USA can PRINT dollars to buy OPEC Oil. http://www.moneymeters.org/ Rest have to EARN dollars to buy OPEC Oil. http://en.wikipedia.org/wiki/File:Oil_Balance.png
GDP (USD)...population...per-capita GDP US.........15.68T....313M.....$49,965 UK.........2.44T.....63M.....$38,514 Russia.....2.55T.....143M.....$18,514 China......8.23T.....1,351M.......$6,091 Nigeria....262b......168M......$1,555 India.....1.82T.....1,237M......$1,489
Short Answer: USA can PRINT dollars to buy OPEC Oil. Rest have to EARN dollars to buy OPEC Oil. https://en.wikipedia.org/wiki/Petrocurrency#Currencies_used_to_trade_oil
Long Answer: It all started in 1971 when USA unilaterally cancelled the direct convertibility of the dollar to gold and 'persuaded' Saudi sell oil only in US dollars. Until 15th August 1971, the US dollar was backed by gold. The US was fighting the Vietnam war and spent all the gold paying for the war. Nixon broke the link between the dollar and gold because they couldn't pay the bills in gold any more, they didn't have any. The dollar was then simply being printed, unbacked by anything. This increases the supply of dollars and the value falls massively. Huge inflation. 1972-3 Nixon or someone went to the Saudis and "persuaded" them somehow to remain only US dollars in return for oil. No idea what they promised, but it was big. From that point, the US dollar is pretty much backed by OPEC oil. It was denominated in dollars before, but the dollar had been backed by gold, so basically the oil price was based on gold. Not so after 1971. So. All oil all over the world has to be bought in US dollars... The demand for US dollars (not gold) rockets, all the central banks across the world have to keep reserves on hand so the countries can buy oil. Billions of them. Trillions in total. Do you see what this does? It does 2 things. 1: America gets paid first for any oil which other countries want to buy. They have to get the requisite number of dollars. And they get paid simply for running a printing press. 2: It allows the USA to print and spend as many dollars as they want to. The demand from outside the country means that inflation can't take off. The entire world is subsidising the US economy. Now... 35 years later, there are trillions of US dollars out there sitting in central banks waiting to be spent on mostly oil. If oil were to be available in Euros, the dollars would be useless. They would come back to the USA. Ask yourself what a million dollars would be worth if everyone had a million. ok, imagine what a trillion dollars or so would do coming back into the country. The value of the dollar would fall and as the value of the currency falls, the price of everything else increases. As to the size of the effect... who knows. SOURCE http://news.slashdot.org/comments.pl?sid=308999&cid=20762065
"The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man." --George Bernard Shaw
Are Muslims responsible for 37 million casualities in https://en.m.wikipedia.org/wiki/World_War_I_casualties Are Muslims responsible for 60 million casualities in https://en.m.wikipedia.org/wiki/World_War_II_casualties
Buffett's secretary Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent on profit.
http://news.yahoo.com/warren-b...
You're paying Income tax on your salary, not savings.
Tell Govt to impose tax on Company revenues, not profits.
http://wh.gov/iCfVS
Slashdot Mirror
http://money.cnn.com/2013/12/0...
https://en.m.wikipedia.org/wik...
Black police should deal with black culprits to reduce https://en.m.wikipedia.org/wik...
Police should not punish culprits.
That's the job of the Courts.
USA can PRINT dollars to buy OPEC Oil.
http://www.moneymeters.org/
Rest have to EARN dollars to buy OPEC Oil.
http://en.wikipedia.org/wiki/File:Oil_Balance.png
Since 1971 OPEC Oil is exclusively sold in US dollars.
https://en.wikipedia.org/wiki/Petrocurrency#Currencies_used_to_trade_oil
GDP (USD)...population...per-capita GDP
US.........15.68T....313M.....$49,965
UK.........2.44T.....63M.....$38,514
Russia.....2.55T.....143M.....$18,514
China......8.23T.....1,351M.......$6,091
Nigeria....262b......168M......$1,555
India.....1.82T.....1,237M......$1,489
http://www.chacha.com/gallery/6490/15-things-china-doesn-t-want-you-to-know
Short Answer:
USA can PRINT dollars to buy OPEC Oil.
