Think how different our conversations with Saudi Arabia would be if we were in the process of converting to electric cars powered by nuclear, wind, domestic natural gas and solar power? We could tell them that if we detect one more dollar of Saudi money going to the Taliban then they can protect themselves from Iran.
Think how different our conversations with China would be if we had had a different savings rate the past 30 years and China was not holding $900 billion in U.S. Treasury securities — but was still dependent on the U.S. economy and technology. We would not be begging them to revalue their currency, and maybe our request that China prevent North Korea from shipping ballistic missile parts to Iran via Beijing airport (also in the cables) wouldn’t be rebuffed so brusquely.
And think how much more leverage our sanctions would have on Iran if oil were $20 a barrel and not $80 — and Iran’s mullah-dictators were bankrupt?