The demise of the dollar

Submitted by JimV on Tue, 10/06/2009 - 12:24pm

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

Comments

Submitted by vajdaij on Wed, 10/07/2009 - 9:52am.

The story was denied by the

The story was denied by the Saudi Central Bank Chief.  www.bloomberg.com/apps/news

--

Thanks,

Joseph KJ4FQJ

Submitted by vajdaij on Wed, 10/07/2009 - 10:17am.

More sense about the future

More sense about the future of oil competition - thomaspmbarnett.com/weblog/2009/10/yergin_on_possible_us-china_en.html

--

Thanks,

Joseph KJ4FQJ

Submitted by JimV on Wed, 10/07/2009 - 1:18pm.

In my mind, the fact that the

In my mind, the fact that the Saudi Central Bank Chief feels the need to address this gives it some legitimacy.

Submitted by vajdaij on Wed, 10/07/2009 - 8:50pm.

You're right, we have no

You're right, we have no reason to take the Saudi Chief's words at face value. Consider the fact that someone in the Middle East was buying dollars today - http://online.wsj.com/article/BT-CO-20091007-710291.html

If you're a lazy journalist, what else are you going to ask the Saudi chief about? How often does he get quoted in Western papers, anyway?

--

Thanks,

Joseph KJ4FQJ

Submitted by vajdaij on Thu, 10/08/2009 - 10:42am.

Looks like Asia's also buying

Looks like Asia's also buying dollars: http://www.ft.com/cms/s/0/1e894c54-b40f-11de-98ec-00144feab49a.html?ftcamp=rss&nclick_check=1

 

--

Thanks,

Joseph KJ4FQJ

Post new comment

The content of this field is kept private and will not be shown publicly.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.
Syndicate content