EURO-DOLLAR WAR

Mediamomitor: The economics behind the Iraqi invasion
In October 2000, as a political gesture, Saddam Hussein converted
Iraq's foreign currency reserves from US dollars to Euros and announced all
Iraq's future oil trades will be conducted in Euros. At the time, Iraq made a
substantial loss on the conversion, but the continuing improvement of
the Euro against the US dollar has recouped that loss and, in fact, made a
profit of 25% on the overall transaction. It was a lesson that did not
go unobserved internationally. At a recent OPEC meeting the cartel
seriously considered trading oil in Euro contracts. There was enormous pressure
from the US to prevent this and so the idea was shelved. However, Iraq,
Iran, North Korea (all 'axis of evil nations surprisingly), Venezuela, China
and Russia have all recently stated an intention to conduct oil (and other
international transactions) in Euros. FROM: Media Monitors, 17 Apr

Indymedia: Dollar vs. Euro
The upcoming war in Iraq war is mostly about how the ruling class at
Langley and the Bush oligarchy view hydrocarbons at the geo-strategic
level, and the overarching macroeconomic threats to the U.S. dollar
from the euro. The Real Reason for this upcoming war is this administration
goal of preventing further OPEC momentum towards the euro as an oil
transaction currency standard. However, in order to pre-empt OPEC, they need to
gain geo-strategic control of Iraq along with its 2nd largest proven oil
reserves. FROM: DC IndyMedia, 15 Apr

Sidney morning Herald: Muslims eye euro as new oil currency
Since 1901, when drillers unleashed a Texas gusher and created the
modern oil industry, barrels of oil have been sold for greenbacks. Whether
they buy oil in Alaska, Norway or Bahrain, today's customers pay in US
dollars. But when the United States launched its military attack against Iraq
last month, many Muslim clerics began demanding that Arab countries sell oil
for euros, not US dollars. That move could send shock waves through the
world oil market and the US economy. Newspaper columnists and antiwar
activists in countries from Morocco to Indonesia have rallied behind the
sentiments shouted in a Nigerian street protest witnessed by a Wall Street Journal
reporter this week: "Euro yes! Dollar no!" FROM: The Sydney Morning
Herald,22 Apr

Goof.com: EURO "BIN LADEN" ....How the Euro will Finish What Osama Couldn’t Achieve
What would happen if the euro were to become "the" oil currency of OPEC? The US dollar would crash, the euro’s already-underway march toward world reserve-currency status would be vastly accelerated, and the US’ legendary economy would burn to the ground in sudden hyper-inflation.
You see, the US dollar’s status as the world ‘s only reserve currency since the Bretton Woods agreement in 1945 gave it (and the US) certain advantages other countries didn’t have.
The dollar underpinned the domestic currency of every country in the entire world. All of their respective central banks hold dollars "on reserve" to bolster their own currency’s value.