Article

2007-11-19 Home Front Economy

At OPEC, Iran & Venezuela push to drop Dollar

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by lotp 2007-11-19 00:00|| || Front Page|| [7 views ] Top

#1 The US' foreign debt and reliance on oil are our two biggest vulnerabilities and they are sizable risks.
China (the largest holder of US debt) hinted last week it may hold fewer dollars. Iran and Venezuela may be mixing politics with economics, but OPEC would be stupid not to tie the price of oil to a currency basket rather than to the dollar. A falling dollar makes it hard to finance a war (and all the other shit we're financing). Currency pressures such as these will *force* the Fed to raise interest rates to support the dollar at some point. Oh yea - they can't do that without pushing the economy into recession because of the credit mess. Oops.

Stating that we need to stop smoking from the oil crack pipe speaks for itself. Ever see that TV show 'Intervention'? I guess Uncle Sam's what you'd call a 'functional addict' - still holding down a job, but losing teeth and blaming it on everybody else.

Posted by Geoffro 2007-11-19 10:12|| 2007-11-19 10:12|| Front Page Top

#2 we need a recession and a big thumb to the world....see how long china's can last when it vast pop is not out of work...but then they can always ship to zimb or hell even euro....lolol...why does the US keep trying to be the reserve currency? screw it....let the chips fall..there is no backup...china needs dollars because we buy the majority of their worthless crap

Posted by dan 2007-11-19 11:51|| 2007-11-19 11:51|| Front Page Top

#3 Remember that next time you pass a Citgo - and keep going.

Posted by DMFD 2007-11-19 22:37|| 2007-11-19 22:37|| Front Page Top

#4 TOPIX/OTHER > CHAVEZ, ADMAHDINEJAD - US POWER IN DECLINE/US IN IMPERIAL DECLINE. Repeat vow to work together in resisting US power, locally or globally anywhere in the world.

Posted by JosephMendiola 2007-11-19 23:17|| 2007-11-19 23:17|| Front Page Top

23:53 WTF
23:41 Zenster
23:35 Zenster
23:27 JosephMendiola
23:17 JosephMendiola
23:12 JosephMendiola
23:10 JosephMendiola
23:09 Redneck Jim
23:06 Eric Jablow
23:00 Barbara Skolaut
22:58 JosephMendiola
22:58 Zenster
22:54 JosephMendiola
22:53 Redneck Jim
22:53 JosephMendiola
22:50 JosephMendiola
22:49 JosephMendiola
22:48 Barbara Skolaut
22:45 JosephMendiola
22:40 Grumenk Philalzabod0723
22:37 DMFD
22:36 The Democrats
22:33 Verlaine
22:32 DMFD