Petrodollar

The Weekly Watch

The "Fake" Economy

Oil, War, and the Petrodollar

The corona virus has upset the global economy, now the old normal. It has provided a distraction that has allowed for the transfer of trillions of tax dollars to the largest most corrupt corporations. The Fed has cranked up the presses and is pumping out dollars at an unprecedented rate. Now many people say the US dollar (USD) isn't based on anything and is just paper. However, it is based on something, oil. Ever since we cut the deal with the Saudis in the early '70's all countries must buy their oil (and many other commodities) in USD. Last week oil went negative because there is such a glut and lack of storage. So in comes the Fed propping up oil prices with our tax dollars, also boosted by Trump's threat to shoot down Iranian gunboats. How do we get out of this mess? How about a war or two?

Two reasons for hope: decline of the petrodollar-fueled militarism and the pending release of FISA related memo

Hat tip to Ellen North for leading me to some of the best news I've seen in a long time: Ellen's comment links.

Few things have given me much hope about our nation's future and the course of world events lately. Yet two events, one allegedly occurring Feb. 2 and the other slowly evolving are producing that hoped-for result.

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