The oil war in Iraq continues, and the country is drifting toward tri-partite civil war. This will not provide the guaranteed oil supply the US was looking for, but it continues their other major objective—the sale of oil in US dollars. Saddam's big sin, as far as US interests was concerned, was his successful move to sell his oil in Euros. A move of the international petroleum market away from the US dollar would be dangerous due to the large amount of deficits being run by the current administration. And when you combine that with their balance of trade deficit, it could be a severe blow to the US economy.
Iran is pushing a new oil bourse—in Euros, so they are taking their place in the crosshairs as the most significant economic risk (and greatest enemy) for USA. On the other end of the Asian continent, China is beginning to transfer a growing section of their debt holdings from US dollars into Euros. Thus concern grows about China's economic power over the US economy.
It's not a good time to be Dubya!
Iran is pushing a new oil bourse—in Euros, so they are taking their place in the crosshairs as the most significant economic risk (and greatest enemy) for USA. On the other end of the Asian continent, China is beginning to transfer a growing section of their debt holdings from US dollars into Euros. Thus concern grows about China's economic power over the US economy.
It's not a good time to be Dubya!
1 comment:
preach it Bill!
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