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."
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5 Comments
Constitutional_PatriotThis is but one example why we need to get back on a gold standard and the government needs to print "backed-by-silver/gold" currency. The PRIVATELY OWNED Federal Reserve Bank is actually illegal and unconstitutional. Our presidents (the ones that had integrity) in the past have been fighting a battle with the banking elite since before the founding of our country.
It's time to abolish the Federal Reserve System and fractional reserve banking.
Vote Ron Paul 2008. He's the only candidate that stated he would take on the "Federal" Reserve Bank. The major problem with this fight is that the bankers don't fight fair. EVERY president that has taken on the fractional reserve banking system has either been assassinated or had assassination attempts, with the would-be killer claiming that elite bankers in Europe put them up to it. Example: the well-documented assassination attempt against president Jackson.
It's very simple.. currency should be backed by silver and gold. Right now it's backed by nothing. Just by that fact alone makes the system manipulative by the controllers of the money.
CP
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