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Politics : Foreign Affairs Discussion Group

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To: Noel de Leon who wrote (168977)	8/14/2005 3:56:22 PM
From: neolib	Read Replies (2) of 281500

A non-conspiratorial economic analysis of the petroeuro concept would have to include an analysis of the US current accounts deficit, federal debt, and consumer debt. In addition the strong reduction in manufacturing that is going on in the US(for an understanding as to why a petroeuro is to be preferred to a petrodollar). Yes, it would need some broader economic context certainly. My objection was Mr Clark has a bit too much rhetoric that makes him look a little like a nutcase, hence one does not know how seriously to consider the one element that sounded interesting. He is basically claiming that the US will bomb Iran to prevent them setting up an oil exchange market based on euro's. That would make a good movie, but is rather a stretch. Our trade imbalance with China is IMO, a far greater economic issue than letting a fraction of oil contracts be denominated in euro's. But I don't expect we will bomb China anytime soon as a method of dealing with the issue. I like getting educated, but don't like being duped.

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