Threatening Petroeuro?

[Flo]

The big switchover was supposed to happen in March 2006 and has already been discussed here

 

[jsiv]

So let me ask: Are you familiar enough with this issue to say it is absurd?

I gave you my opinion in the first paragraph.


But no, I am not an authority on the subject.

Or are you just unable to imagine it?

I am capable of picturing a scenario where aliens invade earth, but I don't find it very likely or realistic.

 

[Oliver]

I gave you my opinion in the first paragraph.

But no, I am not an authority on the subject.

I am capable of picturing a scenario where aliens invade earth, but I don't find it very likely or realistic.

Could you have been able to imagine that America would invade a sovereign country that didn't pose a threat to them before 9/11? See? Me, too.

 

[Oliver]

Is inflation a threat for Americas national Economy? And would they militarily fight to keep it's market stable? I highly guess they would - as their history of foreign policies clearly shows. And it also would make sense to protect their society.

So is there anyone in here actually able to state his or her honest opinion if he/she understands the issue?

 

[Darth Rotor]

What is rule6? Is it a new one for you giving an opinion about anything? Harsh, but understandable.

There is NO Rule Six!

DR

Ref = Monty Python Sketch

Fourth Bruce: Right, I just want to remind you of the faculty rules: Rule One!

Everybruce: No Poofters!

Fourth Bruce: Rule Two, no member of the faculty is to maltreat the Abos in any way at all -- if there's anybody watching. Rule Three?

Everybruce: No Poofters!!

Fourth Bruce: Rule Four, now this term, I don't want to catch anybody not drinking. Rule Five ...

Everybruce: No Poofters!

Fourth Bruce: Rule Six, there is NO ... Rule Six. Rule Seven...

Everybruce: No Poofters!!

Fourth Bruce: Right, that concludes the readin' of the rules, Bruce.

First Bruce: This here's the wattle, the emblem of our land. You can stick it in a bottle, you can hold it in your hand.

EveryBruce: Amen!

 

[Darth Rotor]

Could you have been able to imagine that America would invade a sovereign country that didn't pose a threat to them before 9/11? See? Me, too.

Uh, yeah, I could, as we had done it before.

Panama, 1989, Operation Just Cause, also called by some "Operation Just Because." The core premise was that Manuel Noriega was wanted for drug charges in the US, so in the interest of bringing a drug lord who was also the President of a country to court, Pres Bush mounted a military operation to capture him and bring him to justice in Florida, which is pretty much what happened. A contributing factor to the invasion was some incidents wherein Panamanian police arrested and abused Americans living there, (rapings and beatings.) This influenced President Bush's state of mind regarding how Noriega was to be dealt with.

The War on Drugs was the motive for this operation/invasion. Panama has since seen less American presence, not more.

The War on Drug creates a variety of ironic policy. American social drug problems are at root driven by the American public's appetite for recreational drugs. Likewise, our being in bed with the Saudi's is driven by the industrial world's appetite for petroleum. Ideologically, the US and Saudi Arabia make strange bedfellows. Oil provides a common ground.

DR

 

[Oliver]

Uh, yeah, I could, as we had done it before.

Panama, 1989, Operation Just Cause, also called by some "Operation Just Because." The core premise was that Manuel Noriega was wanted for drug charges in the US, so in the interest of bringing a drug lord who was also the President of a country to court, Pres Bush mounted a military operation to capture him and bring him to justice in Florida, which is pretty much what happened. A contributing factor to the invasion was some incidents wherein Panamanian police arrested and abused Americans living there, (rapings and beatings.) This influenced President Bush's state of mind regarding how Noriega was to be dealt with.

The War on Drugs was the motive for this operation/invasion. Panama has since seen less American presence, not more.

The War on Drug creates a variety of ironic policy. American social drug problems are at root driven by the American public's appetite for recreational drugs. Likewise, our being in bed with the Saudi's is driven by the industrial world's appetite for petroleum. Ideologically, the US and Saudi Arabia make strange bedfellows. Oil provides a common ground.

