"The Europeans will not have to buy and hold dollars in order to secure their payment for oil, but would instead pay with their own currencies."
This article makes no sense whatsover. The Europeans pay for their oil with Euros now -- that is, they spend Euros to purchase dollars and then spend the dollars for oil. The oil selling nations collect dollars and then spend them where they want to. If they are buying US products they spend the dollars. If they are buying European products they use the dollars to buy Euros and spend the Euros in Europe. The value of the dollar is constantly adjusted upwards or downwards by the free market no matter what.
Dr. Petrov forgot to put on his tinfoil hat the day he wrote this. And does anyone on Freerepublic think that the U.S. is an "empire"?
Absolutely. The U.S. currently has some level of military presence in more than 120 foreign countries, and a total of about 500,000 military and civilian personnel stationed overseas.
If that ain't an "empire," then I don't know what is.
This article makes no sense whatsover. The Europeans pay for their oil with Euros now -- that is, they spend Euros to purchase dollars and then spend the dollars for oil.
Nice diversion from the part that does make sense.... they will not have to buy and hold dollars. If they do not buy and hold dollars, there is less demand for dollars. With the same or growing supply of dollars but less demand for them, the dollar in theory will drop in value.