for the immensely retarded canadians::::::
Several persons have asked the American Monetary Institute to comment on the viewpoint that the “real” reason for the war against Iraq was Sadam Hussein’s decision to price Iraqi oil in the new EURO currency of the European Union rather than in U.S. Dollars. The argument goes that unless the price of oil is denominated only in Dollars, then the U.S. would not be able to continue to run huge balance of payments deficits. The argument is based on the idea that the motivation for other nations to hold accounts and reserves in Dollars is that they can use them to pay for oil.
We do not agree with this viewpoint and here are some of the reasons and background.
http://www.monetary.org/was-the-iraq...or-war/2010/12