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by DouglasChick from Orlando Area

Last Post 65 days, 9 hours Ago


U.S Dollar Ties to Oil
Mar 11, 2008 | 8:23 AM
Category: Political
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The Falling Dollar -- Douglas chickSeven years ago I learned a lesson called Greenbacks for Oil that I never knew before. The lesson goes like this: All oil in the world is purchased with the U.S. dollars. It doesn’t matter what country purchases oil from whom, they do it with the U.S. dollar. Iran sells its oil using U.S. money. Venezuela sells its oil with U.S. money.  The United States went from the Gold Standard to the Federal Reserve. (Or Greenbacks for Oil) The Federal Reserve prints out greenbacks and sells it to other countries to purchase oil with. Iraq one day decided that it would no longer accept U.S. money and switched to the Euro dollar. So to purchase Iraqi oil, you must use the Euro dollar. Other Arab nations were about to fall in line with Iraqi, and so we invaded Iraq to liberate them. This is why France and Germany protected so much, because their countries had the most to gain from it.

Now that the U.S. dollar is falling, it takes more U.S. dollars to convert to the Euro dollar, so the price of crude oil rises to account for the low value of the U.S. dollar. (Other country now must purchase more U.S. dollars to equal their dollar.) Because the dollar is weak, stronger foreign money is worth even more. The weaker we become the stronger other nations become driving us down even more. President Bush did not invade Iraq to protect us from terrorist, but for Greenbacks for oil. Our economic wealth is based on the purchase of oil from countries that would wish us all dead. The strength of America used to be on our technology and manufacturing. Perhaps it is not too late to return to that?

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ThinkTanked read my blog view my photos
Mar 11, 2008 | 10:31 AM

Hey good blog! It's a pleasant surprise to see there is intelligent life out there in Fox Blog Land.

We would need to back our dollar with gold and silver in order for the Greenbacks to remain in use... but the main problem is America has been broke for many many years, there is no longer any gold or silver in our reserves, so look for a great depression in the near future.
ThinkTanked read my blog view my photos
Mar 11, 2008 | 10:42 AM

Of course the real "think tanks" solution maybe to create an American currency similar to the Euro, but that's a temporary fix that will last about 10 years before that becomes junk as well.
ThinkTanked read my blog view my photos
Mar 11, 2008 | 10:47 AM

Why would the Euro hold up longer than an American Amero you ask? Because the European countries that converted to the Euro still have gold and silver to back their economy, whereas America would have to rely on the gold and silver that Canada and Mexico have, which would support our economy for about 10 years.
zbert read my blog
Mar 11, 2008 | 10:52 AM

OPEC is starting to take payment in almost any currency except the US Dollar. Most of the world considers the US Dollar too unstable and very few countries continue to base their value against it.
Very good post!
Abunai read my blog view my photos
Mar 11, 2008 | 5:24 PM

LOL.. I see all the libs have chimed in loving another blog that indites anything Bush again.

So lets assume this is correct. Why then are we not insisting on our share of that oil from Iraq then....

If the Euro is stronger, dollar weak, why then would you want to purchase outside of the dollar based price? If your Euro go further against the dollar would not oil be cheaper for anyone outside the dollar then?

Here are some sources for this article:
http://www.democraticunderground.com/discuss/duboard.ph
p?az=view_all&address=389x2819195
OH! WELL NOW THAT WOULD BE A BALANCED SITE!
Abunai read my blog view my photos
Mar 11, 2008 | 5:28 PM

http://www.alor.org/Volume39/Vol39No19.htm

Now this Ozzy site seems to change the timeline a little.. that Arabs tried to change oil prices to Euro AFTER we went into Iraq NOT!! the US going in because of it.

This article also will show you a little history dating back as far as the 70s when Arabs and others were trying to slow down the United States and hobble our economy. This during the high point of the Cold War when Soviets and others were working the middle east over as we were for dominant influence in the region.

But ya know what... If the United Nations would even back up a single resolution or security action the whole thing wouldn't even be a debate!
ThinkTanked read my blog view my photos
Mar 11, 2008 | 7:25 PM

Forgive Albunai, he thinks a Lib is anyone who is against fighting the 9/11 terrorists in Iraq.
DouglasChick read my blog view my photos
Mar 11, 2008 | 7:33 PM

The Liberals are fighting the Conservatives, and the Conservatives are fighting the Liberals...both are an invisable enemy.
ThinkTanked read my blog view my photos
Mar 11, 2008 | 7:41 PM

Don't forget the other invisible enemy - Al Qeida... or should I say Israeli Mossad? LOL sorry for throwing that in there I know most Americans don't see the connection.
zbert read my blog
Mar 11, 2008 | 9:47 PM

Abunai, you did it again! That link you gave as your "proof" clearly says Sadam Hussain changed the accepted currency to the Euro in 2000, before we invaded. Do you ever check your proof?
And why would anybody accept currency they know will be worth less after they take it?
If the Euro is strong and the Dollar is weak, then yes, you would want to use the Dollar to pay for something, but nobody would want to be paid with a weaker currency like the Dollar.
Abunai read my blog view my photos
Mar 12, 2008 | 6:07 AM

Hey, thats my argument zbert. Now read the initial author's statement here that says. "Other Arab nations were about to fall in line with Iraqi, and so we invaded Iraq to liberate them. "

Its speculation and conclusion formed by an opinion that is scratching the bottom of the barrel to find any flaw in the reason we went into Iraq!

