Why we care about foreign oil

[CarlPilkington]

Keeping it short:
A lot of people say we're only in Iraq and Libya and so on for the oil. Then some people counter by saying that the majority of our oil comes from Canada, then Mexico, then Saudi Arabia. Well, I want to counter counter that when a country uses US dollars to sell oil that means that if any country buys oil from that country, they have to sell something to the US Federal Reserve, in return the Fed gives them money, then that country buys the oil, THEN the country that sold the oil invests their money into the US economy.

Which explains why we get pissed off when people like Qaddafi want to sell their oil with gold, rather than US dollars.

[Senor Hoint]

Interesting. This is a new idea to me. I'll wait for people who are more knowledgeable to pass judgment, though.

[CarlPilkington]

Right on.

[CarlPilkington]

Judging from the 53 views, I'm going to say: "Debate over"

...Like a boss.

[Yarn]

CarlPilkington:

Well, I want to counter counter that when a country uses US dollars to sell oil that means that if any country buys oil from that country, they have to sell something to the US Federal Reserve, in return the Fed gives them money, then that country buys the oil, THEN the country that sold the oil invests their money into the US economy.

Really, Iraq and Libya have been the only weak vulnerable countries with significant oil deposits that have discussed going off the petrodollar?

I'd also point out that correlation does not prove causation.

And ten years ago you libertarian-types were imminently predicting the petroeuro would be the new world currency. That it would destroy the dollar, and we would have hyperinflation as foreign reserves, now useless abroad, came flooding back the US. How's that going for you? Who knows what might happen, but i'd be a bit humble if I were you. You've been predicting disaster forever, but it rarely comes.

[CarlPilkington]

CarlPilkington:
Really, Iraq and Libya have been the only weak vulnerable countries with significant oil deposits that have discussed going off the petrodollar?

So two instances of cruel dictators being left alone by the US until just about the moment they decide to mess with out bread and butter proves nothing? Qaddafi was a cruel dictator for 20 years, no one here said anything bout it *until* he introduced the Gold Dinar. Incentives, that's what human action is all about, you don't see the US incentive to keep the money coming?

Or, are you imply you have instances of other countries in which we have not gone to war with after they decided to go off the US dollar?

I'd also point out that correlation does not prove causation.

Sure, but out of all the times we could have gone to war with these countries, all the years and years they were ran by tyrants, we did nothing, until they fucked with out money.

And ten years ago you libertarian-types were imminently predicting the petroeuro would be the new world currency. That it would destroy the dollar, and we would have hyperinflation as foreign reserves, now useless abroad, came flooding back the US. How's that going for you? Who knows what might happen, but i'd be a bit humble if I were you. You've been predicting disaster forever, but it rarely comes.

This is an artistically fallacious combination of straw man and ad hominem. I never made that prediction and if I did, it would mean I'm wrong now. Also, just because someone calls their self a "libertarian" or a "democrat" or a "republican" etc, doesn't mean their ideas are uniform to other people with the same subscription.

[Yarn]

CarlPilkington:

So two instances of cruel dictators being left alone by the US until just about the moment they decide to mess with out bread and butter proves nothing?

In each case, there was a lag of several years, but more importantly, we have decent relations with countries that have proposed things similar to what Gaddafi did. E.g. Indonesia and Malaysia.
Honest Money » Blog Archive » Islamic gold dinar, Oil, and Khaleej dinar
Islamic gold dinar - Wikipedia, the free encyclopedia

Qaddafi was a cruel dictator for 20 years, no one here said anything bout it *until* he introduced the Gold Dinar.

Yes, but the uprising was new. An ulterior motive is possible, but not necessary to explain what we did.

This is an artistically fallacious combination of straw man and ad hominem. I never made that prediction and if I did, it would mean I'm wrong now. Also, just because someone calls their self a "libertarian" or a "democrat" or a "republican" etc, doesn't mean their ideas are uniform to other people with the same subscription.

True. I'm reflecting on my own experience with people who hold similar views to you, but your right to say I shouldn't assume your one and the same as them.

[CarlPilkington]

CarlPilkington:
In each case, there was a lag of several years, but more importantly, we have decent relations with countries that have proposed things similar to what Gaddafi did. E.g. Indonesia and Malaysia.
Honest Money » Blog Archive » Islamic gold dinar, Oil, and Khaleej dinar
Islamic gold dinar - Wikipedia, the free encyclopedia

Entirely valid argument, I'll get back to you after I read this.

[Senor Hoint]

Yes, but the uprising was new. An ulterior motive is possible, but not necessary to explain what we did.

I think that Libya's oil resources were probably a factor in the decision, but probably not the decisive one.

[CarlPilkington]

Sorry the delay, I forgot about this thread until earlier today...

If I'm not wrong here, you're mentioning only two other countries that switched to gold, Malaysia and Indonesia. I would speculate the reason for not bombing Malaysia is that we're the biggest investor in their economy, we have a lot of business going on over there. So them getting a stronger economy helps us, even if we're not the middle man on their oil production.

More on Indonesia soon...
(Indonesia - Oil)

[Yarn]

Sorry the delay, I forgot about this thread until earlier today...

If I'm not wrong here, you're mentioning only two other countries that switched to gold, Malaysia and Indonesia. I would speculate the reason for not bombing Malaysia is that we're the biggest investor in their economy, we have a lot of business going on over there. So them getting a stronger economy helps us, even if we're not the middle man on their oil production.

More on Indonesia soon...
(Indonesia - Oil)

Our volume of trade with Malaysia probably pales in benefits compared with the expense of invading Iraq.

[CarlPilkington]

You think we get more money in trading with Malaysia than we would in going to war with them?

I really can't see why we aren't invading Indonesia, if my cynicism is justified. We're actually doing a lot to help them, for as much of our government that is made of dicks, there's also bleeding hearts.