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$10 a gallon would begin a downward spiral in the economy that few could imagine. It would slam the brakes on consumer spending to a much worse degree than what we saw in 2008.
Of even more concern though, is that loss of control in Saudi Arabia would push the US into a situation of having to militarily intervene to attempt to acquire the oil fields. This could set in motion a grab by other world powers to secure oil assets elsewhere. It would not be the first time war was fought for oil.
Let's say one of the world's largest oil producers, Saudi Arabia goes through a violent revolution. It's hard to say what would happen to gas prices here, but I wonder what $10 a gallon would do to an already fragile economy?
You might want to actually look at a map of Saudi Arabia.
Iran went through a violent revolution thanks to the stupidity of Carter and you didn't have $10 gasoline. You didn't even have $3 gasoline.
It's hard to say what would happen to gas prices here, but I wonder what $10 a gallon would do to an already fragile economy?
We stand by and watch as it happens in Egypt, Libya and Yemen, but if it happened in Saudi, you can bet the US "peacekeepers" would be on the ground within hours to keep the country secure and pumping.
Which is sad, because if ever there was a group of people who got the short end of the stick and need a revoluton, it is the common man (and especially woman) of Saudi Arabia.
Nobody on this forum ever entertains the idea that it could lead to a revolution here in the USA.
The "hunger for democracy" that we're all hearing about on the media, is HUNGER, period. We all talk about QE2 and the inflation it will cause, but no one thinks about the fact that, having the world's reserve currency, we EXPORT our inflation to other countries. In those places where people spend upwards of 80% of their incomes on food, empty stomachs cause social unrest. It isn't "democracy" they want, it's FOOD.
And here in the US, we all depend on low fuel prices. Gotta heat those homes with fuel oil or electricity, gotta run those SUV's on gasoline! Our suburban society commutes to work in the cities, and can't walk that far.
We stand by and watch as it happens in Egypt, Libya and Yemen, but if it happened in Saudi, you can bet the US "peacekeepers" would be on the ground within hours to keep the country secure and pumping.
Which is sad, because if ever there was a group of people who got the short end of the stick and need a revoluton, it is the common man (and especially woman) of Saudi Arabia.
Not so sure with current POTUS he likes community re-organization.
but no one thinks about the fact that, having the world's reserve currency, we EXPORT our inflation to other countries. In those places where people spend upwards of 80% of their incomes on food, empty stomachs cause social unrest. It isn't "democracy" they want, it's FOOD.
Probably because its not a fact. Firstly, the US doesn't have high inflation. Secondly, the US can't export inflation, the only way another country is going to be effected (in terms of inflation) by US monetary policy is if they are manipulating their currencies. If their currencies are floating then they will appreciate against the dollar and their costs will remain the same.
Probably because its not a fact. Firstly, the US doesn't have high inflation. Secondly, the US can't export inflation, the only way another country is going to be effected (in terms of inflation) by US monetary policy is if they are manipulating their currencies. If their currencies are floating then they will appreciate against the dollar and their costs will remain the same.
Yep, it IS a fact. Point well taken about whether they manipulate their own currencies...but there are not many countries who don't. As for the USD, it is used in daily transactions around the world. If it buys less for us, it will buy less for everybody else as well.
The rulers and elites in nearly all countries are 'skimming off the people' just as our own gov't and Fed are doing to us. This will end badly.
Yep, it IS a fact. Point well taken about whether they manipulate their own currencies...but there are not many countries who don't. As for the USD, it is used in daily transactions around the world. If it buys less for us, it will buy less for everybody else as well.
People in India, China, Africa, etc are using their local currencies to produce food, etc not US dollars.
And no, still not a fact. The US can only inflate the dollar, it can't inflate other currencies, the only way another currency will inflate with the dollar is if its pegged to the dollar. In that case, what is causing inflation is the peg not inflation in the US.
Quote:
Originally Posted by Nor'Eastah
The rulers and elites in nearly all countries are 'skimming off the people' just as our own gov't and Fed are doing to us.
You might want to actually look at a map of Saudi Arabia.
Iran went through a violent revolution thanks to the stupidity of Carter and you didn't have $10 gasoline. You didn't even have $3 gasoline.
$4-5 is looking likely because of Libya. There is no doubt $8-10 would be possible if there was a Saudi revolution.
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