The Petrodollar is Either Dead or Dying - Chris Cook

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So a Clearing Union may thought of as a legal framework within which financial obligations are created, exchanged and settled.

The approach to clearing I advocate does not envisage a central issuer where all the market risk is concentrated, but is rather a framework agreement providing a mutual guarantee of credit obligations created and issued by producers and accepted directly -- ‘Peer to Peer' -- by consumers.