You are very much on the right path. If barrels of oil were not transacted in dollars, nearly every nation that buys oil would not need to have dollars in their central banks to purchase oil. As the Euro makes gains against the dollars, many nations are losing money by having to have dollars in their nations' reserves for the purchase of oil. China alone lost over $300 billion because they have $1 trillion in US dollars in their bank instead of an equivalent amount of Euros. If foreign demand for US dollars dropped because they didn't need dollars to buy oil, the value of our dollar would drop drastically. Our nation would be destroyed financially if we didn't prevent the change over to the Euro as the currency for oil purchases.
So what do we do when talks to keep this switch from happening fail? Do we allow the dollar to slide and eventually ruin us financially, or do we put the smack down?
After the invasion of Iraq, their oil sales were again converted back to the dollar. Iran has switched its reserves to the Euro, and so it appears imminent that they too will start selling their oil for Euros.
If fighting nations that are seeking WMDs is our cause for military action, why are we not in Korea despite the fact that they have already tested weapons?
Re: US Military Considers Recruiting Foreigners
Member #: 40846
Registered: 9/19/2005
Posted:
1493
Name:
Duane Vick
Name:
Duane Vick
Company:
Self-Employed
Occupation:
Installer
Location:
Phoenix AZ
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