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Control of the oil in Iraq is more strategically important than in the one scenario you describe. As an aside I never read that Hussein had threatened to flood
by foobarqux 13y ago
Control of the oil in Iraq is more strategically important than in the one scenario you describe.
As an aside I never read that Hussein had threatened to flood the market, I read that he threatened, as a negotiating tactic, to withhold oil. Do you have a source for the "flooding the market" claim?
- gallerytungsten 13y agoIt wasn't about flooding the market, it was about pricing in Euros, thus taking aim at the dollar as the sole reserve currency. (Among other things.) Example: http://www.time.com/time/magazine/article/0,9171,998512,00.html http://www.time.com/time/magazine/article/0,9171,998512,00.h...
- dredmorbius 13y ago(I'd just posted a related item on this) For values of "for other things" of creating a massive flood of dollars on the world financial markets, undercutting its value, and precipitating a financial crisis the likes of which the US still hasn't seen.