Why does oil have to be sold in dollars?

It doesn't.

It's the world reserve currency so countries have a lot of dollars to trade with, however some countries are making agreements amongst themselves to trade in their own currencies, for example Russia and China.

Gaddafi wanted to create a gold backed currency for the middle east which is why he's now dead and American puppets are being placed in office over there.

I know people like conspiracy stories, but that is just daft. Apparently  the fact he was murdering his own civilians had nothing to do with it, it was because he wanted a gold backed currency.

I suppose JFK was murdered by the fed because he wanted to reduce their powers as well?

Whippet is a fine example why propaganda works so well on the British public. Unable to think for themselves, beholden to the nanny state system, accepting of "official" accounts of events reported in government/big business captured media without any critical thinking or further research and massively ignorant. Most know more about X factor and footie than about how an economy works. Sad, really, really sad.

Here Whippet, have a look of how democracy works in the MENA countries we "liberated" with our government hailing our "installing democracy" success. And if this doesn't disturb you AND MAKE YOU THINK - something you seem incapable of - nothing will. Who is murdering who Whippet?

WARNING: images on this just released video are very disturbing.

http://www.youtube.com/watch?v=4iboFV-yeTE&feature=g-logo&context=G285c27bFOAAAAAAAAAA&skipcontrinter=1

And just to answer the poster's original question, OIL is traded in USDs only because of one reason.......AMERICAN HEGEMONY. Everything else is eyewash.

If Menelaus seriously disputes that Gaddafi and his family of relatives and cohorts was not raping and pillaging his country and that he was as mad as a hatter, then I'm afraid to say what this indicates more about Menelaus, than about what Whippet is.
Menelaus is absolutely obsessed with idea of a small cartel ruling the world.
How this cartel presumably got all the citizens of Libya to rise up and support this cartel's hidden, selfish agenda is beyond my comprehension.
Is he really saying that the whole world of public opinion ( except effectively for him and a very small number of other  " perceptive " critics) is a donkey being lead by a ring through its nose.
What absolutely ridiculous arrogance at worst, or ridiculous ignorance at best.

And no I'm not stalking his posts.
He posts and I read and I comment.
End of.
Another one of his " liitle paranoias" ?
He has a lot it would seem.

Stop hijacking my posts. I can't ever log on on here without finding your obnoxious name right on top of my posts.

I took your voice away because you are an idiot, a moron, a complete dunce who can't even define financial and economic matters, never mind debate them. I blocked you because you can get away with faking understanding of what's going on only for so long. You've never made a single worth while contribution to this forum all the years you've been posting except entertaining those who have a clue so....

.....just go back to the "Specials" forum where you came from and STFU.

See what I mean folks.
A little man with big ideas.
Anyway he's probably just a little strung out waiting for his Greek default prophecy to come true tomorrow.
If he's spread thia all over the City and his " clients", as much as he has spread it over this forum, then he could be in for an apologetic, sheepish few days.
But, if it occurs, he'll be a sayer, a hero to many.
On the other hand, if it doesn''t, he will then most probably revert to what he accuses others of doing on all other subjects. That is, he will just kick the can down the road some more.
After all, something bad sometime is going to happen in the future. And he will claim credit for predicting that I suppose. After all he is a banker, and we all know heads they win, and tails they win.
As I've said many times before, Menelaus is a useful read, but only for one side of the story.
As for posting such other sides of the story, as Menelaus somehow thinks I'm obliged to do to prove my worth or intelligence, I prefer to tink that it is all in the public domain, and most on here are intelligent enough to read and understand it ( even if Menelaus does apparently think that all of you, not only me, are morons and he's the only intelligent being on this forum, or probably almost anywhere else in fact, in his elitist view of the mass of public opinion .)

Gee i really hope this last post doesn't upset him even more.
Gotta feel sorry for the dog, if nobody else.

Frog the fact you made two posts and then replied to yourself twice before Menelaus could answer conjures images of you sitting there furiously pressing refresh to see if he has replied before finally losing control...

