Switching the OPEC standard from Dollar to Euro would
be devastating to the US economy. It would foil some of the economic
motivations behind the invasion, and flush America along with it.
The actions of OPEC are far more devastating to superpowers than Afghanistan
invasions. A fact of history perhaps without much supporting logic, but
there it is. Contrary to the popularly-held myth that the USSR's invasion
of Afghanistan led to that superpower's demise, it was OPEC's decision to
triple production overnight that immediately forced the Soviet Union into a
tailspin. Within a very short span of time thereafter, the USSR had moved
into Glasnost. Reforms became the USSR's cover/public disinfo model for
economic collapse.
Why the collapse resulted was simple: Russia has and still does produce as
much oil as Saudi Arabia. However the USSR neither had the reserves nor the
quality of oil to compete if OPEC were to go nuts and wage economic war,
which they did. Most importantly Russia was operating at full capacity
production; the Soviet Union was not able to increase production at all to
stem the economic impact of the increase in production. Since the Soviet
Union made its money largely on oil, and since it was suddenly losing more
than gaining through oil production and sales, it ceased to be able to
provide the basic necessities of life. Food lines were soon to follow and
so too was "reform."
As I understand it, keeping OPEC on the dollar has a transitive but
cumulative effect of foisting off huge amounts of debts onto the OPEC member
nations. It is a form of protection money as I understand it. It is highly
dubious that before the war on Iraq there was any such threat of OPEC
switching from $ to E. Any such action would result in the immediate
collapse of the Saudi royal family overnight. As I said, it seems to be a form of
protection money.
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