I posted this same info on "the cafe" but thought maybe someone might be interested and miss it.

"Hearing on Oil Prices and the Dollar Scheduled for Thursday, July 24
Increased global demand makes for an easy scapegoat when it comes to explaining the recent rise in oil prices. Developing countries like China and India are consuming more, so oil prices naturally go up, right? The argument is quick, simple to grasp and thus has wide appeal in our sound-bite driven world. But is this all there is too it?

Last month Congressman Ron Paul, ranking member of the Subcommittee on Domestic and International Monetary Policy called for a hearing on the relationship between the falling value of the dollar and the recent rise of oil prices. That hearing request has been granted and scheduled for July 24 at 2:00pm.

Dr. Paul notes, “Monetary policy is one of the key factors in the run-up in price [of oil].”

In other words, as the Fed, the Treasury and Congress collude to create more and more dollars, each of those dollars is worth less. This is the true definition of inflation - an increase in the money supply. And since oil is priced in US dollars, this inflation gives the illusion that prices are rising, when in fact it is the currency that is losing value.

You can expect Dr. Paul to get to the bottom of this at the hearing. In addition to himself, 16 other Representatives have signed on in support. Confirmed witnesses at the hearing will be:
» Economist Walter J. Williams, of ShadowStats.com which examines government economic reporting.
» Economist Robert Murphy of the Institute for Energy Research
» Economist C. Fred Bergsten, Director of the Peterson Institute
» Dr. Joseph Kasputys of Global Insight, Inc.

The hearing should be carried online at C-SPAN.org."

Hearings on the Dollar Scheduled

It's not printing more money that has caused the dollar to fall in value. It is the massive amount of debt we have accumulated. We are no longer what could be considered a good investment.. Printing more money does indeed cause inflation and certainly affects how far your dollar goes.

Since we aren't a good investment, investments and trades are made in other currencies, primarily Euros.