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They've been threatening for a while to do it.
Now they have done it and are urging OPEC to do it.
Noted in this article..there are more Euro's in circulation than dollars.
They better hope this works better for them than the last morons who tried it. But thats the great thing about crazy people; give 'em enough time and eventually they'll screw themselves over.
Every American had BETTER care!! If the oil stops being pegged to the dollar the entire American economy will very soon collapse!!!
The fact that oil is paid for in dollars is what props up Americas borrowing power without it we are.............broke! I'm talking last person turn off the lights broke!! Total devastation that no one can stop...........
"If Opec pulled the plug on the dollar, the financial turbulence of the last year could be eclipsed by even greater problems. "
"The Austrian theory of money, credit, and business cycles teaches us that there is no in-between Scylla and Charybdis. Sooner or later, the monetary system must swing one way or the other, forcing the Fed to make its choice. No doubt, Commander-in-Chief Ben Bernanke, a renowned scholar of the Great Depression and an adept Black Hawk pilot, will choose inflation. Helicopter Ben, oblivious to Rothbard’s America’s Great Depression, has nonetheless mastered the lessons of the Great Depression and the annihilating power of deflations. The Maestro has taught him the panacea of every single financial problem—to inflate, come hell or high water. He has even taught the Japanese his own ingenious unconventional ways to battle the deflationary liquidity trap. Like his mentor, he has dreamed of battling a Kondratieff Winter. To avoid deflation, he will resort to the printing presses; he will recall all helicopters from the 800 overseas U.S. military bases; and, if necessary, he will monetize everything in sight. His ultimate accomplishment will be the hyperinflationary destruction of the American currency and from its ashes will rise the next reserve currency of the world—that barbarous relic called gold."
You can bet Iran will be pushing OPEC to switch. Iran has also entered into a oil deal with China.
Who better a backer than a country with money and an appetite for power.
Remember that the Saudi's have told the US that if iran moves into iraq after the US leaves they will act.The are sect enemies. The real powers in OPEC do not want a expanding iran influence in the region.
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I'm talking last person turn off the lights broke!! Total devastation that no one can stop...........
