Here's an interesting article I came across today.

http://www.rigzone.com/news/article.asp?a_id=61246

Iran has stopped selling oil in US dollars to European and Asian nations but instead is selling in Euro's and Yen.

I don't have the knowledge to understand what sorts of implications this might have but I thought it was interesting.

Here's an interesting article I came across today.

http://www.rigzone.com/news/article.asp?a_id=61246

Iran has stopped selling oil in US dollars to European and Asian nations but instead is selling in Euro's and Yen.

I don't have the knowledge to understand what sorts of implications this might have but I thought it was interesting.

As long as it is only Iran, we are OK. The implication of not selling in US dollars is that is one of the main reasons nations hold dollars as a reserve currency now. There isn't much of a reason otherwise. If all of OPEC sells in Euros and Yen, we are screwed, especially if they change it with china. Then every dumps their US dollars and calls up the debts we as a nation owe and our country collapses.

Don't panic, the rest of the world realizes that a collapsing US will bring the global market down with it. I think we have some time to get off of our addiction and get with the program. Nothing worse than an addict that has given up and has nothing to lose. Especially one as strong and dangerous as the US.

Rest of the world: Please don't give up on us. We are close to turning it around. Don't bale on the dollar just yet. Give us at least 1 or 2 more years to prove our worth. If we are not hard at work on a great new plan by then well... Perhaps we are hopeless and deserve what we get.

Interesting..

This is my 1st post here.

America would literally collapse if the major players followed suit.
I don't think the American people really understand the true implications. It'd be worst case scenario.

We here in the west need to realize is this :

China is on it's way. Our time on the top of the hill is nearing an end. The world power balance will shift. We need to get our sh-tuff together. This is the way the world works. Time and time again.

This isn't a doomsday prediction - but let me say this - the alarms are sounding.

Don't panic, the rest of the world realizes that a collapsing US will bring the global market down with it. I think we have some time to get off of our addiction and get with the program. Nothing worse than an addict that has given up and has nothing to lose. Especially one as strong and dangerous as the US.

Rest of the world: Please don't give up on us. We are close to turning it around. Don't bale on the dollar just yet. Give us at least 1 or 2 more years to prove our worth. If we are not hard at work on a great new plan by then well... Perhaps we are hopeless and deserve what we get.


Oil imports are just a part of the overall Trade Imbalance or Trade Deficit; a very critical part. See

http://www.census.gov/foreign-trade/Press-Release/current_press_release/ftdpress.pdf

which shows $63 billion PER MONTH more leaving this country than coming in (cash flow). The only way we've been getting those dollars back is by borrowing them back, otherwise the Saudis and Chinese would be sitting in buildings full of Greenbacks with nowhere to spend them (that's figurative, the accounts are all in computerized records). But sooner or later, when all the rest of the world is sitting on U.S. currency that they don't know what to do with, who will take it off their hands? And more important, who will loan us any more? So either we stop this idiotic pattern voluntarily or the other world powers will pull the plug for us; it's just that Iran is less disposed to cut us any slack than the other countries, that's why they are first to pull the plug.

So, of the $63 billion (3/4 Trillion bucks a year) $15B or about 25% of the total is for oil. America is the worlds THIRD LARGEST Oil Producer, so why do we need to import 60% of our use?!?!? This is insanity? Where are our CAFE standards, why is gasoline so cheap that Americans drive SUVs and 1 ton pickup trucks to work every day?!?!? The Volt will help alot and will raise CAFE fuel economy by adding Zero Gas miles, but can we actually cut oil by consumption 60% (back to reliance on domestic resources). A depression would force us to!

But the other $48B per month needs to come from increasing our exports. So GM's Global emphasis on Volt sales is very important; if they can eclipse the EV market worldwide, then the US may actually become an auto exporter again. And if we get enough EVs on the road, we could become an OIL exporter again; then I'd say the weak dollar could take care of the rest of the Trade Deficit.

Dr Mark