10 comments on Two assignments for the evening...
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Brad Setser [regmonitor.com, Nouriel Roubini's site, which is how I found The Oil Drum] and several other good economists [not like that Freakanomics guy!] are extremely worried that the US trade deficit is getting so large that we won't be able to pay it back, or even export more stuff of whatever it is we still make here.
They call the current monetary system "Bretton Woods II," and feel that it unstable as Bretton Woods I turned out to be when Nixon took us off the gold standard in 1971. I haven't seen any goldbugs at this site, but I think you could make a good argument that oil is better than gold, because it has more intrinsic value and is also less subject to central bank or government manipulation.
My point was to debunk the commonly thrown around myth that pricing oil is dollars is a cornerstone of dollar hegemony and that the US would attack countries that considered pricing in other currencies. The price is just a price, it doesn't say much about who holds which currency or have much influence. The US wouldn't really care if oil was priced in Euros and could still make payments in dollars.