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Since printing paper money is nothing short of counterfeiting, the issuer of the international currency must always be the country with the military might to guarantee control over the system. This magnificent scheme seems the perfect system for obtaining perpetual wealth for the country that issues the de facto world currency. The one problem, however, is that such a system destroys the character of the counterfeiting nation’s people-- just as was the case when gold was the currency and it was obtained by conquering other nations. And this destroys the incentive to save and produce, while encouraging debt and runaway welfare.
Realizing the world was embarking on something new and mind boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence “backed” the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.
There was no public talk of removing Saddam Hussein because of his attack on the integrity of the dollar as a reserve currency by selling oil in Euros. Many believe this was the real reason for our obsession with Iraq. I doubt it was the only reason, but it may well have played a significant role in our motivation to wage war. Within a very short period after the military victory, all Iraqi oil sales were carried out in dollars. The Euro was abandoned.
Originally posted by Toadmund
The whole US military machine gulps up $$$ in huge quantities, and if you can kill the money, then you can kill the machine. The bearings of US power and confidence are greased with the greens.
If I were the president, I could stop terrorist attacks against the United States in a few days. Permanently. I would first apologize to all the widows and orphans, the tortured and impoverished, and all the many millions of other victims of American imperialism. Then I would announce, in all sincerity, to every corner of the world, that America's global interventions have come to an end, and inform Israel that it is no longer the 51st state of the USA but henceforth—oddly enough—a foreign country. I would then reduce the military budget by at least 90% and use the savings to pay reparations to the victims. There would be more than enough money. One year's military budget of $330 billion is equal to more than $18,000 an hour for every hour since Jesus Christ was born. That's what I'd do on my first three days in the White House.
On the fourth day, I'd be assassinated.
Originally posted by kaibraine
For the past few years 75% of my money was in U.S.$ In January however I transfered the 75% to Euros because I have been in such doubt.
The United States Federal Reserve (the Fed) has announced that it will stop reporting the M3 money supply data of the US dollar on March 23, 2006. This has started some speculation in the investment and banking community on the possible instability in the dollar system that the Fed is trying to hide. (The Federal Reserve is a system of eight to twelve regional reserve banks, owned by its commercial member banks and supervised by the Federal Reserve Board.)
Originally posted by yeoldehomer
Anyone else feel like the world is coming to an end? Or have things been like this for ages:-
* Global Warming
* Chinese (particularly that speech by the defence minister)
* ETC ETC ETC
Not a good time to be living IMO. I mean, its great now, but things are getting worse.
Originally posted by JamesinOz
Some sites where you can read some of the best articles about M3 and the economy are:
If the IOB only accepts the euro for oil, any country could buy oil from any oil-producing nation using euros instead of dollars. The Iranian plan is not limited to purchasing one oil-producing country's oil with euros.
Originally posted by mbkennel
The petroeuro vs petrodollar is preposterous: anybody with dollars can convert to euros at an instant. So if people wanted petroeuros instead of petrodollars they can have them today. Whatever Iran does is completely irrelevant.