DR

Are you famliar with the topic of this thread? - Meaning the impact to the Dollars Value if a major Oil-exporter switches from PetroDollars to PetroEuro?

Is inflation a threat for Americas national Economy? And would they militarily fight to keep it's market stable? I highly guess they would - as their history of foreign policies clearly shows. And it also would make sense to protect their society.

So is there anyone in here actually able to state his or her honest opinion if he/she understands the issue?

 

[Oliver]

America’s willingness to use violence to defend its economic interests does not seem to have reduced the number of oil exporters considering switching to the euro as they recognise that their use of the dollar enables the US to build up its military strength. In addition to Malaysia, Indonesia has the switch under consideration while Iran has been shifting its currency reserves into euros. Moreover, according to the Vice-President of the Iranian central bank, it has actually sold some of its oil to Europe for euros and is encouraging members of an Asian trade organisation, the Asian Clearing Union, to pay for
Iranian oil in the European currency.

Sources: „Petrodollar or Petroeuro? A new source of global conflict.“
http://de.wikipedia.org/wiki/Petroeuro

There are actually many sources that state it would have an major impact to the US-Economy. Quite interesting. Who knows - maybe the Americans did indeed invade Iraq to switch back to Petro-Dollars after Saddam switched to Petro-Euros...

ETA:

On March 20th, 2006, Iran is planning to open an International Oil Bourse (market) for the express purpose of trading oil priced exclusively in Euros. The world currently does all oil trades in US dollars, commonly referred to as the petro-dollar. Introducing an alternative currency that directly competes against the US dollar will facilitate many global economic changes. The US, of course, stands to be the most affected. Up until now, the Americans have been able to maintain a high demand for their currency due to its role in purchasing the world's primary energy resource. This demand has allowed the US to mushroom its debt to record levels supported by the selling of US treasury bills to foreign countries. How will the US continue to operate if countries stop floating their debt and turn instead towards the Euro? Evidence of the US acting out of concern over their dollar hegemony can be seen in the war with Iraq. In September 2000 Iraq began selling all oil exports in euros. The euro then increased in value which added much profitability to European operations. The US invaded and shortly thereafter (four months to be exact) reverted all Iraqi oil trades back to the US dollar as well as nullifying previous foreign contracts. It has been surmised that the US invaded Iraq not just to control oil reserves but also to protect its all-important petro-dollar.

Source: http://republic-news.org/archive/120-repub/120_crawford.htm

 

[Oliver]

There is NO Rule Six!

DR

Tell that Darat.

 

[Matteo Martini]

There is a rumor that the Invasion of Iraq had something to do with Saddam's plans to switch to the Petroeuro which allegedly would have threatened the US economy.

Now I'm not very familiar with the Petrodollar/Petroeuro system - what would have been/would be the damage for the US economy if Saudi Arabia, Iraq or Iran would have switched/will switch to the Petroeuro?

And would this pose a more dangerous threat for America if Iran would switch to the Euro than Iran having a nuclear bomb?

OK

I have read your comment and I have to say I do not know enough about it to say a definite word about it.

So, it may be true or it may be not true, I dunno.

Just, let me ask you one thing..

Does this theory, what you are stating now, even if true have eanything to so with the fact that:

1) Saddam oppressed his own people;
2) attacked Iran first and Kuwait after;
3) attacked Kurds, killing a lot of civilians;
4) engaged in a bad behaviour against the U.S. and Europe

??

 

[Oliver]

OK

I have read your comment and I have to say I do not know enough about it to say a definite word about it.

So, it may be true or it may be not true, I dunno.

Just, let me ask you one thing..

Does this theory, what you are stating now, even if true have eanything to so with the fact that:

1) Saddam oppressed his own people;
2) attacked Iran first and Kuwait after;
3) attacked Kurds, killing a lot of civilians;
4) engaged in a bad behaviour against the U.S. and Europe

??

No, no - this has nothing to do with any Kurds or the former Iraqi executive branch. It's about the possible chance that the invasion of Iraq may had something to do with the dollars value.

