Quote:
Originally Posted by underboss
Stop the war in Iraq, start reducing the Empire....700 military bases in 130 countries and you'll save hundreds of billions of dollars a year - the dollar will strengthen as confidence in the dollar comes back.
Right now even when Saudis agreed to increase production - the oil prices rose instead of falling - Iran jumped up and said "See we told you so - it is the Dollar that is the culprit not oil". They've already dumped trading in the dollar.
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Saddam went off USD oil trades and look what happened to Iraq. Look at the military threats directed at Iran and Russia for the same currency position. Americans dislike being reminded that their currency is in danger with oil hedge speculation and, like most addictions, seek any solution to achieve what they consider their birthright - cheap gas. There is no longer any such thing. With no reduction in unsustainable military spending and equally debilitating public debt accumulation, the US will either remain at war, perhaps expanded, or run out of credit when our markets become unable to produce required margins.
A new bill was just passed by congress that will regulate futures markets within the US. As most of the world's crude oil production is traded in USD, it looks like another power play by the world's largest oil consuming country to maintain that critical avenue of USD expansion. In the year 2000, Kenny Lay 'convinced' administration to not pursue oil futures regulation. Some interesting times are ahead.