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 Post subject: Middle East oil and the dollar
PostPosted: Tue Oct 31, 2006 1:28 am 
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Hear Me Roar!

Joined: Sun Sep 17, 2006 2:45 am
Posts: 384
Location: Surrey, B.C. Famous for many things
Here is another good up to date article on the ailing dollar and the importance of oil. I have been coming across many articles lately on the importance of oil being priced in US dollars. US hegemony and globalization are tied to this feature of oil being priced in US dollars. The invasion of Iraq and the intimidation of Iran are based on this relationship of oil and the dollar ( the world's reserve currency )

Link here:

http://www.informationclearinghouse.inf ... e15440.htm

sample quote here:

Quote:
So, how will this cadre of plutocrats coerce the other nations to continue to use the dollar while it plummets from its perch?

Oil.

As long as oil is denominated in dollars, the central banks will be forced to stockpile American scrip regardless of its value. It’s no different than holding a gun to someone’s head. They will use our debt-plagued greenbacks or their cars and trucks will sputter, their tractors and factories will wheeze, and their economies will grind to a halt. It’s just that simple.

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