(I concede my initial post is scrambled) The point I make is that you read the article from the ridiculously liberal democraticunderground and then read the other and the illustration of spin is there.
DouglasChick read my blog view my photos
Mar 12, 2008 | 6:36 AM

You think I'm a liberal? People like you can only think in the absolutes. It is either liberal or conservative. Your church has trained you well. Or maybe Rush Limbaugh. Whoever you spend the most time listening to.
Abunai read my blog view my photos
Mar 12, 2008 | 9:09 AM

Wow! You people? Thinking only in absolutes, yet then you can't even complete the sentence without "Your church" or Rush Limbaugh?

Well that about sums it up doesnt it. I thought you were a liberal, but alas in that sentense where you judge me, doing so in only the fashion a liberal hypocrite could! Don't even realize that you just practiced the very behavior that you criticize others for!!

LOL! It just gets richer by the post doesnt it...
zbert read my blog
Mar 12, 2008 | 10:50 AM

Well that about sums it up doesnt it. I thought you were a Neocon, but alas in that sentense where you judge me, doing so in only the fashion a Neocon hypocrite could! Don't even realize that you just practiced the very behavior that you criticize others for!!

It works that way too!

Abunai, YOU are the one who throws around the word Lib at whoever disagrees with you.
Abunai read my blog view my photos
Mar 12, 2008 | 11:20 AM

Yet zbert Im not the one pretending to be someone that I am not....

I'm the first to tell you that I am conservative, and when I am called on it, I simply agree. I don't make excuses, nor do I try to give it some other name, and am proud of who I am. Are you not proud zbert that you are a screaming liberal? Unwilling to hold yourself accountable, having no core value from which to be held to?

OK lets just be fair about this blog then.. DouglasChick can you just clear all this up and site the source from where you reference this blog topic? I provided two possible places and got beat up as if I made them up! So lets just clear the air then.
Abunai read my blog view my photos
Mar 12, 2008 | 11:29 AM

Ya know zbert.. I am flattered though... mockery IS the best form of appreciation isn't it..
ThinkTanked read my blog view my photos
Mar 12, 2008 | 3:52 PM

Abunai if you were a conservative you would see just reason in getting our troops out of the money and freedom pit called Iraq.
shadows read my blog
Mar 12, 2008 | 4:46 PM

Abunai said.

" If your Euro go further against the dollar would not oil be cheaper for anyone outside the dollar then?"

Abunai, do you honestly believe that a commodity price changes based on the currency used to pay for it? If so, why do we have WORLD commodity prices quoted everyday?

I see that you are still trying to put a happy face on the falling dollar when even the feds acknowledge that oil prices would probably come down and we could minimize the recession by strengthening the dollar.

You really shouldn't base everything on what George II or the Party talking points say...since they often don't know what they are talking about.

Have a little more confidence in yourself and get away from letting others think for you.......you can do it!!
Abunai read my blog view my photos
Mar 12, 2008 | 5:00 PM

Oh please shadows.. you really are the last to be calling anyone out on party line debate and talking points. I always have to add to the facts that you present, as you continue to leave the void of context and perspective like any good liberal would.

EVERY year just prior to school letting out, and summer the price of oil and gas goes up, and EVERY year the Democrats seem to come up with a new aspect as to why. Everything from Election pandering by Bush, to Global Warming have been injected by the left. I believe last year it was the accusation of price gouging that after investigations no evidence was found. This year its the dollar's value.

Frankly, I would think more Americans would enjoy the idea that the dollar is the main currency used, and defend it, but apparently not. We seem to have some left wing folk that want America to reflect European politics and life. From Socialized medicine, high taxes, and no energy independance. (Other than France that literally has a huge Nuke power structure)

The reason for all the attacks on me in this string is because I illustrated who and where the process of thinking comes from with the democratunderground, and while I have been attacked for it, nobody is denying it are they...
PegasusWing read my blog view my photos
Mar 13, 2008 | 5:29 AM

The US dollars in the hands of the Arabs are buying US coroporations.
We have the technology to man space stations, so we could have the technology to be oil free.
It will not happen because the oil companies OWN Capital Hill.
Our Senators and US Representatives have to see to their personal interests, not that of the country.
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DouglasChick

My name is Douglas Chick, author, computer engineer, and creator of The Network Administrator a popular website for computer people.

Member Since: 8/16/2006


 

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