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Posted by D. Sherman on Saturday, March 01, 2008 at 01:54:30 :
In Reply to: Re: Partly true... posted by MoparNorm on Friday, February 29, 2008 at 23:57:24 :
Tell me how I'm wrong. What you're talking about requires the government to fix the price of oil in terms of US$, which is exactly like the gold standard (or gold and silver if you're a "bimetalist"). Why would a guy with an oil well be willing to tolerate an "official exchange rate" for oil that was much worse than what he knew his oil was worth on the global market?
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