America’s Landlord (It’s Not Who You Think)
According to one theory, oil is the international currency. Might as well be.
Now, putting aside all feelgood rhetoric and wishful thinking, let’s ask the unspeakable question — how much is America worth? According to this calculation, the United States of America is worth 400 billion barrels of oil.
And it just so happens that the combined oil reserves of Saudi Arabia and Iran are approximately — 400 billion barrels of oil. SOLD!
“For Sale: One used country. Fixer upper. Needs a lot — a LOT — of repair work after years of abuse and neglect. No guarantees. As Is.”
And you were worried about China being our landlord??? You wish!
The author of this article, Scott Burns, says: “When we asked ‘How much is that in dollars,’ we usually liked the answer. But it may be time to ask another question: ‘How much is that in barrels of oil?’ Trust me, others are doing exactly that. That’s when the world starts to look very different. It also looks more than a little scary to the U.S.”
How do you say “Project For A New American Century” in Arabic?
cross-posted at Bring It On!
Labels: America worth 400 billion barrels of oil, Iran Saudi Arabia 400 billion barrels of oil, oil currency, Scott Burns
posted by Tom Harper @ 11:12 AM
8 Comments:
I liked that. The Dollar is having problems for sure. It was the "Reserve Currency" for the World for a long time.
There is speculation that one of the main reasons for the Iraqi Invasion is that Saddam said to hell with dollar! I think he either started using the Euro, or the Yen. I'm not sure which one.
Iran is the same. They stopped using the Dollar! Iran created their oil Bourse currency, and use, I want to say the Yen as primary exchange.
Ah the prize, South America!! They are totally breaking away from the Dollar/IMF/The World Bank!! They have their own bank now, and are working on a new currency for regional trading, and loans! Could be why the 4th Fleet has been reactivated.
All of South America is currently finding lots of Oil!
Peace and Freedom
AHB: I've heard that same thing about Saddam Hussein; that one of the reasons for our invasion was that he stopped using dollars. That, plus a few other ways that he refused to "cooperate" with global corporations and the IMF. That's a no-no, as he found out.
No doubt that's a large part of the reason Iran and South America (especially that wicked rabble-rouser Hugo Chavez) are in our crosshairs.
Shea: Yup, our country has sold its soul to the devil, and then it turns out that the major oil-producing countries are wealthier than us anyway.
We are heading down that road. America is being sold down the river without a paddle for oil, and our leaders do not care who they buy it from.....especially if the sellers are people who wish us dead. This was a good post and showed some of the troubles America is heading for.
Elwoodin: True, we seem to be heading down the wrong path. Buying oil from people who hate us, being up to our eyeballs in debt to Japan and China -- things are a little precarious.
Reason #847 we need to invest in solar and wind power here at home to light and heat our homes and to force--FORCE--Detroit to knock it off with the SUVs and start making more fuel-efficient hybrids and alternate fuel vehicles. Dare I even whisper the words "hydrogen fuel cell"?
If I'm allowed to indulge in a fantasy on your blog for a second, Tom, may I fantasize that Detroit's fine for not heeding the warning signs about gas prices six years ago is that they have to buy back SUVs and allow consumers to trade them in for full Kelley Blue Book value for a hybrid?
Gotta tell you Tom, I still think China owns us. Why? because the Gulf states and most other oil producing countries are socio-political messes under the control/influence of the US, Russia or China.
Furthermore, the two countries you picked K.S.A. and Iran can agree on only one thing: they hate each other. So no chance of them two getting ahead.
The big blaring flaw with Mr. Burns' argument about oil currency is that it can only be used one way and only once. Unlike Gold or a precious metal which can be hoarded then sold later once oil is used.. it is gone. So the oil currency is not a zero-sum game.. but a negative-sum game. In addition to natural resources like oil the true "currency" of nations lies in things like geography, human workforce, innovation, and governments. I don't mean to detract from the absolutely enormous value and importance that sweet crude oil has on nations but to think of it as a "currency" is dangerous and economically unsound.
So until something radically changes make out all checks to "People's Republic of China".
P.S. The answer to your question is "Al-Mashrooah lil-Qurn Al-Amreekee Aj-Jadeed"
MHP: Yup, there are at least 847 reasons that we should have started doing all of those things 35 years ago. But better late than never. We all need to start conserving and switching to renewable energy sources ASAP.
I like that fantasy of yours. Of course those prostitutes in Congress would never permit anything like that.
Strong Moderate: Good point about the drawbacks of oil as a currency. That linked article was pretty thought-provoking though.
And you're right, Iran and Saudi Arabia would never agree or cooperate on anything. For now I'll keep making out my checks to the People's Republic of China.
Thanks for the Arabic translation.
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