Collapse of Western Economy. (part 7.) American Bankruptcy.

TIMES
Nov. 13, 2000.

Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros, despite the fact that the battered European currency unit, which used to be worth quite a bit more than $1, has dropped to about 82[cents]. Iraq says it will no longer accept dollars for oil because it does not want to deal "in the currency of the enemy."

The switch to euros would cost the U.N. a small fortune in accounting-paperwork changes. It would also reduce the interest earnings and reparations payments that Iraq is making for damage it caused during the Gulf War, a shortfall the Iraqis would have to make up.

Source:
http://www.time.com/time/magazine/article/0,9171,998512,00.html

Category:

News & Politics

Tags:

• Collapse
• of
• Western
• Economy.
• (part
• 7.)
• American
• Bankruptcy.

[schoutenm]

You are finding that out now? The next stop is Iran. They also announced to flood the oil market with oil paid with anything except the dollar. Now you will see nuclear threat argumentation popping up in the news (is already happening)

[innefitterosa]

well well the war on terror?like i allways have sad it´s the oil.

[Ebdan88]

BS!! There hasnt been so many trilljoners in englands history!! where do you think all that stollen dollars went too!!?

If the averige people dont question this and do not research for them selfs, then America is really dumed. RESEARCH and dont believe in no one until you have researched enough!!!?

[Goldensilverman]

Ok so what?They saved the world's economy these guys saved your job.Petrol is the most valuable thing on the planet.It's because we need it to run our economies. Since the world is run off of oil and the dollar is the reserve currency of the world when you stop trading oil in dollars you will hurt the world economy.The United States has been doing this forever(at least since Teddy Roosevelt) it is nothing new,simply protecting American interests.In nature the strong exploit the weak, same here.

[Stanislavs1]

there's a new currency planned called "sucre" to be used in south america, which is going to affect both dollar, and euro

[Stanislavs1]

euro is controlled by the same guys as dollar

[MopDMTBARTL]

well the US dollar is sort of the global currency. so if you crash the US dollar - then the rest i believe crash. the point of this is to bring in the ONE WORLD currency in support of the ONE WORLD Gov't they are trying to form all through the UN.

[MopDMTBARTL]

exactly, it reduces it's value - hence INFLATION. which is something us here in the US do not like!!

go here

truthknowledge. com

[MopDMTBARTL]

the thing is... saddam was an illuminati puppet as well. he was order to drop the US Dollar. all planned.

go here

truthknowledge. com

[TYX91101]

Economic collapse is a fact of life. These events are periodic. They always follow prolonged periods of economic rise.

It's not the end of the world. It's a bear market.

[TheSublimePhoenix]

@crazyclown: The point of this is simple. If people need EUROs to buy oil, then the demand for US dollars goes down, which effects US consumers as their buying power is reduced as the dollar value decreases, this will also mean, as more countries require trade in EUROs that it will take more US dollars to buy 1 EURO. This would basically collapse the US economy as its strength comes from the buying power of its dollar. In a way you answered your own question, imagine paying 17%^ more for gas?

[landwalker88]

that helps a lot, tyvm :)