[steve50]

this is one of several reasons why we just fought a war.....as long as oil backs the dollar -we're ok. it is critical that oil be traded in dollars.

Why should it be the concern of those who own the oil that "we're ok" and why should they trade a valueable asset for paper to ensure we are. Under any reasonible definition of freedom the owners of said oil would be allowed to trade it for whatever means of exchange they desire.

Would you trade me your home for some paper I run off on my printer? No? Well what if I send some guys over with a few tanks and fighter jets and bomb you for awhile, then we'll talk?

[arete]

Under any reasonible definition of freedom the owners of said oil would be allowed to trade it for whatever means of exchange they desire.

It is not only important the oil be traded in fiat dollars, but also that the supply be controlled by the creators of those dollars. Isn't it wonderful how a small number of oil and construction companies are going to make windfall profits on this deal all backed and financed with the US military and taxpayer money. Am I being too cynical?

Richard W.

[mo]

its just that fornow..today...oil transcends gold as the store of value. Presumably when we no longer have a petroleum based economy, the something else-perhaps gold-will take its place. Until then we need to control the suplly of oil and ensure that it remains traded in dollars.