"They will not be able to do that if we no longer have to buy our oil in dollars. Its value would fall as nations switch to other currencies to buy oil or to gold as a reliable store of value. The creation of dollars would not be available as a mechanism to cover the huge international debt. If that process began, there could be the kind of flight from the currency that has wrecked the economy of many nations within the past decade. Even more alarming are suggestions that to avoid this possibility the American government is planning to invade Iran. The fact that the invasion of Iraq was preceded by unwarranted accusations of weapons of mass destruction, and that Hussein had threatened to switch sales of oil from dollars to euros, gives credence to such fears. The fact that Iraq’s current chaos makes it a net importer of oil seems not to deflect American resolve."
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Margaret Legum
Margaret Jean Roberts Legum (8th of October 1933 Pretoria, South Africa – 1 November 2007, Cape Town, South Africa). She was a South African/British anti-apartheid activist and social reformer, who specialized in economics.
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