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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: zzpat who wrote (1036735)	11/4/2017 9:32:08 AM
From: RetiredNow	Read Replies (1) \| Respond to of 1573927

We used to be a net importer of oil, but now we extract enough oil and natural gas to be energy independent when you add all the other energy sources we have. We do not need the Middle East anymore. Obama said it best when he said that our addiction to oil was at the nexus of terror, climate change, and economic dependency. He understood that we needed to break our dependency on the Middle East. Too bad he couldn't have made even more progress at that, but we are now effectively independent, but we're still acting like we need to bow down to Saudi Arabia. It's time we break from the Middle East and start treating Saudi Arabia like the enemy they are. They fund more Wahabiist Mosques and more terror than any other country in the world. Wahabiism is the most virulent form of Islam. We need to stop turning a blind eye to that. As to your comments on the petrodollar and China working with the Saudis and others to replace the petrodollar with the petroyuan, you are absolutely spot on, and frankly, I'm surprised to hear anyone else mention that. You are the first person I've come across that seems to understand the true implications. This is one of my absolutely biggest fears. We've been able to rack up enormous debt and print money through QE to our heart's content largely because the USD is the reserve currency and it gives us "exorbitant privilege" to use it in the "beggar thy neighbor" policy of money printing...we export the inflation that comes from money printing. However, that has a limited shelf life. If...no, when...China is successful in establishing the petroyuan, and as their own trade expands so that more business transactions are settled in yuan than the dollar, we will see a significant inflationary impact on our country, including a massive loss in our standard of living. In fact, with $20+ trillion in debt and $1 trillion in annual deficits, the US is in danger of having the world's investors finally conclude that we will never pay that debt back, which means we won't be able to sell debt at any interest rate resembling the Fed manipulated rates, which means QE ad infinitum and all the inflation that comes from that when you directly monetize the debt and your currency is not the reserve currency. Anyway, you and I are on the same page when it comes to China and the petroyuan. China has been waging a very successful economic war on the US and we've been busy giving away the farm and fighting wars, instead of keeping our eye on the economic prosperity ball and protecting our companies from corporate espionage and unfair trade practices. China is winning and we aren't even playing the game.