Petrodollar system.

Do you still believe in Pizzagate? That's often ridiculed as one of the more outlandish conspiracy theories--kids being held as sex slaves in the basement of a Pizza parlor by a ring of pedophiles including Hillary Clinton and her top aides. But it might have been true and we poor naive dolts were just "out of touch with the deeper truth of what goes on among powerful men in the US". As a matter of fact I do believe that multiple conspiracies are going on every day in the corridors and back alleys of the rich and powerful--some maybe even involving the Freemasons, the Federal Reserve Bank,Trilateral Commission, the Bilderberg Group, the Illuminati, the Elders of Zion the Anti-Christ and/or the lizard people. I just don't think I'll ever be able to figure them out, because those folks are so good at covering their tracks. I must say, I'm dubious about Pizzagate (that pizza parlor doesn't seem to have a basement, but they may have filled it in), and the "evidence" presented thus far that petrodollars is the root of three wars and will lead to our imminent collapse is underwhelming.

I most certainly don't believe that our leaders are "perfectly innocent and don't have a larger agenda of any sort." LBJ? "Tricky (I am not a crook) Dick"? Ronald (Iran Contra) Reagan? Dick Cheney & the Neocons (not the rock group)? They put the "C" in conspiracy, as the saying goes, and in a just world would have been tried as war criminals. I wouldn't trust either of them as far as I could throw the Donald. Again, I tend to believe things on the basis of subtantial evidence in light of alternative theories. As Dr. Swan said :"The two ways of derogating critics have distinct, self-serving functions. In believing that some critics are too dumb to see their special knowledge, theorists establish their superiority. In believing that other critics are part of the conspiracy, theorists are manufacturing evidence to support their special knowledge." 10 Reasons Why People Believe Conspiracy Theories

Why do (did) you believe in Pizzagate? Surely not because you're privy to "what goes on among powerful men in the US." Possibly because you're alienated from the political system in general and Hillary in particular, so it makes sense to you she'd be involved in a pedophile ring? Since you've volunteered your free armchair psychoanalysis of me, let me try these out on you, from a couple of "pseudo-intellectual psychologists":

:"Political disaffection. There are millions of people in this country who believe that Barack Obama is secretly a Muslim who helped plan the attacks on 9/11, and comparable millions of equally disadvantaged people who believe that Donald Trump plans to build concentration camps and fill them with minorities who disapprove of his policies. What all these millions, then and now, share in common is a sense of the lack of their own power—and when you feel you don't have any political clout, you tend to overestimate what real political clout can actually accomplish (at least, in a functioning democracy)." The 6 Reasons People Believe in Conspiracy Theories

Cognitive Closure. "Some people may latch onto a conspiracy theory because it is the only proposed explanation and it offers cognitive closure. I do think that even when cognitive closure is not the primary reason for falling into a conspiracy theory, it is a major psychological feature of conspiracy thinking. Conspiracy theories provide a dramatic narrative that can potentially explain everything. There is no uncertainty or ambiguity. In fact conspiracy theorists use uncertainty as an argument for the conspiracy. Conspiracy theories are largely based on the argument from ignorance – the inability to provide a proven explanation for every tiny detail of an event is offered as evidence for a conspiracy." https://theness.com/neurologicablog/index.php/conspiracy-thinking-and-the-need-for-certainty/

Disillusionment and Distrust of Authority. Nearly all conspiracy theorists demonstrate hostility to authority figures, presumably because these figures have the power to exert control over them. As lacking control feels unpleasant, authority figures are indirectly blamed for causing that discomfort.... It's likely that many conspiracy theorists have suffered at the hands of an authority figure in the past, such as a parent, teacher, or employer. For some, this suffering may have less to do with power being wielded, and more to do with kindness being withheld. A lack of love or intimacy from parents could be a key precursor to disliking authority figures, and it has already been linked with anxiety, mistrust, and independence." Imhoff and Lamberty (May 23, 2017), "Too special to be duped: Need for uniqueness motivates conspiracy beliefs.European Journal of Social Psychology:"Being the one who sees through the smoke screens that hide the incredible truth might not only give people a sense of greater control (because they see through the plot) but also the sense of being special, of being one of the few people who see the truth. They may think, 'If it is just me who understands the real dynamics behind important events, I am not only in control but also special and unique.'https://onlinelibrary.wiley.com/doi/full/10.1002/ejsp.2265 https://doi.org/10.1002/ejsp.2265

