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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: DeplorableIrredeemableRedneck who wrote (11294)	4/4/2004 10:27:42 AM
From: russwinter	Read Replies (4) \| Respond to of 110194

Here's how the real rouge nation deals with oil seller's attempts to be paid in real money. There may be unintended consequences if this is actually seriously pursued. OPEC and the "cartel" may just pull the plug on their liquid US assets. Just one more potential for a bond panic.: WASHINGTON (CNN) -- The Senate Judiciary Committee unanimously approved bipartisan legislation Thursday to allow the United States government to sue other countries or cartels for the price fixing of oil. >snip< In successful lawsuits, the government would be eligible for damages for the suffering of U.S. consumers. Criminal action could be sought against members of the oil cartel as well. Sponsors say rulings would be enforced by seizing assets of international governments or companies held in the U.S. government could also try to enforce a judgment in the courts of the foreign nation found liable. Although current law does not prevent such lawsuits, judges have overturned suits against international cartels because of "sovereign immunity" and because they read the law as prohibiting the U.S. government from ruling what companies do on non-U.S. soil. This measure seeks to clarify the law by explicitly stripping governments and non-U.S. companies of "sovereign immunity" from such lawsuits. "Our NOPEC legislation will, for the first time, enable U.S. authorities to combat the price-fixing conspiracy of the oil cartel and will, at minimum, have a real deterrent effect on nations that join forces to fix oil prices to the detriment of American consumers," said Sen. Herb Kohl, D-Wisconsin. Sponsors said they with the growth of the global market, a consensus has been formed that certain basic standards are universal, and that "rogue actions of the international oil cartel should be treated no differently."