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.
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