Re: Currency and Seigniorage

[EMAIL PROTECTED] wrote:

> On 27-Nov-2003, Hasdrubal Hamilcar <[EMAIL PROTECTED]> wrote:
>
>
> > Someone wrote on counterpunch that every drop of oil sold in the world
> > is an indirect subsidy into the pockets of the American consumer,
> > because of the effect it has on propping up the dollar.  Imagine if the
> > dollar was not supported by Saudi oil: the dollar would instantly fall
> > to the level sustained by US exports and imports, imports from China
> > would become prohibitively expensive, and the US would be able to buy as
> > much as it exports.
>
>
> Did he explain the logic behind this argument?

I'm sorry the "Imagine..." part was my own.  The authors piece is only 
quoted in the first sentence.

I can't find the original article, even though I searched.  Maybe it was 
from another newspaper.

The rest of the qutoe above is my own reasoning, simple eco.

Hasan