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Video Flagged Dead

The Petro Dollar,Iraq's Oil, and the Bush Administration

submitted by bl968

1 decade 6 years 11 months ago

The problem with Saddam was that he decided to make extra money by simply trading his oil in euros. Sound like a pointless threat? Well it wasn't. A switch to the Euro by oil producing nations would mean the US could no longer grow the deficit, and if the rest of the world thought that the US couldn’t pay back the debt already owed, and began withdrawing funds from US banks, it would effectively enter the US into a depression worse than any it has ever experienced. In a matter of hours the peso would be worth more than the “almighty” dollar.

This frightening financial vulnerability of the United Sates is the reason why it maintains an army larger than the second 7th largest armies combined. It is also the reason why we are on a collision course with Iran, which has threatened to switch to the euro if it is made to come before the Security Council. As stated by U.S. Congressman Ron Paul, “The dollar-oil relationship has to be maintained to keep the dollar as a preeminent currency. Any attack on this relationship will be forcefully challenged as it already has been."

Read the rest of this article at http://www.thedelphian.com/62-05/1773