So say the voices on the Internet:
"It's all about bloody Petro Dollars, the re-investment of foreign oil profits back into the Federal Reserve. Also, the use of the American dollar in the trade of oil is extremely important to the value of the dollar as well. This is the deal we have with the Saudi's(OPEC) and why we have such a problem with Hugo Chavez. Chavez wanted to sell us oil at lower prices but refused to give us petro dollars in return, he wanted to keep the profits for his own country, hence his attempted overthrow. Debate the Iraq War all you want, but Saddam was going to do a very similar thing by flooding the market with oil
(a direct violation of OPEC Saudi rules) and destroying artificial supply shortages that are needed to keep prices high. He also was refusing to trade his oil in American Dollars and that's a big no no, hence the Operation Iraqi "Freedom" and thousands of dead civilians."
In other words, they committed a multitude of heinous war crimes, just to keep on robbing the American people of their hard earned wealth!
There is no greater irony and tragedy for American troops who have slaughtered and destroyed, thousands of lives to enter Baghdad, than to have the American dollar to fall from the lack of competent, and trustworthy leadership. Many a victory has been suicidal.
Here's an excerpt from an article written on this subject From the View at thee Mount, back in April of 2003:
"OPEC always priced oil in US Dollars. In the perceptive essay, The Real Reasons for the Upcoming War With Iraq by W Clark, the thesis that a shift using the EURO as the settlement currency, drives the Bush/Cheney administration hydrocarbons geo-strategy.
"The Federal Reserve's greatest nightmare is that OPEC will switch its international transactions from a dollar standard to a euro standard. Iraq actually made this switch in Nov. 2000 (when the euro was worth around 82 cents), and has actually made off like a bandit considering the dollar's steady depreciation against the euro. (Note: the dollar declined 17% against the euro in 2002.)
"The real reason the Bush administration wants a puppet government in Iraq -- or more importantly, the reason why the corporate-military-industrial network conglomerate wants a puppet government in Iraq -- is so that it will revert back to a dollar standard and stay that way." (While also hoping to veto any wider OPEC momentum towards the euro, especially from Iran -- the 2nd largest OPEC producer who is actively discussing a switch to euros for its oil exports)."
The effect of an OPEC switch to the euro would be that oil-consuming nations would have to flush dollars out of their (central bank) reserve funds and replace these with euros. The dollar would crash anywhere from 20-40% in value and the consequences would be those one could expect from any currency collapse and massive inflation (think Argentina currency crisis, for example). You'd have foreign funds stream out of the U.S. stock markets and dollar denominated assets, there'd surely be a run on the banks much like the 1930s, the current account deficit would become unserviceable, the budget deficit would go into default, and so on. Your basic 3rd world economic crisis scenario." So here we are.
The C$ hit a 47 year high versus the greenback today, at just under 1.05 US$. It climbed slightly against the Euro and the Pound, but the story continues to be the US$ tanking (new low versus the Euro). The most surprising part is that if you check the US press, you still don't see many/any mentions of it. Considering that the US imports more than it exports, it's really baffling.
When Americans buy online, is there any connection between rising US$ prices and the fact that their currency is on the skids? Maybe Cnd stores/services should post a notice or something?
Well the Canadian closed above $1.07 to the American dollar today. You have to go back to American Civil war, when it looked like the confederates was going to sack Washington, to beat that.
The odd thing is that most Americans have no clue that their dollar is in a free fall and have no clue of the long term affects.
This is going to end badly.
The falling dollar is meaningless when those in power have denigrated society, government and democracy so much that we're the United States of Corporate America which represents the Sheeple of this country.
If corporate America is so good at fixing things why have they only profited at my expense and done nothing to fix the issues as the fox news networks and rush limbaughs of the world preach to me they would do?
The sad state of affairs here as simply numbed us to a dollar that has been meaningless for years