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Originally Posted by ngdawg
..... We are at the mercy of the oil cartel and they couldn't care less.
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ngdawg, aren't we printing colored pieces of paper, propped up by China and Japan buying the US dollars from their own exporters, with colored pieces of paper printed by those two governments, who use the US dollars they've traded their colored paper for, to buy US Treasury bills, financing our national debt, which is increasing by $700 billion, in just the present year?
I'm asking if the "oil cartel" countries aren't still willing to trade their real, exhaustible supply of oil (oil output is declining in the UK, Mexico, and Norway...) for our colored paper, printed up from scratch, in an inexhaustible supply?
Couldn't the "cartel" countries make a convincing case that our money, propped up in a circular scheme, described above, is just what it is, printed up, colored pieces of worthless paper? What would it be worth if Japan and China stopped buying the US dollars it's exporters receive from our importers?
Who would buy the glut of dollars, or the T-Bills our government either sells at ridiculously low interest rates.....or dies?