When Paul Bremer replaced Jay Garner (replaced for pushing free elections in Iraq too soon), one of the very first acts he decreed was to switch the Iraq's oil trade back to dollars. That measure in itself was so extraordinary since the occupying authority was not even adequately addressing the looting, the sectarian issues, the reconstruction of Iraq's infrastructures, etc.
Now your fairy tale is burst, "economics guru."
Originally Posted by andymarksman
That measure wasn't "extraordinary" at all. Bremer could do it with the stroke of a pen, whereas the long-term problems of stabilizing and rebuilding Iraq will take years. Saddam’s demand for payment in euros was purely symbolic and political grandstanding that added unnecessarily to the cost of Iraqi oil on international markets. It also forced Iraqis to incur additional costs when they had to convert those euros back into dollars to pay for their imports. Switching back to dollars was a simple cost-saving, efficiency measure. Bremer’s action was quick, easy and benefited the Iraqi people.
The Chinese are coercing the Saudis to trade oil in yuan with them because they now feel they are militarily strong enough to get away with it. We'll find out sooner or later if that's the case. But when Saddam dared to fuck with the U.S. economy and our ways to enjoy life, he became a living dead, WMD or not.
Economic your ass, lustylassie.
http://commoditytrademantra.com/crud...for-the-dollar
Originally Posted by andymarksman
Hahahaha… this is hilarious stuff! Oh my, did Saddam “dare to fuck with the U.S. economy” by asking for payment of Iraqi oil in euros? That was a HUGE threat to “our ways to enjoy life” lol! Did your life suddenly become much less enjoyable as a result? How so, little nazi boy?
Listen, you ignorant bozo, Saddam could ask to be paid in anything he wanted – euros, rubles, yuan, kumquats or dingleberries – and it wouldn’t affect us in the least. As I just explained, he only hurt himself by adding to the transaction costs of Iraqi imports/exports. And when it comes to the reasons why Bush invaded Iraq, this wasn’t just absent from the radar screen – it wasn’t even anywhere near the minds of Bush’s policy makers and advisors!
The reasons why the dollar is the world’s leading currency have nothing to do with our desire to rule the roost – it has to do with what other countries CHOOSE to hold! Central banks and private citizens around the globe PREFER dollars because they are widely available and accepted, are fully convertible into other currencies, and are issued by a country that has the largest economy on the planet and is seen as a safe haven and an island of stability compared to the rest of the world. People are free to hold dollars – or not! We don’t force anybody to use or hold our dollars. They do it because they want to and it makes prudent economic sense to them. That’s why the dollar still accounts for nearly 2/3 of central bank reserve holdings, compared with roughly 20% for the euro. As for the Chinese yuan, it has little chance of gaining rival stature as long as the Chinese continue to run giant trade surpluses and restrict the yuan’s convertibility.
Here you go, little nazi boy... read and learn!
http://www.reuters.com/article/us-cu...-idUSKCN0WX1WR
http://foreignpolicy.com/2015/06/16/...ng-rights-imf/