Michaeljones36:

China pegged their currency to the dollar, so I have no idea what you are talking about.
No one is forcing them to buy US treasury bills either.

I don't know what the rest of those countries want to do. And let's be honest, with the exception of Russia none of those countries have a large enough economy to affect global trade. Well maybe Iran, but that's stretching it.

Lastly, Russia is the world's largest oil producer. If they wanted to trade in other currency, nobody could stop them.

Michaeljones36:

China pegged their currency to the dollar, so I have no idea what you are talking about.
No one is forcing them to buy US treasury bills either.

I don't know what the rest of those countries want to do. They all earn 'petro dollars' as foreign exchange, because they want to. No one is stopping them from trading in Euros. (look up petroeuros and the use of British Pounds as petrocurrency in the North Sea). The US dollar is a stable currency. No one wants to risk massive exchange rate fluctuations.

Lastly, Russia is the world's largest oil producer. If they wanted to trade in other currency, nobody could stop them.

In other word's...your theory is a failure.

samkoro:

Prior to a cut last year,U.S defence budget is larger than that of the next ten countries put together.

Its only U.S that has the capacity for now to build an aircraft career.No othe country does it.

One of U.S latest weapons can make thousands of soldiers go blind temporarily or permanently as may be prefered by the U.S.

Now tell me,what can grenade carrying blind soldier do in war.

cap28:

I think you'll find that the US IMPOSES treasury bills on any country who wishes to purchase crude oil.

Almost all crude oil transactons are conducted in the dollar - any nation that tries to move out of this arrangement is attacked

China pegged their currency to the dollar in order to keep the value of the yuan low in order to make their exports cheaper and more affordable to other importing countries- however it is tied into buying US treasury bills as a consequence of this arrangement.

You have completely missed the point i was making - all of the above countries do not want to buy or sell oil using the US dollar because it is depreciating in value due to inflation, if any of those countries pull out of the dollar the dollar will collapse within days.

The United States know this and thats why all if not most of those countries are under some form of attack. If the US is not bothered about Russia pulling out of the dollar why does it have military bases encircling russia, the same also applies to Iran, why are there over 400 US military bases surrounding Iran?

Also if the US were not bothered about any country pulling out of the petro dollar system why did it attack iraq when Saddam started selling his oil in euros?

Real-Mccoy:

Have your heard of renewable energy? You better embrace the trend now cos in the near future, a single barrel may worth 25 dollars or less. Visit 2013 car show
In Europe or North America to see how companies are competing in different model of fuel efficiency vehicles.

gboss4sure: They (USA) thinks that they can contain china as they are containing Nigeria. make dem wait

cap28:

Its like you people have difficulty understanding what i am saying - the US CONTROLS THE PRICE OF CRUDE OIL BY WAY OF ITS MILITARY PRESENCE WHICH IT USES TO INTIMIDATE NATIONS ALL OVER THE GLOBE - why is this so difficult to understand?

do you think that the US will allow other nations to invest in renewable energy when its very survival is dependant on keeping nations hooked on crude oil?

Real-Mccoy:

I hope you took economics in college? What role does OPEC play in pricing and trade embargo? Nairaland is not visited by dummies alone. Do some research before making a post. Your contribution sounds like he say she say

cap28:

why dont you tell me the role opec plays in pricing and trade embargoes? I'm all ears.

Real-Mccoy:

Question for question and sometimes we wonder why our education system is in turmoil. Anyways, lets call it a day. No need comparing Ipad with a china man tablet.....lol

cap28:

Its a very simple question and i can tell from your inability to answer it that you understanding of this topic is extremely limited
- since you are an authority on OPEC embargoes i ask you again please enlighten me or were you just blowing hot air?

hotwax: Another opportunity for US to test her F-35. Most US weapons are combat tested and combat. US always use afganistan and iran for iher weapon tests.
Russia and china weapons e.g. J20 warplanes are only powerful on paper and youtube. They have not seen A̶̲̥̅​ single combAt.
Has china and russiia fought any 20 century war? No.
French rapheal warplane is even far ahead of J20.
China is really A̶̲̥̅​ baby world power. They havre nuclear weapon.LOl. Small countries like Israel also has. India, pakistan, Germany has. Nuclear weapon doesn't make u A̶̲̥̅​ world power.
Japan has nuclear trigger and can go bomb anytime they want.

Real-Mccoy:

I asked you a question and you answered by asking same question? That's plagiarism bruv. Anyways just have it in mind that NL is not for dummies alone, do a fact check before posting ignorance. .....Bye

cap28:

Its like you people have difficulty understanding what i am saying - the US CONTROLS THE PRICE OF CRUDE OIL BY WAY OF ITS MILITARY PRESENCE WHICH IT USES TO INTIMIDATE NATIONS ALL OVER THE GLOBE - why is this so difficult to understand?

do you think that the US will allow other nations to invest in renewable energy when its very survival is dependant on keeping nations hooked on crude oil?

Blyss:

Japan and Germany to do have nuclear weapons.

Michaeljones36:

I am going to make the assumption that you are pretty young.

Once you get older, you realize that no one is as powerful as all that. Conspiracy theories are ridiculous. Everyone is human.

