Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

February OPEC Meeting - Beginning Of The End?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread		 This topic is archived.
Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU
 
ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:05 PM
Original message
February OPEC Meeting - Beginning Of The End?
I was skimming thought the world news this morning and ran across a brief interview with an oil minister from somewhere or another. He hinted ever so slightly that the next meeting's (2/10/04) agenda might hold a suprise, a deadly one for the US economy. The tone of the interview, as brief as it was, gave the impression that a switch from the dollar to the Euro might be in the cards.
Printer Friendly | Permalink |  | Top
brainshrub Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:06 PM
Response to Original message
1. Shit, I hope not. (nt)
Printer Friendly | Permalink |  | Top
 
cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:42 PM
Response to Reply #1
13. look for the article in the globe and mail 1/12/04 --- they already said
they are exploring this ---both in euro/dollar ---so yes the dollar is dropping

the persian gulf countries expressed interest
Printer Friendly | Permalink |  | Top
 
WhoCountsTheVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:07 PM
Response to Original message
2. Goodbye dollar
I hardly know ye!
Printer Friendly | Permalink |  | Top
 
lovedems Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:09 PM
Response to Original message
3. We are growing more and more hated throughout the world.
It wouldn't surprise me a bit. The US administration started a war and planned far in advance how to "divvy up" Iraq's vast oil supply. Do you think this is payback or because the administration has been talking the dollar into the ground or something purely innocent?
Printer Friendly | Permalink |  | Top
 
DevilsAdvocate2 Donating Member (133 posts) Send PM | Profile | Ignore Fri Jan-16-04 05:17 PM
Response to Original message
4. I doubt it
While OPEC may talk of switching from the dollar to the Euro, it will not happen. The U.S. economy is still the largest and most vibrant in the world, and as goes the U.S. economy, so goes the world economy. This is the same reason OPEC will not let prices get too high. If high oil prices drive inflation in the U.S., forcing our economy into a recession, we demand less oil. That, in turn, reduces OPEC's profits. They may even decide to reverse their 900,000 barrel a day output cut that was instituted last fall to keep prices at an acceptable level.
Printer Friendly | Permalink |  | Top
 
jpak Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:27 PM
Response to Reply #4
5. NYMEX crude closed above $35 a barrel today
Edited on Fri Jan-16-04 05:33 PM by jpak
and gas around these parts is $1.58 a gallon...

Inflationary - you bet.

But with Fed interest rates at historical lows, and no let up in the growth of US oil consumption - how are we going to deal with it?

I'm not optimistic to say the least.

Printer Friendly | Permalink |  | Top
 
DevilsAdvocate2 Donating Member (133 posts) Send PM | Profile | Ignore Fri Jan-16-04 05:30 PM
Response to Reply #5
7. How will we deal with it?
Well, here's an idea. How about we make up a reason to invade an oil-rich country. Then, after we remove the existing government, we can replace it with a government more to our liking. Then we can rebuild the oil infrastructure, enabling the country to pump all the oil we'll need. Sounds like a pretty good plan. Someone in the administration should look into it. Oh, wait......
Printer Friendly | Permalink |  | Top
 
jpak Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:32 PM
Response to Reply #7
9. Gee...you think???
:)
Printer Friendly | Permalink |  | Top
 
ignatius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 06:39 PM
Response to Reply #7
16. Right, let's go kill a bunch of people who have done nothing to
Edited on Fri Jan-16-04 06:40 PM by ignatius
us so that we can steal,ie,plunder their natural resources all in the name of God and freedom. What if the 160 billion + we are spending on this trumped up war was used to finance windmill farms. That amount of money would build enough windmills to provide electricity for half the nation. User fees, tax credits or other financing could be used for the remainder of the country. This would be good for the environment and a postive for the dollar and we would cut our oil comsumption dramatically.

We should be looking at ways to end our reliance on fossil fuels. We have surely progrssed from the days of Atilla the Hun.
Printer Friendly | Permalink |  | Top
 
brainshrub Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:30 PM
Response to Reply #4
6. Good analysis
Welcome to DU!

But I disagree.

Right now there is a tremendous pressure on the OPEC nations to do something, ANYTHING, about the invasion of Iraq and the I/P issue.
Most of these sheiks know that the Bush administrations wants them dead, so they might as well fight now with the only weapon they have while they can.
Remember, the economy is not as vibrant as you think. We don't make anything of export except food & guns. Food they can buy from Europe and guns they can get from China...with Euros.
Printer Friendly | Permalink |  | Top
 
kysrsoze Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:32 PM
Response to Reply #6
8. I believe Venezuela has been flirting with the Euro for a couple of weeks
right?
Printer Friendly | Permalink |  | Top
 
worldgonekrazy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 06:08 PM
Response to Reply #6
15. Well its an interesting question
Both viewpoints are right, in my opinion. The question is, which one trumps the other? Is the United States' economy so tied into the world economy that any real attack on U.S. economic interests would be suicidal? Or does OPEC's thirst for revenge/fear of the U.S. outweigh this possible result?

It is hard to say either way. My guess is that OPEC is blowing out a whole lot of hot air. It is, after all, run by businessmen, and they think VERY short term. Any kind of attack on the U.S. economy would SERIOUSLY undermine their business holdings in the short term, even if it might recover fully in the long term.
Printer Friendly | Permalink |  | Top
 
tom_paine Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:34 PM
Response to Reply #4
11. Fair and Balanced
What else could a person say about such commentary?
Printer Friendly | Permalink |  | Top
 
Oggy Donating Member (652 posts) Send PM | Profile | Ignore Fri Jan-16-04 05:34 PM
Response to Original message
10. Two links
From earlier today. One I thought was a bit wishy washy, but with this post maybe true. Both have more to say on the dollar and its slump, maybe soon to be collapse.


http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=4652

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=4770
Printer Friendly | Permalink |  | Top
 
montanacowboy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:40 PM
Response to Original message
12. Well, the Chimp Administration
has been letting the dollar fall and are cheering it onward - it cuts both ways and now it's coming to bite them in the ass - everything they touch turns to garbage.
Printer Friendly | Permalink |  | Top
 
Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-04 05:44 PM
Response to Original message
14. Add in this and time is definitely finite for the American empire
http://www.onlinejournal.com/Commentary/011604Conover/011604conover.html

Well, corporate america and bush created this mess. This is what we're going to get. x( :cry:
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Wed May 01st 2024, 09:35 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC