The demise of the dollar By Robert Fisk

[babsbunny]

The demise of the dollar

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

Exclusive report
The demise of the dollar

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

By Robert Fisk

Tuesday, 6 October 2009

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.

[Richard D]

1. It's not just the demise of the dollar

It's the beginning of the demise of US hegemony. Not really a bad thing.

[TomClash]

2. This is funny nt

[polly7]

3. Why would these producers of oil have to have 'secret' meetings?

[babsbunny]

4. I don't get it

http://www.dailykos.com/story/2009/10/5/790065/-Breaking:-US-$-being-replaced-as-oil-currency

[TxRider]

5. Been rumored for couple of decades, at every recession.

When and if the U.S. stop being the worlds largest oil buyer, and when and if the US debt approaches 70%+ of GDP I might begin to worry.