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Although posted at an obscure site, this piece encapsulates several important themes -
- the emerging consensus of "US-as-moocher";
- the economic necessity for the US to take military action if necessary to forestall any moves to abandon US-denominated trade in oil; and
- the mechanism by which US-dollar hegemony arose in the first place (which has much to do with the US-led bombing of European infrastructure during WWII).
The Invasion of Iraq: Dollar vs Euro Re-denominating Iraqi oil in U. S. dollars, instead of the euro
And as usual, Fred Reed is absolutely on FIRE this week...