I know the 'cartel' idea is a lot to get your head around. It's easier to just dismiss it and shout 'IDIOT!' loudly at anyone who dares suggest it. Maybe Menelaus is paranoid. Maybe i'm paranoid. Maybe Mr Ben is right and there will be no collapse, Greece will continue to be bailed out, the rest of Europe will find a way out, America will find 15 trillion dollars in Ben's helicoptor and all will be rosey.

Can I suggest a few books to you? Start with 'The Creature From Jekyll Island'. I have it in PDF form if you'd like it. Smarter and richer men than you or me believe in the cartel. Robert Kiyosaki said 'come on, Goldman Sachs rule the world' when asked on a TV show (I can find the video if you wish).

Permit me to issue and control the money of the nation and I care not who makes its laws. — Mayer Amsched Rothchild   -   they're openly telling you what they are doing yet you won't listen. The Federal Reserve, the central bank of the country who's currency holds GLOBAL RESERVE STATUS is a PRIVATE BANK. What will it take for you to start asking questions? Again, THE FEDERAL RESERVE IS A PRIVATE BANK WITH SHAREHOLDERS. Does this not concern you? Is there not a small part of you which thinks 'hang on a second, the fed is a private bank...that isn't right...'?

As for getting the middle east to rise up, Lindsey Williams announced that was the plan before it all began. Perhaps you need to see Glen Beck's mainsteam show where he looks at the 'Muslim Brotherhood' (Al Qaeda). In English their website has a picture of a girl with the word 'Freedom'. In Arabic it has two crossed swords with the word prepare. Do you think maybe we're being spun a huge crock of sh1t?

PM me if you'd like the book. One last fact for you about the banking cartel. Who owns the Fed? Member banks according to their own website. So lets see if we have this straight, a Rothschild (major banker) says he doesn't care who makes the laws as long as they have control of the money. The Federal Reserve has control of the money. The Federal Reserve is owned by the banks. 

You're right though. We're clearly delusional.

Whippet
Date Joined: 01 Oct 07
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When: 18 Dec 11 13:26
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I know people like conspiracy stories, but that is just daft. Apparently  the fact he was murdering his own civilians had nothing to do with it, it was because he wanted a gold backed currency. Laugh

I suppose JFK was murdered by the fed because he wanted to reduce their powers as well? Laugh

It's not exactly a conspiracy theory. The Americans got rid of him at the first sign of weakness, that's public knowledge. If the country was left to it's own devices the rebels would probably not have posed a real threat.

The bad treatment of citizens in Afghanistan under the Taliban and Iraq under Saddam, hardly got any press at all before the wars. Same with Gaddafi. You could talk about the bad things he's done in the same way that you could talk about almost any dictator in the history of the world. No-one gives a crap until there is something the government wants.

Compare Pinochet to Gadaffi. Pinochet lead the country to a successful transition to democracy. As he did exactly what the Americans wanted, his history of murder and torture is very much toned down compared to the constant barrage of info we get printed in our minds Gaddafi = bad guy.

You hear just about f*ck all about human rights abuses in North Korea, Iran, Syria. Just wait until the US is able to topple the government in one of those countries, and the media will be chock a block with stories about human rights violations. It's just not relevant until there is a reason (and method available) to get rid of the regime in question.

BOTTY, reincarnating yourself on the forum as FROGGY was a dumb idea. The incessant trolling, the pretending to understand the issues, the endless worthless contributions, and the epic ignorance gave you away. You don't belong on  this forum . But if you insist on continuing to embarrass yourself one here, at least drop the FROGGY and reinvent yourself yet again under a different moniker. The challenge this time will be on occasion demonstrating more intelligence than a door knob.

I say it can't be done.

