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[paxamicus AT earthlink.net]

James, I could be wrong but haven't some of the OPEC countries  
recently been trading in Euros? I am so tired now I don't even  
remember which ones, but it caused a stew some time ago, I think,  
maybe you can help my old brain remember.

Celia

On Apr 19, 2008, at 10:53 AM, Clansgian AT wmconnect.com wrote:

> > So, does that mean that the profits of Halliburton et al. are  
> > illusory?
> Yes.
>
>
> > Or that we won't have to cough up money for interest to the Chinese?
>
> Yes.
>
> The interest the Chinese have in holding American dollars is that on  
> the
> world market you can't buy oil unless you have dollars.  We made an  
> agreement with
> OPEC countries and others in the 70's that we would defend their  
> sovereignty
> with our military if they would agree to only trade oil in dollars.   
> This is
> how the US has maintained its position as economic leader of the  
> world while
> all the time we quit making anything, mining anything, and of late  
> growing
> anything beyond what we want to put in our gas tanks.