Friday, July 14, 2006
The Dying Dollar
Junta, jumping the present government and taking over. Spanish word but fits America´s situation well.
The US wants all oil to be sold in dollars. When the US needs more dollars, it prints them. That makes its dollars worth less but so what? Stock markets rise, the rich who already have plenty get richer, and the poor can't buy as much bread. So let them eat cake.
When other countries need dollars to buy oil, they have to borrow them from the US and either pay back the loans at high interest or have the loans extended by doing what the US wants. That's what the World Bank and International Monetary Fund are for. Gets the best allies money can buy.
If oil were sold in Euros, the US would have to have Euros. The only way for the US to get Euros is sell things to countries that have Euros. The US doesn't have much that anyone wants to buy.
Saddam Hussein began selling oil in Euros. Have you wondered about the real reason behind urgency of the US invasion of Iraq?
Iran and Venezuela plan selling oil in Euros. Same game. New name.
