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on July 11, 2022
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The euro has tumbled near parity to the US dollar
USD can be used to buy Oil and LNG. That's most of it. Euro buys oil in USD and then the USD goes into treasuries. It's called Petrodollar Recycling[1].
[1]
https://en.wikipedia.org/wiki/Petrodollar_recycling
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[1] https://en.wikipedia.org/wiki/Petrodollar_recycling