Thanks to Tree Hugger I came across a great potted history of oil by comic Robert Newman. A video of his performance is available for free from Google Video. When he started talking about the coincide of Iraq and Iran switching to trading oil in Euros and its impact on US deficit spending I could have wept since I blogged about this theory way back in 2003 before the US even stepped foot in Iraq. I believe this theory then and I still believe it now. I don't think it was the only reason the USA went in, but I think it was definitely contributing factor. Believe me, with China alone holding 1 trillion in US dollars imagine what would happen if everyone stopped needing greenbacks to buy oil. It would be like switching from gold to leaves as the backing for currencies - good bye bullion hello deforestation!
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