Comment by rr808 | Hacker News Reader

Comment by rr808 | Hacker News Reader

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> For example, oil is priced in dollars; if India wants to buy oil from Saudi Arabia, it needs dollars to make the transaction, and then Saudi Arabia has an excess of dollars. Frequently it uses these to buy U.S. T-bills or invest in American

If it priced the oil in Euros or Yen or Riyals or Rupees or US Dollars it has to pay its costs. Sure it may end up with a profit its then free to invest those where it likes, there is no reason it has to buy USD assets. Many wealthy and/or exporting nations choose to buy US assets because its a large, safe and well established market, but it has nothing to do with being the most popular trading currency.

> America's basically given itself Dutch Disease, where our only viable industry is financial services.

Clearly this is not true. The largest companies in the USA are not financial.

> Clearly this is not true. The largest companies in the USA are not financial

According to this list[1] of the top 100 largest (public) companies in the US, 14 of the largest companies are in the financial industry, and five more are in insurance. Six if you count Berkshire Hathaway; eight if you also count health insurers (although they're not exactly a financial service exporter, so probably don't count).

So between 19-22 of the largest 100 US companies are in the finance industry. In comparison, there are only eight or nine tech companies, and 11 petroleum businesses. So sure, the.. six largest companies aren't financial companies, but finance is very well represented among the largest companies in the US below that level.

[1] https://en.wikipedia.org/wiki/List_of_largest_companies_in_t...

It’s an uncommon take that a diverse market with no single sector even close to a majority is a problem.

> Clearly this is not true. The largest companies in the USA are not financial.

i believe the parent post meant tech and financials (but is lumping them together into one).

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