Update: Stocks Tumble on Weak Dollar and Oil Prices
"Stocks dropped sharply today, erasing yesterday’s gains as investors grew skittish on a weak dollar, record-breaking oil prices and warning signs from the corporate sector.
Shortly after 2 p.m., the Dow Jones industrial average was down more than 240 points...
Investors were alarmed by a report this morning that a top Chinese government official said China would shift its foreign currency reserves away from the “weak” United States dollar, further eroding confidence in the currency and sending it to a new low against the euro.
That sent the price of crude oil futures up to another record, above $98. American stockpiles dropped last week... enough to reinforce fears of a supply shortage."Now guess which country is never mentioned in this next piece:
"High-Priced Oil Adds Volatility to Power Scramble"
"The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs.
Good thing the U.S. doesn't have that problem, 'eh?
Managing this new order is fast becoming a central problem of global politics. Countries that need oil are clawing at each other to lock up scarce supplies, and are willing to deal with any government, no matter how unsavory, to do it.
'Course, that's THEM not US! Saudis a great bunch of guys!
Sent us terrorists to knock down buildings and everything!
What could say we love you more than that?
In many poor nations with oil, the proceeds are being lost to corruption, depriving these countries of their best hope for development. And oil is fueling gargantuan investment funds run by foreign governments, which some in the West see as a new threat."
Yeah, what right does the rest of the world have to OUR OIL?!?!
You can read the rest of the article, reader.
Get back to me if you see the United States mentioned, 'kay?!
