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View Diary: Gold Standard, Fiat Currency, and Petrodollar Explained (Why we may never be a green nation) (29 comments)

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  •  Your idea of the petrodollar being necesary (1+ / 0-)
    Recommended by:

    for the Fed to increase the money supply or the US government to run a deficit does not sound right.  While there may be advantages for the US when the dollar is used to value international oil transactions, it is not needed for the US to run a deficit.

    The British and Japanese governments run deficits and borrow money all of the time.  Read Paul Krugman's blog posts about the difference between Spain and Greece, who are tied to the Euro, and the US, Britain, and Japan, who have their own currency.

    "The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt." Bertrand Russell

    by Thutmose V on Fri Feb 01, 2013 at 02:09:06 PM PST

    •  This is where the fiat to debt (0+ / 0-)

      currency ratios come into play.

      95% of all life forms that once existed on earth are now extinct. It is only a matter of time until the Republicans follow suit.

      by PRRedlin on Fri Feb 01, 2013 at 05:06:27 PM PST

      [ Parent ]

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