Self-image. "Research shows that people who feel socially marginalized are more likely to believe in conspiracy theories. We all have a desire to maintain a positive self-image, which usually comes from the roles we play in life—our jobs and our relationships with family and friends. When we know we make a positive difference in the lives of others—as parent, spouse, friend, teacher or mentor—we see our own lives as worthwhile, and we feel good about ourselves. But say Uncle Joe is on disability and hasn’t worked in years. He feels socially excluded. However, he does have plenty of time to surf the internet for information about conspiracy theories, and he can chat online with others who hold similar beliefs. Thus, belief in conspiracy theories gives Uncle Joe a sense of community.
Furthermore, his research into conspiracy theories has given him a sense that he is the holder of privileged knowledge...You may offer counterevidence in an attempt convince him to give up his conspiracy theories, but you’re unlikely to succeed. This is because you’re arguing facts, while Uncle Joe is defending his sense of security and his positive feelings about himself. And for all of us, self-image trumps facts every time." Why Do People Believe in Conspiracy Theories? Douglas, K. M., Sutton, R. M., & Cichocka, A. (2017). The psychology of conspiracy theories. Current Directions in Psychological Science, 26, 538-542.

 

No one is asking you to believe in a grand conspiracy to dominate the world. I'm showing you that there was a deal struck in the 70s between the U.S. and OPEC nations to accept only U.S. dollars for their oil. That deal was not made public. I've asked you and others to point me in the direction of where I might find the news concerning the U.S.'s deal with OPEC nations to accept U.S. dollars only for their oil in order to avoid the consequence of having its currency devalued after it defaulted on the Bretton Wood agreement after foolishly running up the debt to the extent that it didn't have the gold to convert the dollars held by those nations ravaged by the war. Just a newspaper article or news video from that time would suffice, but so far, you've not produced anything to that effect. So we can conclude that the Administration of that time decided to keep the details of that deal, and the reasons for it, out of the mainstream media and public view. In fact, in Nixon's televised address to the nation, he didn't mention anything about the devaluation of the dollar. He said he was closing the gold window to protect the dollar from speculators, when in reality, he was protecting the gold from those countries that had a legitimate claim to it. Wonder why.

As far as the consequences of OPEC nations accepting currencies other than the dollar for their oil, you seem genuinely unaware of what would happen to the U.S. economy should OPEC nations accept currencies other that just the U.S. dollar for their oil and other transactions. What happens when all of those dollars come back home because no one needs them anymore to buy oil anymore? Are you familiar with the term "inflation," or "hyperinflation"?

And you must believe that the timing of the invasion of Iraq, and the threats to the very same countries that announced their abandonment of the U.S. dollar is just kind of a coincidence. When the WMD accusation was seen for what it was--total bullshit--the cry was then for "Iraqi freedom." But that was just more of the same bullshit. Hundreds of thousands (who were not Saddam) were killed initially, and who knows the kind of grief and misery the survivors experienced . And of course bombing the shit out of the country created over 4 million refugees. So, any talk about U.S. altruism would be an insult to the intelligence of anyone with two braincells. Iraq doesn't have dependable electric service after all these years. But the one thing that we immediately did get busy doing was switching their currency for oil back to U.S. dollars. Gee, you don't think we invaded just to . . . nah, it's too crazy, never mind. It's all circumstantial evidence. Sure, the timing was awful suspicious, and quickly repricing their oil back to U.S. dollars was awful suspicious, and yeah, calling for regime change in the very countries who announced their decision to accept currencies other than the U.S. dollar was awful suspicious. In fact, it's kind of hard to not see the common denominator in all of that.

Do you think that the U.S. should threaten and invade countries that express a desire to accept other currencies for their oil? Is that just business in your estimation?

Got any thoughts on all of this?

I opened this thread because some ill informed people were under the mistaken impression that they haven't been believing whatever the CBS Evening News has been putting in front of them. After I posted information about how the petrodollar system works, you asked me to provide a source. You asked because you doubted that what I was saying is true. So I provided you with multiple sources. And that settles that. Balbus is stuck in some repeating loop in which he contends that all of my sources amount to mere opinion.

 

I would rather you commit to a position on this issue. That's why I asked you what exactly you're confused about. But I can see that you're not about to take a position.

