Things could be worse....
Puppet government in Iraq to help prevent OPEC switching from dollar to euro (english) MaxDProphet [repost from DC Indymedia] 2:03pm Fri Jan 3 '03 article#226551 http://www.indymedia.org/front.php3?article_id=226551&group=webcast The "it's all about oil" mantra gets fleshed out a little more by blogger GoreN4 via blogger ldabney at below address. Key oil producing states have already switched to the euro and now OPEC as a whole is ruminating on it. This would mean a big slide in the dollar, undercutting the value of our oligopolists' fortunes and undermining US power in general. http://www.praesentia.us/archives/2003_01.html#000227 "The effect of an OPEC switch to the euro would be that oil-consuming nations would have to flush dollars out of their reserve funds and replace these with euros. The dollar would crash anywhere from 20-40% in value and the consequences would be those one could expect from any currency collapse and massive inflation (think Argentina currency crisis, for example). You'd have foreign funds stream out of the U.S. stock markets and dollar denominated assets, there'd surely be a run on the banks much like the 1930s, the current account deficit would become unserviceable, the budget deficit would go into default, and so on. Your basic 3rd world economic crisis scenario. " Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Biofuels list archives: http://archive.nnytech.net/ Please do NOT send Unsubscribe messages to the list address. To unsubscribe, send an email to: [EMAIL PROTECTED] Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
