Quote of the Day


"I know of no method to secure the repal of bad or obnoxious laws so effective as their stringent execution."

(President Ulysses S Grant.)

Comments

Jim said…
By the way chris do you think that the end of the petro dollar is coming, and will it burst the us government bubble, i happen to think it may.
10:04 pm
Chris Whiteside said…
Don't claim any special knowledge on this one but last week's edition of "The Economist" had a very interesting article suggesting that demand for oil may be about to take a major dive as people switch to other sources of power.

It would have to be a pretty big switch (including a change to how we power the majority of cars) to eliminate the petro-dollar as a significant factor in economics but over a matter of decades that sort of switch can and does happen.
9:27 am
Jim said…
dont think it takes that. All it takes is for oil trading nations to start to trade oil in different currency's or money (gold).
this reduces the global demand for the USD thus they tend to find their way back home, It also takes away the US "credit card with no limit". The dollars no longer head abroad (many less people need them) so they stay in the US and if they try and inflate (money print) then the effects of doing so are felt much quicker than today.

Thats more what I meant. I know a few countries have tried it before, Saddam in iraq switched to Euros for his oil, Gadaffi in Lybia was starting up a gold backed currency "the dinar" the US of course him them back rather hard, but now Iran is going that way and it has the backing of russia and china (which trade oil between them in the Yuan)
9:59 am
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