, has helped the
United States run its colossal trade deficits. But the past year has
seen the quiet emergence of the 'petroeuro'.
Effectively, the
normal standards of economics have not applied to the US, because of the
international role of the dollar. Some $3 trillion (£1,880 billion) are
in circulation around the world helping the US to run virtually
permanent trade deficits. Two-thirds of world trade is
dollar-denominated. Two-thirds of central banks' official foreign
exchange reserves are also dollar-denominated.''
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