Who will save us?

Sorry if this is long, I got on a roll.

It appears the telecommunication cable cuts in the middle east may have been in response to Iran moving forward with its Oil Bourse. One of many articles explaining the oil bourse is on wikipedia http://en.wikipedia.org/wiki/Iranian_Oil_Bourse

In a nutshell oil trading has been tied to the dollar. The dollar's current strength, what there is of it, is supported by OPEC's requirement (secured by a secret agreement between the US and Saudi Arabia) that all OPEC oil sales be denominated in dollars. This requirement is currently threatened by the desire of some OPEC countries to allow OPEC oil sales to be paid in Euros.

Iran, and now others, want to cease trading oil for dollars.

This is of great concern because if OPEC and other oil producers stop using the dollar the value of our currency to foreign markets is destroyed. The US is in debt to other nations. With a devalued dollar on the world stage, that debt becomes even more astronomical than it already is.

Right now when a foreign country accepts dollars it knows it can trade those dollars for oil. If the Euro becomes the new oil currency where is the incentive for foreign governments to accept our money.

I had an experience when traveling, I had a pocket full of a currency from an eastern European country. My dollar bought lots of it, when I entered Germany they refused to change that money. The currency only had value in the country of origin. No wonder a half liter of good beer there cost less than 20 cents US. Imagine a German coming here to the US and spending 20 cents for a beer we have to pay five dollars for.

The Taj Mahal in India has stopped accepting dollars for admission. It used to cost five dollars to get in, now the dollar is so weak against the Indian Rupee that it costs nearly twenty dollars in Rupees to get in.

Its bad enough when the Canadian Dollar is worth more than the US dollar, but when people prefer Rupees over Dollars that tells you about the state of our currency.

Enter Hugo Chavez.

Hugo Chavez is carrying out his threat to cut off Venezuelan oil from the US. Today Venezuela ceased oil sales to Exxon. Venezuela is the No. 4 energy supplier to the United States, which is its biggest customer.

The US dollar is failing. The oil producers want to start taking the Euro for pay. One of our biggest suppliers has cut us off.

There are some in the US government that only see two options, let this all happen, or go invade those countries and install US puppet governments that will continue to use the dollar for oil trade.

Most people do not know that prior to the latest gulf war Iraq had started selling oil for Euros. A very interesting article written on the eve of our Iraq invasion is at http://socrates.berkeley.edu/~pdscott/iraq.html

Bottom line, the US has been on the Petrodollar standard for decades. We went to war to preserve the dollar as an oil backed currency. We are likely to do it again.

Not a very rosy picture.

With the devaluation of the dollar, and what appears to be its last days as an oil currency, who can pull us back from the brink of destruction? Is there anyone out there that understands the situation we are in and the need for sound currency? Is there anyone in government we who has the monetary policy understanding to fix this? Is there someone who we can trust to do what is best for us and not only look to protect the oil industry in a failing effort to keep the dollar from falling even further against foreign currencies?

Please, if you know someone like that, ask them to run for president before its too late. Ask them to enter the race before we are in more wars to rescue the petrodollar. And if you convince that person to run, please, PLEASE support that person in every way you can. That person will be up against the most powerful forces in the world.

I hope we can find someone like that before its too late for us all. I really do.