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[–] go1dfish 0 points 4 points (+4|-0) ago  (edited ago)

The only thing backing the value of the USD is the lengths the government is willing to go to collect taxes. I.e. theft and violence

So yes, oil rich nations ditching the dollar is something the US does not want.

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[–] vastrightwing 0 points 3 points (+3|-0) ago 

I often tell people the federal reserve note isn't backed by anything. But in reality, it's baked by the US military. See Bitter Lake for a better understanding of this.