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In effect, if the dollar is no longer the reserve currency of the world - if it is not the only tender used to trade oil - then it will DROP precipitously. There is really nothing else giving the dollar value except the stranglehold we use on OPEC to trade oil only in dollars - with Saudi Arabia's help.
The countries that American CEOs have made into international super powers by outsourcing our jobs to them, namely India and China, are stabbing us in the back. Do we deserve it? Maybe corporate greed is our downfall as a nation. Watch the country go to pieces SOON.
Syria buys Russian jets. India buys Russian jets. Hell, even China buys Russian jets.
And no where on any reputable site have I found the Indians circumventing the purchase of oil w/ gold reserves. They're just flat out continuing to buy Iranian oil. But this was always expected. India consumes 20-25% of Iran's oil supply. Approx. 400-450,000 barrels/day. Neither Saudi nor any other OPEC country could take up the slack w/out causing a HUGE price run-up.
So because India is buying something with gold it means the downfall of the dollar???
It's the Domino Theory applied to the Petro-Dollar, instead of Communism.
That's why Iraq and Libya were invaded, and that's why the US is all over Iran, because of Iran's Kish Island Exchange. The US is in a total panic. Just wait about 5-7 years when Russia's pipelines to Stachi and Norossoisk on the Black Sea are finished and 5 Million barrels of oil per day are being sold in Euros and Rubles. And then wait until Central Asia starts cranking out 14 Million barrels per day, plus Russia's 9 Million or more, while the US and Saudi Arabia are only cranking out 9 Million each.
Do the math.
Quote:
Originally Posted by plwhit
What Kool-Aid have you been drinking?
Maybe Low-Dollar Urine Flavor Lite, with 20% less US economy, and a third less bombing.
Because of sanctions, India cannot buy oil normally from Iran thru US dollars or Euro. India buys Iran oil in massive amounts and no other country can compensate for it. Can US provide alternate source of oil to India??? The answer is no. Banks running the transaction of oil purchase payment run the risk of benig banned . Gold is one option for payment.
In effect, if the dollar is no longer the reserve currency of the world - if it is not the only tender used to trade oil - then it will DROP precipitously. There is really nothing else giving the dollar value except the stranglehold we use on OPEC to trade oil only in dollars - with Saudi Arabia's help.
You mean besides the American economy?
If I was sitting on a stockpile of gold, I'd sell it for oil, too. Gold is in the middle of a price bubble, driven by fear.
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