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Originally Posted by Rochard
LOL. No need to now. The United States no longer needs their oil. We produce our own, and a lot of it. Oil is down to $30 a barrel, down from what - $120 a barrel?
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It's not a matter of needing oil or not, its about holding up the reserve currency status by protecting the "petrodollar":
World War III: the unthinkable cost of preserving the petrodollar | CrisisHQ.com
"The petrodollar paradigm is saving the dollar from crashing by accomplishing two things. First, it creates a mandatory international demand for the Federal Reserve paper, preventing dollar inflation from going into hyperinflation. Second, the oil profits from OPEC pay for a portion of our ever expanding national debt, helping perpetuate a giant Ponzi scheme in the U.S. treasury market. Those who control the United States understand that even if only a few countries begin to sell their oil in another currency it will set off a chain reaction and the dollar will collapse. They understand that there’s absolutely nothing else holding up the value of the dollar at this point, and so does the rest of the world."
So to stop trading oil in US dollars, is like cooking a beautiful cake with icing (which happens to be laced with Kryptonite) and making Superman eat it... he wont come back into the bar and complain someone else is sitting on his favourite seat, he'll go find some other place to sit down: