Franklin D Roosevelt was a Communist whore, a low life crippled fudge packer. That being said, if you are going to have someone run a anti-American, anti-Constitutional empire, ol’ FDR was your boy. If you needed a patsy to crush the legal law of the land on behalf of the bankers so they could make even more profit in a global war than they did evicting farmers from their lands and repossessing a lot of industry, this was your bitch. All the Presidents after him were midgets in his shadow. Sure, Lincoln, may his rotted blackened soul rot for all eternity in the lowest depths of Hell, was the original, the trailblazer. But he was a mere slacker compared to FDR. Frankie took over the world, baby! ( being careful to only take over half of it so that he would have an enemy that would allow the US economy to stay on a perpetual wartime economy ). And, as if this foul bastard twisted in body as well as soul was sent from The Dark One himself, he managed to complete one final mission before his last putrid breath. A mission that is the only thing keeping us in power still.
FDR did something, promised something, threatened something that put the Royal Saudi family firmly and squarely in Uncle Sam’s back pocket. Where it has stayed to this day ( a few minor dissenting voices where heard time and again, but they were dwelt with always ). After 1971 when Tricky Dick took the flack for the Federal Reserve Bank pulling the plug on the gold backing the dollar, the only thing propping up the dollar has been oil. Everyone else, as they need oil from the middle east, became dependant on the dollar to buy oil. Saudi Arabia only took dollars, so everyone else pumping oil nearby had to do the same ( Saudi Arabia is the Wal-Mart to their immigrant Mom and Pop corner store, able to crush them economically ). Japan continues to prop up the dollar because of this. They must get our currency to survive to buy oil since they have none of their own. Almost the whole globe plays to our tune because oil is priced in dollars. We print them up, everyone else must sell something real to get them.
What does it cost us? A military commitment to the Saudi’s. We are going to have the military anyway, to keep the economy propped up. So in essence, our imported oil cost us very little. There is much to do about OPEC thinking about changing from the dollar to a mixed basket. Everyone panics, thinking this is the end of the petrodollar. I say, much to do about nothing. Yes, we might have attacked Iraq when they tried to price oil in Euro’s. But that was just an additional reason, a cherry on the cake. Most likely, any basket of currencies will be predominately dollars with just a sprinkle of other currencies. If it even happens. The Saudi’s have been our butt buddies for sixty years. Why would that change now? In fact, we might even “allow” Iran to get nukes just to scare the crap out of Saudi Arabia, further cementing their allegiance to us and our military defense of them. I can’t see Saudi agreement to go with a mixed basket. Of course, I don’t have the complete picture either.
I think the only thing that will kill the petrodollar will be Peak Oil, and if/when that happens a strong currency will be the least of our problems.
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