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Until now the world had to buy dollars in order to buy commodities, underpinning the unbacked fiat currency of the Fed. This is about to change and this is the biggest fear of the US government: That it has to pay in another currency which it has to buy. Why should commodity sellers accept dollars when they know that the Fed can print them in unlimited amounts.
Was listening to radio 20 Feb 08, when commentator stated that OPEC was planning to reduce output of oil for the U.S., even though we have cut back on consumption. He also stated that OPEC probably would not be accepting Dollars for payment. He said that gasoline would probably climb to $3.75/Gal. or more within a few months. One statement was made and I never heard ANYONE repeat it on radio or TV. My question is what is the feasability of that actually happening? I believe our economy would tank!!!
Commenting by HaloScan
