Comments on: Oil Standard, Greasemonkey conversion of US Dollars to Barrels of Oil http://blog.jeffreymcmanus.com/434/oil-standard-greasemonkey-conversion-of-us-dollars-to-barrels-of-oil/ The New Thing Thu, 23 Dec 2010 19:55:49 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Jeffrey McManushttp://blog.jeffreymcmanus.com/434/oil-standard-greasemonkey-conversion-of-us-dollars-to-barrels-of-oil/comment-page-1/#comment-762 Jeffrey McManus Sat, 12 Aug 2006 16:06:29 +0000 http://blog.jeffreymcmanus.com/?p=434#comment-762 What? Any country that can print money can use it to buy oil.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-762">0</span> <small>(to vote for this comment, please visit the site)</small></p> What? Any country that can print money can use it to buy oil.

Current score: 0 (to vote for this comment, please visit the site)

]]> By: HeresTomWithTheWeatherhttp://blog.jeffreymcmanus.com/434/oil-standard-greasemonkey-conversion-of-us-dollars-to-barrels-of-oil/comment-page-1/#comment-763 HeresTomWithTheWeather Sat, 12 Aug 2006 15:30:55 +0000 http://blog.jeffreymcmanus.com/?p=434#comment-763 the assumption is that everyone wants oil. they can print more currency to buy dollars (not oil), so what matters is the exchange rate from that currency to dollars. if they print more currency, their currency falls in its relation to the dollar and, therefore, they won't be able to buy any more oil by firing up their presses.similarly, if the U.S. prints more dollars, the price of oil will rise in its relation to the dollar, but the other countries will have to buy more dollars so the dollar is not weakened in relation to the other currencies, only to oil, so there is no cost to the U.S. in the international market.again, the assumption is that everyone wants oil. when countries are dependent on oil, they're really dependent on the currency oil is priced in, which is currently dollars.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-763">0</span> <small>(to vote for this comment, please visit the site)</small></p> the assumption is that everyone wants oil. they can print more currency to buy dollars (not oil), so what matters is the exchange rate from that currency to dollars. if they print more currency, their currency falls in its relation to the dollar and, therefore, they won’t be able to buy any more oil by firing up their presses.

similarly, if the U.S. prints more dollars, the price of oil will rise in its relation to the dollar, but the other countries will have to buy more dollars so the dollar is not weakened in relation to the other currencies, only to oil, so there is no cost to the U.S. in the international market.

again, the assumption is that everyone wants oil. when countries are dependent on oil, they’re really dependent on the currency oil is priced in, which is currently dollars.

Current score: 0 (to vote for this comment, please visit the site)

]]> By: HeresTomWithTheWeatherhttp://blog.jeffreymcmanus.com/434/oil-standard-greasemonkey-conversion-of-us-dollars-to-barrels-of-oil/comment-page-1/#comment-761 HeresTomWithTheWeather Fri, 11 Aug 2006 23:13:38 +0000 http://blog.jeffreymcmanus.com/?p=434#comment-761 it's been around since 1973, i believe first proposed in 1971:Search Amazon for "Recycling petrodollars--a prime challenge for banks today?" (Swiss Credit Bank special publication)"the US Treasury can print money and buy oil, which is an advantage no other country has" - former U.S. ambassador to Saudi Arabia, Chas Freeman<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-761">0</span> <small>(to vote for this comment, please visit the site)</small></p> it’s been around since 1973, i believe first proposed in 1971:

Search Amazon for “Recycling petrodollars–a prime challenge for banks today?” (Swiss Credit Bank special publication)

“the US Treasury can print money and buy oil, which is an advantage no other country has” – former U.S. ambassador to Saudi Arabia, Chas Freeman

Current score: 0 (to vote for this comment, please visit the site)

]]>