Quote:
Originally Posted by BigChiefFan
We don't need oil prices plummeting, that's what our dollar is based off of and the oil business is a major employer for our country.
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You need to take an economics class because you are dead wrong and have no idea what you are talking about.
Our dollar is NOT based on oil. Whoever told you that is an idiot!
Oil is TRADED in dollars so if the dollar declines, it takes more dollars and higher prices from the oil producing nations like Saudi Arabia, Russia, England, Mexico and Venezuela to make up for the weak dollar. Inversely when the dollar is strong, they don't need as high a price.
As an example, if someone overseas buys a piece of real estate in the US and after 5 years the value of the building remains the SAME but the DOLLAR jumps 15%, they come out ahead.
If they buy a piece of real estate and it appreciates 10% but the dollar declines 15%, they come out a loser when converting back to their currency.
Make sense???