Time for us to become less dependent on everybody including cheap Chinese crap.
We have more than enough oil and gas assets to cut these mouth breathers off. Open up Alaska, build Keystone and more, drill, drill, drill.
just not so long ago
our wonderful and so loyal (NOT) Saudi friends
were threatening to dump the dollar as the
value standard for oil prices, and
with thinkin that the Middle East oil
has an even bigger stranglehold on world
oil supplies
oh how quickly the mighty fall
“In fact, China has been making a whole lot of noise recently about the fact that it is time to start becoming less dependent on the U.S. dollar.”
good, let them
and we can get the Fed to quit delivering all
the fiat-money-inflation-generating cheap
dollars used to buy all China’s exports
pump our own oil and make our own stuff should be something US policy should encourage, not punish
An unbridgable chasm between America and Saudi (and all of Islam) should have been established on 9/11/2001.
The collapse of the petrodollar is the very definition of the shiite hitting the fan. Should it happen, the world as you know it will be over. It would have to lead a suspension of constitutional law aka: martial law. Oh, and try to guess who it would leave sitting in the oval office to guide us through the greatest financial crisis that has ever befell America.
The minute this happens, there will be major economic chaos and dislocations in the world economy.
The US is still the consumer of last resort for export driven nations and we prop up a lot of countries economies world wide.
The European socialist governments with the possible exception of Sweden, which lives off it’s natural resources,could not sustain their welfare systems exclusive of massive exports to the US because their stagnant economies cannot support their massive welfare programs with their internal economic activity.
China depends upon the fact that it’s currency is pegged to the dollar at 1992 exchange rates when China was a Third World backwater. If China had to live in a world where it’s currency assumed a strength commensurate with it’s economic power, its products would cost double what they do now which would kill it’s export trade world wide, and especially in the United States.
Say what you will, but remember, Saudi Arabia has been a close “safe” operating COMMZ for our operations in the middle east ever since the thirties. Our involvement in that part of the world is not over. Where would you prefer to stage in that theater if not in the kingdom? It takes policies as screwed up as Obama’s and Kerry’s (who is rumored to have served in Vietnam) to PO the royal family to this degree. The US is on a positive hydrocarbon course thanks to fracking. That does not mean we should pee down the legs of countries whose vital National Interests coincide with ours, to the point of driving them away. I am not proposing that we should kiss anyone’s rear, but neither should we go out of our way to put them in a negative position vis a vis the rest of the world. You want Russians in Saudi Arabia in years to come like they were in Afghanistan? You would propose military action against Iran without support bases in Saudi Arabia? It would feel good to tell them off. Not so wise I’d say.
The real news is that oil will go up again. And in related news, another record year is expected for worldwide auto sales (in other words, higher oil prices).