It’s not totally meaningless. It’s the first step to nations using a non-USD currency for trading.
If a critical mass of countries do so, then the US loses its ability to sanction countries through its control of the global financial system, which is what spurred Iran to do this in the first place.
The USA position as reserve currency is what allows it to create/spend a ridiculous amount of money into existence and survive crises. The rest of the world just has to eat it. But as alternate systems emerge, this exorbitant privilege lessens.
Someone explain the ramifications for this, and exactly how cool it is please
It’s not totally meaningless. It’s the first step to nations using a non-USD currency for trading.
If a critical mass of countries do so, then the US loses its ability to sanction countries through its control of the global financial system, which is what spurred Iran to do this in the first place.
The USA position as reserve currency is what allows it to create/spend a ridiculous amount of money into existence and survive crises. The rest of the world just has to eat it. But as alternate systems emerge, this exorbitant privilege lessens.
dedollarization
It's totally meaningless, you can read my other comments and I can answer question.