DC Was "ABSOLUTELY CERTAIN" That Saddam Coverted Oil Transactions To Euros

[Contumacious]

"
Petrodollar warfare

Oil sales throughout the world are denominated in United States dollars (USD).[1] According to proponents of the petrodollar warfare hypothesis, because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. This creates a consistent demand for USDs and upwards pressure on the USD's value, regardless of economic conditions in the United States. This in turn allegedly allows the US government to gain revenues through seignorage and by issuing bonds at lower interest rates than they otherwise would be able to. As a result the U.S. government can run higher budget deficits at a more sustainable level than can most other countries. A stronger USD also means that goods imported into the United States are relatively cheap.

In 2000, Iraq converted all its oil transactions under the Oil for Food program to euros.[2] When U.S. invaded Iraq in 2003, it returned oil sales from the euro to the USD.[3]

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[Contumacious]

"
Petrodollar warfare

Oil sales throughout the world are denominated in United States dollars (USD).[1] According to proponents of the petrodollar warfare hypothesis, because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. This creates a consistent demand for USDs and upwards pressure on the USD's value, regardless of economic conditions in the United States. This in turn allegedly allows the US government to gain revenues through seignorage and by issuing bonds at lower interest rates than they otherwise would be able to. As a result the U.S. government can run higher budget deficits at a more sustainable level than can most other countries. A stronger USD also means that goods imported into the United States are relatively cheap.

In 2000, Iraq converted all its oil transactions under the Oil for Food program to euros.[2] When U.S. invaded Iraq in 2003, it returned oil sales from the euro to the USD.[3]

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Iraq

Mission accomplished

Many have criticized Bush for staging the war in Iraq in order to seize Iraqi oil fields. However, those critics can’t explain why Bush would want to seize those fields. He could simply print dollars for nothing and use them to get all the oil in the world that he needs. He must have had some other reason to invade Iraq.

The WMD in question? Not violence but purely economic. He [SH] simply transferred $10Bn of funds that Iraq had received in exchange under the oil-for-food programme out of a New York bank, denominated in dollars, and into a European bank converting it to the euro currency in the process.

At the same time he further snubbed the U.S. dollar and began trading oil not in dollars, but in euros, thereby cutting the U.S. further out of the financial loop.

Both of these 'threats'' were rectified by the United States administration less than 3 months after the US led invasion. Bank funds were converted back to dollars (de-valuing it for the Iraqi people by 13% in the process), oil resumed trading in dollars and President Bush appeared on an aircraft carrier to the proclamation "Mission Accomplished".

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[KissMy]

Explain petro-currency to these retards.

 

[Contumacious]

Explain petro-currency to these retards.

Tehran Pushes to Ditch the US Dollar​

The official line from the United States and the European Union is that Tehran must be punished for continuing its efforts to develop a nuclear weapon."


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So nuclear power is NOT the real issue.

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[Billo_Really]

This is going viral!​

They should start an "ABSOLUTELY CERTAIN" thread!​