What? You talk like there is some metaphysical river from which everybody dips, and to which, libertarians don't contribute. Also, utter nonsense. Libertarians certainly live in the same society, but want few, if any, socialistic programs in place to sap off of society. Were there few of these programs, then, then there wouldn't be any for libertarians to live off of either. It's not hypocrisy for libertarians to recognize that the end result of this "evolution" is for everybody to be trapped in a social system of such complexity and such immensity, that there literally is no way to grow. Governments don't just say one day, "Okay, we've grown enough and consumed enough, so now we can stop." Governments are like voracious organisms that live off of one rule: grow to consume all available sources of revenue. Government bureaucracy inevitably has mountains of rules that make any innovation and growth nearly impossible. Businesses are stifled, innovation is stopped. People get lazy and lazy until the needs and demands of the society, wanting ever more hand-outs from the government, inevitably outstrip the government's ability to provide them. Sorry Charlie. It's not libertarians who are lazy. Though current liberal leaders are hardly lazy either, they are certainly breading the laziness and demise of future generations. ~String
Oil is bought and sold using US Dollars. Currently, and ironically, OPEC uses the Dollar for such trade. ~String
Cos US fiat economy relies on free goods and services from the world, based on their requirement for dollars to purchase oil. edit: string beat me to it
Which "free services" I am against (at least, in the USA). What other countries do is their business. Also, nothing is ever "free" SAM, somebody always pays for it. It's just that those "free" services, inevitably cost more to society than what is seen in just dollars. (thanks for the edit) ~String
Then we are on the same page; I think it is possible to have an economy based on mutual give and take, which is far more stable and conducive to competitive productivity than the current trade practices.
From, Are Americans to Soft Thread, and it show a totally different light on the subject of why Petro Dollars are in U.S. Yeah, that's called external debt. I don't know of a link to a list of countries by external debt as a percentage of GDP, but here are a few specific examples: United States: 76% United Kingdom: 349% Canada: 54% France: 155% Germany: 135% Netherlands: 286% Spain: 130% Italy: 106% Australia: 76% Japan: 35% Brazil: 17% China: 12% India: 15% And no, before you ask, those are not typos. Most major European countries have external debts that handily exceed their GDPs. America is not particularly notable for external debt as a percentage of GDP (even in absolute terms, the UK's external debt is almost as big as that of the US). It is true that developing countries run much lower external debt loads, but nobody expects that situation to persist as said countries become fully developed. Note that developed countries can borrow at much lower rates than developing countries.
Which as usual has no relevance to the thread or the topic. Americans are the only ones whose economic security is based on the petrodollar, the others will suffer, but will recover; America will either nuke the offending countries (selling oil in euros) or devolve into a civil war.
Those numbers can be deceiving. The product of Foreign Debt to GDP is not the Answer to why oil has been traded primarily in Dollars. Look what happens when we list a ratio of exernal/foreign debt to imports: United Kingdom 1766.21% United States 980.47% France 706.33% Italy 434.79% Germany 344.57% Japan 262.07% Canada 169.06% Brazil 128.36% India 117.95% Russia 90.49% Korea, South 76.50% Mexico 71.66% China 31.38% Iran 23.43% Saudi Arabia 23.17% Source Original Source If we listed foreign debt ratio with oil reserves, we might get an even closer glimpse at how the US Dollar is vulnerably on an oil standard.
S.A.M. doesn't have the incite to match the information's relevance to the topic of discussion, now does that surprise anyone? Oh I forgot S.A.M. just Hates the U.S. and refuses to recognize anything that show that the U.S. is not in the last throws of failing on the world stage, well S.A.M. it seems there are a lot of countries that are in a lot worse financial straights than the U.S. so it would explain why the Petro Dollar is founded in the American Dollar and I know that just Chaps Your Ass.
If I have a mint at home and promise to pay everyone in my own currency, my currency is 100% risk free. This will work as long as I can convince everyone my currency is the best one to do business with. Essentially I can sit on my arse all day and print money and everyone will give me whatever I need.
You also have WMDs, and you're ornery. So we're coming to gitcha- But first, we have a few other problems. Please take a number.
And it seem that we can add the Hypewaders to this list to, what does the C.I.A. site tell us other that the total indebtedness of the U.S. Government? and as for the other sight it adds the private debt, which is not the responsibility of the U.S. Government to cover, it is the debt of the Individual, and Business of the United States, so we see Hype using a spin article, that changes the parameters of the equation, and gives answers to a totally different question. So now how about seeing what the actual amount of private debt to the Private Americans income really is, and then we can see again why the U.S.Dollar is the Petro Dollar.
Do you have a gold mine to go with that mint? or a GDP? or...... ya risk free. Seems like what you do anyway.
No. The US will (and I'm starting to believe this, based upon mounting evidence) use the deflated dollar as an excuse to create a new currency with Canada & Mexico. You're prediction that the USA will not recover is based upon your distaste for America, and not empirical facts. The American recovery would be much the same as any other country. Stringent new laws. A new flashy currency. ~String
