Tuesday, November 20, 2007

Chavez, Ahmadinejad Urge OPEC Abandon Dollar: Today's Cartoon

In case you didn't already know, the rapid decline in America's dollar has caused the price of oil to skyrocket, causing key members of OPEC to openly consider abandoning the currency, in favor of something less "worthless"

Now I'm no economist by any stretch of the imagination, but it seems to me that while America's economic woes have depreciated the value of its dollar and caused the price of oil to skyrocket, when compared to the exchange rate of other nations, the actual "value" of the resource has not. Meaning that while it takes more American greenbacks for the world to buy its oil, the only one who really seems to suffer from that is the United States (and its weakening economy).

...Which makes me wonder, why adversaries like Venezuela and Iran would be so eager to see this change.

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