If this is the case, it also may be a reason for intervening in Iran. I guess you know from US-military interventions in the past, that most of them had nothing to do with freedom and other fairytales like that since the CIA never had problems to support the ugliest Dictators as long they were "staying the US-Course".

Did you find some articles about that in your national press?

 

[Oliver]

Who's the world's third largest oil exporter?

Norway!

Trust Norway!

Jsiv, is Norway trading in Petro-Euro and do you know if they have to lend Dollars nevertheless?

 

[jsiv]

Jsiv, is Norway trading in Petro-Euro and do you know if they have to lend Dollars nevertheless?

I refer you to post #21 in this very thread.


Lend dollars? I'm not sure what you mean. Norway is a net creditor, if that's what you're talking about.

 

[Oliver]

I refer you to post #21 in this very thread.

Lend dollars? I'm not sure what you mean. Norway is a net creditor, if that's what you're talking about.

I apologize - I missed your answer. To which countries do they mainly export? To the EU?
And if so - do you know if they had plans to switch to the Euro?
And if so - do you know why they didn't?

 

[jsiv]

I apologize - I missed your answer. To which countries do they mainly export? To the EU?

Oil primarily to the UK, the Netherlands, Canada, France, Germany, and the United States.

Gas primarily to Germany, France and the UK. Although, we have recently started shipping it across the Atlantic to Canada as well.

And if so - do you know if they had plans to switch to the Euro?

No.

And if so - do you know why they didn't?

Why should we? We like America better than the EU.

 

[Oliver]

Oil primarily to the UK, the Netherlands, Canada, France, Germany, and the United States.

Gas primarily to Germany, France and the UK. Although, we have recently started shipping it across the Atlantic to Canada as well.

No.

Why should we? We like America better than the EU.

Okay, then it makes sense to keep the Dollar in possession. But to answer your "why should we" question: The Euro is getting stronger and stronger. It's an Issue of earning money, not of "we like this or that".

 

[Flo]

Okay, then it makes sense to keep the Dollar in possession. But to answer your "why should we" question: The Euro is getting stronger and stronger. It's an Issue of earning money, not of "we like this or that".

Not quite. It's much more complicated than simply earning as much money as you can and has to do with what would happen to one's country economy should American economy sink. The short version is "Beware what you're wishing for".

 

[Oliver]

Not quite. It's much more complicated than simply earning as much money as you can and has to do with what would happen to one's country economy should American economy sink. The short version is "Beware what you're wishing for".

Then you might also know that since the end of the Gold-Standard, the US is printing much more money than they have to be backed up by their Gold reserves.

Now this and other factors lead to the fact that the Dollars Value felt down to 10% of it's value since 1960.

So the question is: May the Dollar be a reason to go to war since Iraq switched to Petro-Euros in 2000 and Iran also did switch recently?

And: What impact would this "switching" have for the already weak Dollar?

 

[Giggywig]

Then you might also know that since the end of the Gold-Standard, the US is printing much more money than they have to be backed up by their Gold reserves.

Now this and other factors lead to the fact that the Dollars Value felt down to 10% of it's value since 1960.

So the question is: May the Dollar be a reason to go to war since Iraq switched to Petro-Euros in 2000 and Iran also did switch recently?

And: What impact would this "switching" have for the already weak Dollar?

How much gold does the US have in reserves? And the Euro countries?

 

[Flo]

Then you might also know that since the end of the Gold-Standard, the US is printing much more money than they have to be backed up by their Gold reserves.

So have many countries ...

Now this and other factors lead to the fact that the Dollars Value felt down to 10% of it's value since 1960.

What other factors in your opinion ?

So the question is: May the Dollar be a reason to go to war since Iraq switched to Petro-Euros in 2000 and Iran also did switch recently?

And: What impact would this "switching" have for the already weak Dollar?

How are those questions related to the end of the gold standard, the depreciation of the $ since the '60s, and the other factors that you will without a doubt explain to all of us ?