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10/06/2009 10:24 AM ID: 81003 Permalink   

Gulf States, Russia, China, France and Japan Plan to Drop Dollar for Oil


The US Dollar has fallen on the international currency exchanges as a result of a secret report stating that numerous Gulf states are in secret talks with France, Japan, Russia and China to replace the dollar as the standard currency for trading oil.

One expert told the BBC that if the report turns out to be true, it "looks to be a very long-term thing with a few hurdles to cross." The report talks of the proposal being introduced over a nine-year period.

The report states that the dollar will be replaced with various currencies, including the yen, China's yuan, the euro, and a new currency planned for some Gulf states, including the United Arab Emirates, Qatar, and Saudi Arabia.

    WebReporter: Hugo Chavez Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  an old idea getting new consideration  
This has been attempted or considered by many recently, notably Iran. Saddam did this in Iraq and the US invaded 6 months later and reversed it. I think there are enough adoptees this time to prevent similar action.
  by: Flashby     10/06/2009 11:01 AM     
  hold on  
some of the first countries to sign up to this were ready...

Iraq , Iran Syria and it was proposed by ....drum roll... Venezuela

Then all of a sudden these countries suddenly became a threat to world peace
  by: Hugo Chavez     10/06/2009 11:31 AM     
  the euro  
i can see it happening very soon.its only a matter of time countries will change there markets to adjust to the dollar would be insane to pay for waste of power plus interest....
  by: flukemol   10/06/2009 01:17 PM     
The US, particularly its massive military spending, is basically funded by the petro-dollar. A change to any other currency would lead to another major collapse in the US economy, something that is likely to cause a reaction of some sort.
  by: Flashby     10/06/2009 01:26 PM     
  And the end gets nearer...  
The Dollar has become a joke on the international market. The rest of the world just watches the US print more and more of them knowing this can't be sustained and that for every new dollar printed the value of the remaining dollars drops. You can't print your way out of debt.

Buy gold and silver. Soon the paper dollar will only be good for starting fires to keep warm and wiping your ass.
  by: valkyrie123     10/06/2009 04:59 PM     
not a specialist on the oil business but i think the dollar will remain as the standard currency for trading oil.
  by: vizhatlan     10/06/2009 07:01 PM     
  Deeply suspicious about this,  
The Chinese yuan, is not a currency that is actively traded on the open market, it has been undervalued for a long time, as a result, it is a sore point in the economic markets, where it should be trade freely in, and find its own level, but due to the Chinese government, this is not happening, watch out, if they do not do this prior to any agreement being reached.

Collapse of any agreement, will not be far behind, right now China is reacting as a single buyer, and is quite capable of overtaking some African nations, by levels of immigration from the mainland, ostensibly as mine development workers, in Central African nations,the levels are now at over 1 million in the last five years....They need raw materials and can, as a nation outbuy, any single company, in the west, as their currency is not valued correctly and because they act as a single unit they simply can buy anything they want, right now, because of American borrowing from them, they have every intention of seeing their people come out on top, in any competition for resources....

The first sign that this might happen, is when they do, because few will accept a new agreement, unless this is done first.........
  by: Active1   10/06/2009 07:49 PM     
Well said. Ive been wondering if we can just keep inflating our dollar and maybe stop buying all those terrible Chinese goods. With a weaker dollar people will start buying from us. People forgot America is still the worlds largest manufacturer of goods.
  by: steme   10/06/2009 10:28 PM     
  Get ready for WWIII  
Because this is very possible now...
  by: evilrat   10/07/2009 12:45 AM     
  I hope they do  
Then the American people will finally wake up and see what we have allowed to happen.

America will finally relise the bailout were a farce and did nothing but further put us in the hole
  by: willyshawker     10/07/2009 01:11 AM     
Only 1/7th of the stimulus has even been payed out...
  by: steme   10/07/2009 01:14 AM     
and when they release the other 6/7 of it, it will make it worse.

The money is not there to release it and won't be. We are a bankrupt country. The USA is broke. If we were a business we would have been shut down long ago. China is keeping us afloat if they decide to pull out we are done.
  by: willyshawker     10/07/2009 02:37 AM     
We are bankrupt? A country is not like a business. Every time the FED prints money the treasury must sell it as debt. And their are still plenty of people buying our debt. We still take credit for one of the worlds most stable countries and even this article admits that our reserve currency status wont change until 2019.
  by: steme   10/07/2009 02:49 AM     
I read in the paper a couple days ago that only about 25% of US debt is held by foreign creditors, and that includes japan, EU and UK as well as China.
  by: tiggyfiggy   10/07/2009 02:01 PM     
25 percent is about 24 percent to much
  by: willyshawker     10/07/2009 03:24 PM     
Thats the problem, their are not many people buying it. Thats why the federal reserve bank started to buying the bonds. So the US is buying their own debt with the money they printed. This can only go on for some time.
  by: evilrat   10/07/2009 03:33 PM     
The Fed bought its own debt to cause the rates to stay low. The low rates were the key to getting us out of the credit crisis.
  by: steme   10/07/2009 05:15 PM     
  They Probably Won't Admit It, But ...  
The US government has been sweating bullets over that very possibility for some time.

  by: DeepSand   10/08/2009 04:04 AM     
China relies on the west to boost it's industrial base. Seeing as it is still a good ways away from having a sustainable position as a consumer rather than a producer, I would not worry about China deciding to economically wreck the US. The US could nuke China tomorrow if they felt like it, but the chances of it happening are pretty remote.
  by: velger   10/08/2009 06:22 PM     
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