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Power goes out on entire island of Cuba, leaving 10 million people without electricity (www.nbcnews.com)

submitted 4 weeks ago by [email protected] to c/[email protected]

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[–] [email protected] 7 points 4 weeks ago (1 children)

The world is run by the USD. If you can't do business using USD, it is crippling.

[+] [email protected] -9 points 4 weeks ago (1 children)

Hate to tell you this, but most banks in the world deal in multiple currencies including USD.

[–] [email protected] 12 points 4 weeks ago (1 children)

Do you know what the Petrodollar is? Have you ever seen USD called "the World's Reserve Currency"? There are reasons for this. The majority of world commerce is done using USD.

The US dollar has served as the world’s leading reserve currency since World War II. Today, the dollar represents 58 percent of the value of foreign reserve holdings worldwide. The euro, the second-most-used currency, comprises only 20 percent of foreign reserve holdings.

https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/

As the article goes on to say, Russia's invastion of Ukraine, and BRICS attempt to move away from USD toward other currencies like the Yuan, is changing the landscape as we speak.

But since 1963, or whenever the fuck it started, the USD has dominated. The act of simply not allowing a nation to participate in that, for such a long time, does a lot of damage. I think Cuba has done pretty well for itself, all things considered.