oldschool CxC

Saturday, September 02, 2006

i was trying to search for something about Michael Brown not only being the Arabian horse dude but also a oil junket arranger (I think implied in the Spike Lee requiem), but instead found this ranting guy that sounds like a cross between Ari and the filthy critic movie review guy..

Countdown to world war III

but his take on oil synchs with some of that other nonsense I've been linking

(Side note...there are two petroleum exchanges in the World, the IPE in London and NYMEX in New York)

When the Euro came on line at the end of the nineties and into circulation in 2002, there was a new currency to rival the dollar. The Yen and Sterling remained but were in tiny proportions compared to the Euro. Since the abolition of the Gold Standard in 1973 and the linking of the commodity of oil to the value of the US dollar, economies around the World have had to hold large reserves of US dollars in order to purchase oil. Oil is valued/sold in US dollars, known as "petrodollars" but with the steady decline in the value of the US dollar in the late nineties and the emergence of the Euro, the Iranians decided that they were going to price their oil in Euros and take advantage of greater value to turn a profit. If all OPEC countries followed suit and priced oil in Euros, the US dollars that are floating around the world would instantly become as useless as tits on a fish and the US economy would plummet. Saddam also entertained the idea of pricing his oil in Euros in 2000. Do you see a pattern emerging here? There's one other country in the world that holds no dollar reserves and deals solely in Euros. That country is none other than North Korea.

Iran, Iraq and North Korea. The Axis of Evil!!! Evil bastards indeed. They want euros not greenbacks. Kill them!!!

Eurodollar war


Blogger REkz said...

Andrew, wow -- you made a post longer than one of my rants. :)

So ... aren't other countries supposed to be able to get off the US Economy Petrodollars anyway?

Doesnt the USA push 'free market' concepts down the throats of every 3rd world country? So why not live by that rule as well?

I'm not saying watching the US bloat shrink will be a comfortable experience for the USA, esp since America has been exploited itself by environmentally destructive businesses and is no longer self-sufficient in a sustainable way.... (but could perhaps become sustainable after a large investment of capital in renewable technologies.)
I guess that's what happens when the American leadership believes in Armageddon, 'the Rapture', and Judgement Day as relevant to their management strategies?

The USA overvaluation is going to 'correct itself', and it's overdue.

(America never learned to be nice and share -- but it's not too late to learn.)

1:11 AM  

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