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10-06-2009, 10:42 AM
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#1 (permalink)
| | VN GURU
| Arabs plot to drop dollar
Quote:
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
| The demise of the dollar - Business News, Business - The Independent | 
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10-06-2009, 11:48 AM
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#2 (permalink)
| | Senior Member
Join Date: Jan 2007  Location: Los Angeles, CA
Posts: 21,924
Likes: 0
| it's amazing to me that people are surpised by this. bush and obama ignoring the dollar could end up being a major problem for us for the next 20 years. | |
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10-06-2009, 01:49 PM
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#3 (permalink)
| | Senior Member
Join Date: Aug 2007 Location: OBX
Posts: 6,045
Likes: 93
| Quote:
Originally Posted by droski  it's amazing to me that people are surpised by this. bush and obama ignoring the dollar could end up being a major problem for us for the next 20 years. | 20 years? Being optimistic are we. | 
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10-06-2009, 02:01 PM
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#4 (permalink)
| | VN GURU
| The article said 9 years. | |
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10-06-2009, 02:18 PM
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#5 (permalink)
| | Senior Member
Join Date: Aug 2007 Location: OBX
Posts: 6,045
Likes: 93
| Quote:
Originally Posted by oklavol The article said 9 years. | Droski said 'the next 20 years' I would make the argument it will become a problem permanently.
Nine years is the timeframe the alliance wish to do it in. | |
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10-06-2009, 04:03 PM
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#7 (permalink)
| | Senior Member
| Can someone please explain to me what difference this makes?
Right now you pay for oil in dollars. So what if in 10 years you pay for it in euros or some basketed currency. Don't you just go out and spend dollars to buy that currency and then the oil?
What difference does it make it if its in euros, pounds, dinar, cats, hamburgers, t-shirts, whatever.
Other than it just sounds bad to say that the Arabs are plotting, that is. | |
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10-06-2009, 04:17 PM
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#8 (permalink)
| | Senior Member
Join Date: Jan 2007 Location: Los Angeles, CA
Posts: 21,924
Likes: 0
| Quote:
Originally Posted by lawgator1 Can someone please explain to me what difference this makes?
Right now you pay for oil in dollars. So what if in 10 years you pay for it in euros or some basketed currency. Don't you just go out and spend dollars to buy that currency and then the oil?
What difference does it make it if its in euros, pounds, dinar, cats, hamburgers, t-shirts, whatever.
Other than it just sounds bad to say that the Arabs are plotting, that is. | which further deflates the $$$ and inflates those currencies | |
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10-06-2009, 04:37 PM
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#9 (permalink)
| | The White Debonair
| Quote:
Originally Posted by lawgator1 Can someone please explain to me what difference this makes?
Right now you pay for oil in dollars. So what if in 10 years you pay for it in euros or some basketed currency. Don't you just go out and spend dollars to buy that currency and then the oil?
What difference does it make it if its in euros, pounds, dinar, cats, hamburgers, t-shirts, whatever.
Other than it just sounds bad to say that the Arabs are plotting, that is. |  | |
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10-06-2009, 04:48 PM
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#10 (permalink)
| | Senior Member
| Quote:
Originally Posted by droski which further deflates the $$$ and inflates those currencies |
You really think the U.S. economy benefits from the fact that dollars are the currency in which oil is bought and sold? | |
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10-06-2009, 04:53 PM
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#11 (permalink)
| | VN GURU
| Many economists believe the only reason people use dollars now is to trade oil. If oil is traded in euros, marks, etc and not dollars the demand for the dollar will fall, as will it's buying power. The dollar will be worth less. | |
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10-06-2009, 07:01 PM
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#12 (permalink)
| | Wave yo hands in the aiya
| Quote:
Originally Posted by oklavol Many economists believe the only reason people use dollars now is to trade oil. If oil is traded in euros, marks, etc and not dollars the demand for the dollar will fall, as will it's buying power. The dollar will be worth less. | This absurd. Posted via VolNation Mobile | |
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10-06-2009, 08:21 PM
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#13 (permalink)
| | Senior Member
Join Date: Sep 2007 Location: Huntsville, AL
Posts: 10,280
Likes: 1,135
| Who cares...we just print off what we need. | |
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10-06-2009, 08:22 PM
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#14 (permalink)
| | All The Way Turnt Up
Join Date: Feb 2007 Location: knox
Posts: 7,038
Likes: 249
| Quote:
Originally Posted by OrangeEmpire This would solve all of our problems in about 10 minutes...  |  agreed
__________________ 
To quote the late, great Colonel Sanders, "I'm way too drunk to taste this chicken." | |
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10-07-2009, 09:17 AM
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#15 (permalink)
| | Senior Member
Join Date: Jan 2007 Location: Los Angeles, CA
Posts: 21,924
Likes: 0
| Quote:
Originally Posted by lawgator1 You really think the U.S. economy benefits from the fact that dollars are the currency in which oil is bought and sold? | yes. do i think it's a huge benefit? no. i'm far more concerned about the weak dollar policy of this administration than i am about the dollar only being used for 70% of oil transactions rather than 100%.
Last edited by droski; 10-07-2009 at 09:20 AM..
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