Rest have to EARN dollars to buy OPEC Oil.
https://en.wikipedia.org/wiki/Petrocurrency#Currencies_used_to_trade_oil
Long Answer:
It all started in 1971 when USA unilaterally cancelled the direct convertibility of the dollar to gold and 'persuaded' Saudi sell oil only in US dollars.
Until 15th August 1971, the US dollar was backed by gold. The US was fighting the Vietnam war and spent all the gold paying for the war. Nixon broke the link between the dollar and gold because they couldn't pay the bills in gold any more, they didn't have any.
The dollar was then simply being printed, unbacked by anything. This increases the supply of dollars and the value falls massively. Huge inflation.
1972-3 Nixon or someone went to the Saudis and "persuaded" them somehow to remain only US dollars in return for oil. No idea what they promised, but it was big. From that point, the US dollar is pretty much backed by OPEC oil. It was denominated in dollars before, but the dollar had been backed by gold, so basically the oil price was based on gold. Not so after 1971.
So. All oil all over the world has to be bought in US dollars... The demand for US dollars (not gold) rockets, all the central banks across the world have to keep reserves on hand so the countries can buy oil. Billions of them. Trillions in total.
Do you see what this does? It does 2 things.
1: America gets paid first for any oil which other countries want to buy. They have to get the requisite number of dollars. And they get paid simply for running a printing press.
2: It allows the USA to print and spend as many dollars as they want to. The demand from outside the country means that inflation can't take off. The entire world is subsidising the US economy.
Now... 35 years later, there are trillions of US dollars out there sitting in central banks waiting to be spent on mostly oil. If oil were to be available in Euros, the dollars would be useless. They would come back to the USA.
Ask yourself what a million dollars would be worth if everyone had a million. ok, imagine what a trillion dollars or so would do coming back into the country. The value of the dollar would fall and as the value of the currency falls, the price of everything else increases.
As to the size of the effect... who knows.
SOURCE http://news.slashdot.org/comments.pl?sid=308999&cid=20762065
"You are a product of your environment." --Clement Stone
China + Voting in elections = America;
Feudalism + Voting in elections = India;
https://en.m.wikipedia.org/wik...
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2102rank.html?countryname=Japan&countrycode=ja®ionCode=eas&rank=3#ja
In Socialism, Govt exploits your NEED.
In Capitalism, Govt exploits your GREED.
"The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man." --George Bernard Shaw
I read somewhere in a blog.
Are Muslims responsible for 37 million casualities in https://en.m.wikipedia.org/wiki/World_War_I_casualties
Are Muslims responsible for 60 million casualities in https://en.m.wikipedia.org/wiki/World_War_II_casualties
Everybody has right to live Happy and Comfortable life on Earth.
Never do anything against conscience even if the state/politics/religion demands it.
I think https://en.m.wikipedia.org/wik... would DILUTE every type of terrorism world wide.
"Diverse society will fail" --Putnam.
https://en.m.wikipedia.org/wik...
There is no redundancy in Universe. You''ll NOT find another Earth.
https://en.m.wikipedia.org/wik...
"Religion was born when the first con man met the first fool" --Oscar
https://en.m.wikipedia.org/wik...
Socioeconomic imbalance does cause DISTRUST
https://en.m.wikipedia.org/wik...
Unlike Capitalism, Globalization is Zero-sum and a giant Ponzi/Pyramid scheme.
http://www.businessinsider.com...
Buffett's secretary Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent on profit.
http://news.yahoo.com/warren-b...
You're paying Income tax on your salary, not savings.
Tell Govt to impose tax on Company revenues, not profits.
http://wh.gov/iCfVS
Why don't you blame their political bosses?