The price of oil (if this happened)?
Many nations in the Middle East such as Iran and Saudi Arabia get almost all of their income from the sale of oil. Assume that in the past few months the United States and other Western countries have been suffering an economic recession. What should countries of the middle east do? What should countries of the Middle East do to make more money despite a global recession?
Current Events - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I MIGHT be more accepting if I knew the money I was paying for gas actually went to the people of these third world countries but instead the money goes to those who are in power in these countries Why do you want to ensure corrupt leaders of third world countries continue to make countless amounts of money?
2 :
The big danger we face here in the US is if the dollar loses its status as the world's reserve currency. If that happens, price rises in the US will be huge. Not long ago there was a secret meeting among some world leaders to discuss the possibility of replacing the dollar. The US was not invited to this meeting and did not even know about it. Oil as it is pumped from the ground in Saudi Arabia and other Gulf oil states is priced in dollars, but that could all change. Foreign governments are concerned that the US national debt is getting too big and the US, in trying to stabilize its economy, will devalue the dollar, so holding or trading in dollars is becoming more often viewed as a higher risk. So the way they can protect themselves from a financial collapse in the US is to get rid of the dollars they hold and turn to some other currency instead. Already some stores in Manhattan are accepting Euros as a form of payment, another example of businesses moving away from the dollar.