EVERYONE wants to invest in renewable energy. It is the only way forward for mankind, and every rational person understands this. If there are any nations that would be against renewable energy, they would be the major oil producing nations like Russia, Venezuela, Iran, Nigeria, etc.

Kinda makes your whole conspiracy theory ridiculous. There is no reason for the US to want to keep importing energy when it can make it's own through renewables.

solomon111: For a country as highly indebted and financialy precarious as the US to spend more than a billion dollars in maintaining a single military hardware is the height of fiscal irresponsibility,wanton wastefulness and gross misplacement of priorities.
It seems extravagant and reckless spending is not limited to Nigeria,afterall.

Michaeljones36:

I am going to make the assumption that you are pretty young.

Once you get older, you realize that no one is as powerful as all that. Conspiracy theories are ridiculous. Everyone is human.

EVERYONE wants to invest in renewable energy. It is the only way forward for mankind, and every rational person understands this. If there are any nations that would be against renewable energy, they would be the major oil producing nations like Russia, Venezuela, Iran, Nigeria, etc.

Kinda makes your whole conspiracy theory ridiculous. There is no reason for the US to want to keep importing energy when it can make it's own through renewables.

hotwax:
Because your fake china brain doesn't know how much US realized from the sales of F-22 fighter last year. How many jumbo jet boein has sold. How many patroit missie Nato is purchasing. USA is making money also from weapons. You need to get A̶̲̥̅​ clue and stop posting anyrtin for feel like.

hotwax:
Because your fake china brain doesn't know how much US realized from the sales of F-22 fighter last year. How many jumbo jet boein has sold. How many patroit missie Nato is purchasing. USA is making money also from weapons. You need to get A̶̲̥̅​ clue and stop posting anyrtin for feel like.

mentorken05: not in this life...the last tym I checked,d great USSR tried and failed.USA and ISREAL as well are somehow invincible...anyways I blame obama for all dis...he shuld listen to that great isreali president(netanyahu)so d US and isreal will combine and destroy all opposition threats..one tin is for sure d oda 2 countries in d UN security council (france nd UK) will av no option dan to back up d US and isreal...and den goes WW3.d ques is,
WHO WILL NIGERIA BACK?

hotwax: Another opportunity for US to test her F-35. Most US weapons are combat tested and combat. US always use afganistan and iran for iher weapon tests.
Russia and china weapons e.g. J20 warplanes are only powerful on paper and youtube. They have not seen A̶̲̥̅​ single combAt.
Has china and russiia fought any 20 century war? No.
French rapheal warplane is even far ahead of J20.
China is really A̶̲̥̅​ baby world power. They havre nuclear weapon.LOl. Small countries like Israel also has. India, pakistan, Germany has. Nuclear weapon doesn't make u A̶̲̥̅​ world power.
Japan has nuclear trigger and can go bomb anytime they want.

shymexx:

All the nations on the UN security council have the might(most esp. China and Russia) to do that, but most times choose to abide by international laws...

By saying "might is right" that means slavery, colonisation, and Nazi Germany's annihilation of the Jews were right, no?? That might be true during the medieval ages... However, it has no place in the modern world after a new-world-order was signed by all with the created of the UN, post-world War 2...Which means you're going against the ethics of why the UN was created... and the UN charter that describes every independent country as the same under international laws... Also, every country's sovereignty must be respected at all times...

Might is right would definitely make Saddam's invasion of Kuwait, and the Serbs' invasion of Kosovo right, no?? If so, why did the UN Security Council support a resolution to help the weaker countries in this context by using Chapter VII of the United Nations Charter as a pretext for that??

Article 51 of Chapter VII of the United Nations Charter:
"Nothing in the present Charter shall impair the inherent right of individual or collective self-defence if an armed attack occurs against a Member of the United Nations, until the Security Council has taken measures necessary to maintain international peace and security. Measures taken by Members in the exercise of this right of self-defence shall be immediately reported to the Security Council and shall not in any way affect the authority and responsibility of the Security Council under the present Charter to take at any time such action as it deems necessary in order to maintain or restore international peace and security."

^^^^Perhaps NK is exercising its rights to self-defence with US' B-2 nuclear bombers and its never ending military exercises near its borders..

Real-Mccoy:

I realized he is an infant very late. I would advise you stop quoting him cos he may think he is intelligent. Saudi Arabia has oil yet its not considered first world. Unexposed ones thinks real GDP are measured by the amount of oil you export out of your country. NL needs more enlightened topics on front page to separate the shafts from the grains

hotwax:
Because your fake china brain doesn't know how much US realized from the sales of F-22 fighter last year. How many jumbo jet boein has sold. How many patroit missie Nato is purchasing. USA is making money also from weapons. You need to get A̶̲̥̅​ clue and stop posting anyrtin for feel like.

cap28:

I am going to make the assumption that you are not very intelligent.

Once you gain a more indepth understanding of how the US operates and the fact that it is an empire whose sole objective is to retain and maintain its position as the world super power, then and only then will you begin to understand the whole concept of the petrodollar trade system.

Your ignorance has completely blinded you to the fact that the US has a vested interest in keeping crude oil as the sole source of energy, i have asked you a few times to explain to me why the US invaded Iraq and i still havent received an answer.

Also if you can, answer the following:

Why did the US do a deal with Saudi Arabia in the 1970s stipulating that all purchases and sales of crude oil be conducted using the US dollar?