Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Which is more dangerous for Iraq: bombing American bases or selling oil for anything other than the

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 272655
    Join date : 2012-12-21
    • Post n°1

    Which is more dangerous for Iraq: bombing American bases or selling oil for anything other than the Empty Which is more dangerous for Iraq: bombing American bases or selling oil for anything other than the

    Post by Rocky Thu 01 Feb 2024, 5:20 am

    Which is more dangerous for Iraq: bombing American bases or selling oil for anything other than the dollar?
    [You must be registered and logged in to see this link.] |Today
    [You must be registered and logged in to see this image.]

    +A
    -A


    Baghdad today - Baghdad 
    Today, Thursday (February 1, 2024), economic affairs expert Nabil Al-Marsoumi raised a question about the greatest danger facing Iraq, and whether it lies in the American bombing or selling oil in a currency other than the dollar? 
    Al-Marsoumi says in a blog post followed by “Baghdad Today” that, “In 1973, King Faisal of Saudi Arabia agreed to accept the dollar as the sole currency to buy oil in exchange for America providing military protection for Saudi oil fields. In 1975, the other OPEC countries agreed to price oil in dollars only, and they succeeded.” With this deal, America links the dollar to oil instead of gold.”
    [You must be registered and logged in to see this image.]
    Dollar instead of gold
    The economic expert explained, “This deal forced all oil-importing countries to create a fixed supply of dollars to buy oil,” adding, “Therefore, these countries were forced to export goods to America, and in return, America provides them with dollars that will only cost them the cost of printing them.” 
    Al-Marsoumi added, "From here, a new system began to maintain American hegemony over the global financial system, and its name is the petro-dollar," noting that "dollars leave America and anything America needs comes to it, and as a result, the United States has become very rich." 
    He pointed out that "this process did not lead to inflation because the countries of the world are in constant need of dollars to buy oil and participate in international trade. Therefore, those dollars remained outside America, and after linking the dollar to oil, America was able to spend more money on its military forces, which became the first in the world." . 
    Al-Marsoumi continued, “In 2000, Iraq announced the beginning of linking Iraqi oil sales to the euro instead of the dollar, which, along with other factors, prompted the United States to overthrow Saddam Hussein’s regime by military force,” noting that “in 2011, Muammar Gaddafi tried to create a gold currency in Africa called the dinar.” Al-Dhahabi succeeded in forming a bloc of African countries, but the Americans overthrew the Libyan regime and killed Gaddafi because selling a country, even a small one, of its oil for something other than the dollar would cause the dollar’s ​​strength to destabilize.” 
    Oil supports the dollar 
    He stated that "currently there is nothing that supports the dollar except oil, and that America will not hesitate to use its military power to crush any threat to the dollar, and that linking oil to the dollar and preserving it for the longest time is an American priority," indicating that "the price of oil in dollars is not only linked to standard oil crudes." Which are priced in dollars, namely Brent crude and West Texas crude, but because oil trade is the largest in the world, as it is not limited to the exchange of oil in commodity markets only, but also because there is a very large trade in paper barrels amounting to more than tens of times the real exchange, especially on the New York Stock Exchange and the London Stock Exchange. Through speculation in futures contracts, as the New York Stock Exchange deals with about 3 billion contracts annually, with an average value of 1,000 trillion dollars.” 
    He noted that "the calls to sell Iraqi oil in a currency other than the dollar lack realism and reflect a wrong understanding of the basics of oil pricing in the global market, and because it will expose Iraq to very violent American reactions, because abandoning the dollar is an American red line, as it will threaten the global position of the dollar, which currently constitutes 60 percent." % of global monetary reserves and will undermine the economic importance of the United States at the global level.
    After the exacerbation of the dollar crisis and the sanctions imposed by Washington on a number of Iraqi banks, the country is seeking to move to a new stage of monetary transactions, sometimes oil in exchange for goods and other times purchasing in the currency of the countries exporting those goods, including the yen, the currency of China. 
    [You must be registered and logged in to see this link.]
    • Back to top
      Current date/time is Fri 28 Jun 2024, 1:59 am