J2
This " cartel" subject is not new as you say. Many books on the matter ( I have read some but by  no means all) and I'll attempt to catch up on the one you specifically mention. It may, you never know, tip me over into your camp of opinion ?
I currently remain unconvinced that so relatively few can inherently control and manipulate effectively the lives of all in the free world, just by controlling the purse strings. Influence certainly but not control to the point of doominance.
I do not doubt that serving the unhealthy and selfish interests of a powerful minority are always at the top of the to-do lists of many elected governements, but that is more a reflection or condemnation of democracy, as it has morphed over time into small pressure groups exerting disproprtionate power, due either to wealth or just pure,sheer enthusiasm for a special idea or interest.
We deserve perhaps what we get, in terms of many of us not not being or getting involved.
If you read between the lines in my various posts, and interpret me as being a classic case of someone who does not seem either to care to or to be willing to get more involved, I would not strongly object to that assessment.
I just have a very particular and strong dislike for persons such as Menelaus who seem to think that there is a clear divide between the good and the bad in this world. That is, that evryone in power and influence seemingly has a self-monetizing agenda inherent in their actions.

J2BLUE, why are you wasting your time with this strawman, this empty shell of a troll?

Haven't you been reading his say-nothing and worthless posts long enough to recognize a good FAKE when you see one?

The chap has zero knowledge of finance or what this crisis is all about, sub-zero in fact, because a lot of what he posted over time here is just absolutely stone cold wrong. He has no knowledge of economics whatsoever, he tries to string together words he picked up here and there and tries to pass them off as "financial opinion". The chap is a dunce, a con artist, a fantasist trying to create the illusion of awareness. EPIC FAIL.

Just say enough, like I did it, and take his voice away. BLOCK HIM.

And a very merry Xmas to you as well Menelaus .
I wonder why , if I am such an empty vessel, full of such worthless, meaningless opinions, I seem to annoy Menelaus so much.
And I can even do it without him even being able to read my posts.
Pretty clever I must be in fact, I would say.

Btw maybe somebody could ask him on my behalf, why he thinks all the undoubtedly worthy opponents to a lot of his opinions, namely posters like Johnnie Walker and Subversive have given up entirely trying to have any meaningful sorts of dialogues with him.
I'm not debating him at all, as that would be an exercise in pure masochism, I am merely politely disagreeing with him.
I'm not asking, or demanding as his wont, for people to accept that I am unconditionally right, just merely asking them to consider accepting that all is not as black or white as Menelaus likes to insist they are.
Menelaus has made many calls on here, and to date they have mostly been stone cold wrong ( to purloin a phrase from his last post).
But that in itself is not the problem.
The problem is that he projects himself as being some sort of divine financial prophet, even surpassing the combined skills and experience of Fed Reserve and B of E governors, nobel laureate economists, Harvard professors etc etc.
That's what sticks a bit in my craw.
He's a knowledgeable chappie, no doubt abouut it, but not that knowledgeable. That's all.
Oh and also he's clearly a totally unlikeable pr!ck, who can't stand to be disagreed with.

At the risk of being accused of running a monologue ( just like Menelaus ?) I will answer his statement that I'm not an economist, by simply saying that I'm glad I'm not as it would surely have been the financial death of me.
Pretty much all of the really successful businessmen I know and mix with, have pretty much zero knowledge of theoretical economics.
They have found it to be no hindrance at all, in fact the converse.
Pure economists, such as Menelaus appears to be, have come out of the current global financial crisis with their reputations as a group, totally sullied and discredited. For very good reason.
Btw on a lighter note, does anyone at all out there at least agree with me, that Menelaus must be a real fun guy to work with ?. Generous and forgiving and understanding to all others' faults and weaknesses ? A real gent I would say.

No one seemed to notice that it's irrelevant what you quote it in.

Quote it in Euros, or dead skunk knob cheese if you want - makes no difference.  The end user is the US so dollars will be exchanged for oil - what comes in between (if anything) is irrelevant aside from a few ticks of brokerage perhaps.

I had no idea only the US used oil. The rest of us I guess use pixie dust to power our economies.