Originally posted by bj229r
Well...it had the support of the nations who WEREn'T getting cash under the table from Saddam:D
Obama is only posturing with his tough talk, this is a calculated move by his handlers to make him look hes not a tuna smelling ax-wound. If he gets elected (shutter) the DNC will pull his strings and he'll do what every other party hack before him has done; dance to the tune of the party, not the country. All those pre election promises can be easily dismissed, like so:
"...realities have changed since then.." said Pres Obama while defending his decision not to attack the Taliban inside Pakistan... dems will back him, rubs will slam him, DC business as usual.
Not to be overly technical, but Saddam was dealing in Euros, not cash.. which is kinda a big deal. Euro companies need dollars to buy oil, so they must do business to exchange their euros into dollars, usually at a loss. Saddam, who was sitting on oil that will reach peak production with the Saudis by 2010, was going to sell oil in euros. A direct threat the dollar.
The US switched Iraq back to the dollar... which by 2003 was worth 13% less than the euro, ergo the puppet gov perception.
Taking a page from Saddams play book to hurt the US economy, Iran now considers the US dollar "the currency of the enemy" and will begin competing with New York's NYMEX and London's IPE by selling oil in euros. .. another direct challenge to the US dollar in the international oil market.
Oil buyers will have a choice: 1 barrel of Oil for $60 US dollars on the NYMEX / IPE, or for 45-50 euros from the Iranian Bourse... until we bomb them.
Interesting article here:
http://www.energybulletin.net/7707.html