The Story about Oil you NEED to Hear

Wow, now I understand the significance of something I've seen mentioned in the press. The U.S. Federal Reserve is planning to stop publishing the M3 number. I've seen this in the news, but it didn't register for me the significance, but according to The Story about Oil you NEED to Hear this technical detail in the economic statistics reporting couldn't be more important.

M3 is a measure of American currency in circulation. It is the total of physical currency in actual circulation (M0), the amount held in bank accounts (M1), the amount held in other kinds of accounts (M2) and the amount held outside the U.S. (M3).

What's important here is that oil is traded in only two exchanges: New York and London. For all oil bought and sold worldwide, the transaction occurs either in the New York or London market. Plus, the transaction occurs in U.S. Dollars, and the M3 statistic is largely a measure of the currency used in those oil transactions.

Enter Iran and a plan they announced. They wish to establish another oil exchange, and on that oil exchange the transactions will be denominated in Euros.

And, enter Iraq with a plan they launched shortly before they were invaded. Namely, they began, in 2000, to sell their oil with transactions denominated in Euros.

Look at what happened to Iraq, and what the U.S. government is threatening to do to Iran.

The conclusion that's being implied is that the Iraq war was launched so the U.S. would retain control over the world oil market, and that an Iran war is threatened for the same reason. Hmmm...??