Comments on: Yousef Abudayyeh – Now it all makes sense http://palestinethinktank.com/2008/10/08/yousef-abudayyeh-now-it-all-makes-sense/ Free Minds for a Free Palestine Thu, 18 Mar 2010 01:13:05 +0300 http://wordpress.org/?v=2.8.6 hourly 1 By: Atheo http://palestinethinktank.com/2008/10/08/yousef-abudayyeh-now-it-all-makes-sense/#comment-2710 Atheo Thu, 09 Oct 2008 02:35:16 +0000 http://palestinethinktank.com/2008/10/08/yousef-abudayyeh-now-it-all-makes-sense/#comment-2710 Yes, well Norway has been selling oil for euros since their inception and the US attacked Iraq over a decade before Saddam Hussein ever sold a barrel of oil in euros. In fact the US destroyed Iraq as soon as the "dual containment" strategy died with the end of the Iran/Iraq war (the war which contained both of Israel's most frightening potential adversaries). There are a couple of good articles on this subject: Shrinking the US Dollar from the Inside-Out By PAUL CRAIG ROBERTS ...the dollar is not the reserve currency due to oil exports being billed in dollars. It's the other way around. Oil exports are billed in dollars, because the dollar is the reserve currency. What is important to the dollar's value and its role as reserve currency is whether foreigners continue to consider dollar-denominated assets sufficiently attractive to absorb the constant flow of red ink from US trade and budget deficits. If Iran and other countries do not want dollars, they can exchange them for other currencies regardless of the currency in which oil is billed. Indeed, the evidence is that foreigners are not finding dollar-denominated assets sufficiently attractive. The dollar has declined dramatically during the Bush regime regardless of the fact that oil is billed in dollars... http://www.counterpunch.org/roberts12132007.html Paul Craig Roberts is a former Assistant Treasury Secretary and once edited the Wall Street Journal financial section and: Why Iran`s Oil Bourse can`t break the Buck by F. William Engdahl http://www.engdahl.oilgeopolitics.net/Geopolitics___Eurasia/Iran_Oil_Bourse/iran_oil_bourse.html Yes, well Norway has been selling oil for euros since their inception and the US attacked Iraq over a decade before Saddam Hussein ever sold a barrel of oil in euros. In fact the US destroyed Iraq as soon as the "dual containment" strategy died with the end of the Iran/Iraq war (the war which contained both of Israel's most frightening potential adversaries).

There are a couple of good articles on this subject:

Shrinking the US Dollar from the Inside-Out
By PAUL CRAIG ROBERTS

…the dollar is not the reserve currency due to oil exports being billed in dollars. It's the other way around. Oil exports are billed in dollars, because the dollar is the reserve currency.
What is important to the dollar's value and its role as reserve currency is whether foreigners continue to consider dollar-denominated assets sufficiently attractive to absorb the constant flow of red ink from US trade and budget deficits. If Iran and other countries do not want dollars, they can exchange them for other currencies regardless of the currency in which oil is billed.
Indeed, the evidence is that foreigners are not finding dollar-denominated assets sufficiently attractive. The dollar has declined dramatically during the Bush regime regardless of the fact that oil is billed in dollars…

http://www.counterpunch.org/roberts12132007.html
Paul Craig Roberts is a former Assistant Treasury Secretary and once edited the Wall Street Journal financial section

and:

Why Iran`s Oil Bourse can`t break the Buck
by F. William Engdahl

http://www.engdahl.oilgeopolitics.net/Geopolitics___Eurasia/Iran_Oil_Bourse/iran_oil_bourse.html

]]>