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" Countries...like Russia and China—use the US dollar to trade between each other. Why? It’s quite strange, since those hot potato dollars all have to clear through New York. The reason is that the Russians don’t really trust the Chinese yuan, and the Chinese don’t trust the Russian ruble. They’re both fiat currencies, of little value outside the borders of the countries that issued them. It’s the same with the Indians, the Iranians, the Brazilians, the South Africans, and everybody else..."

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