Anyway:

Also, So for decades, foreigners always needed more dollars. The US treasury issued extra dollars. And here it becomes very interesting. There is only one way to make these dollars available abroad. Spend them around the world! The US would purchase goods, services, shares, investments etc. But the US never had to deliver anything in return. Foreigners needed these dollars to buy oil. The purchases were just inscribed on the trade balances and the amounts added to the US foreign debt. For the US, the oil trade works like a fairy credit card. Each time more dollars are needed abroad, this means "free" shopping. Nothing can be done about it.

So: $ Collapse in Iran

Now what part do you disagree with?
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Also:

Oil can be bought from OPEC only if you have dollars. Non-oil producing countries such as most underdeveloped countries and Japan, first have to sell their goods to earn dollar with which they can purchase oil. If they cannot earn enough dollars, then they have to borrow dollars from the WB/IMF, which have to be paid back, with interest, in dollars. This creates a great demand for dollars outside the U.S. In contrast, the U.S. only has to print dollar bills in exchange for goods. Even for its own oil imports, the U.S. can print dollar bills without exporting or selling its goods. For instance, in 2003 the current U.S. account deficit and external debt has been running at more than $500 billion. Put in simple terms, the U.S. will receive $500 billion more in goods and services from other countries than it will provide them. The imported goods are paid for by printing dollar bills, i.e., “fiat” dollars.

The Invasion of Iraq: Dollar vs Euro Re-denominating Iraqi oil in U. S. dollars, instead of the euro
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Also:

CALGARY – When Prime Minister Stephen Harper, standing alongside Chinese Premier Li Keqiang in Beijing’s Great Hall of the People, announced last month that a Renminbi currency trading hub would soon open in Canada, Calgary’s oil and gas sector was paying particular attention.
“I think it probably brings us to a level playing field with the U.S., because right now everything goes through U.S. dollars,” said Greg Stringham, Canadian Association of Petroleum Producers vice-president of oil sands and markets.

The Chinese currency hub, the first of its kind in either North or South America, will allow Canadian companies to deal directly in Renminbi – a move that is expected to save importers and exporters billions of dollars in transaction fees, especially in foreign exchange transactions in and out of the U.S. dollar, while also eliminating an extra layer of uncertainty in the foreign exchange market. For the first time, the Canadian dollar will be valued directly against China’s currency.

The hub would also allow Canadian energy companies to number among the very few producers in the world to sell oil in a currency other than the U.S. dollar. In August, Russia’s Gazprom Neft began accepting Rubles or Chinese currency for oil sales off its eastern coast. Russian president Vladmir Putin has recently described the international oil trade as the “dollar dictatorship.”

As University of Calgary Haskayne School of Business professor Bob Schulz explained, virtually all of the oil trading around the world is denominated in U.S. dollars, thanks in large part to “petro-dollar” agreements struck in the 1970s between the U.S. and OPEC countries like Saudi Arabia. The U.S. agreed to provide the Saudis and other countries protection in exchange for OPEC members selling their oil in U.S. dollars.

‘Level playing field’: Why a Chinese currency hub will help boost Canada’s oil sector
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So, now we've established what the petrodollar system really is and what it does. Do you have any other questions?

 

Why do you keep on bringing up Pizzagate instead of focusing on the matter at hand? Strawman, anyone?

I lost track of pizzagate. I'm not really sure what's going on with it. I realize that you find it to be a widely disregarded conspiracy theory, though, so you're trying to gain leverage via it to say that conspiracy theories in general are all mistaken and try to scapegoat people who believe in theories related to people conspiring. I never said anything about Hillary, except that I found her to be an atrocious candidate. You're just misdirecting and being disingenuous.

There were several disturbing things about Comet Pizza, pizzagate, and the emails, but I stopped following the story, because it was just too sordid for me. It made me feel gross even thinking about it. It's repulsive. I do know that now there are all kinds of pictures circulating of Trump and others with another sex trafficker. And that he and Bill Clinton were besties with Jeffrey Epstein. The direct videos that surfaced of Comet Pizza were especially disturbing. And, like I say, they were too much for me. I pray for children everywhere, but I can't fill my mind with that kind of utter garbage. People like James Alefantis.

All I know for certain is that people were concerned for good reason.

So dish out all your phony research that has gone into proving that anyone who suspects the United States government of any wrongdoing is crazy. If you can't see what's so frightening about that prospect, I don't know what to tell you. That's a whole 'nother conspiracy theory. But isn't it especially convenient for the people in power that all conspiracy theorists are absolutely nuts...isn't that convenient.