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.
Whilst there are many problems with those printing dollars these days and any number of enemies who wish to see it replaced, Robert Fisk is usually an unreliable reporter.
“Solid as a yuan” just does not inspire.
It appears these countries have for some time now been buying these commodities instead of US dollars for some time. Just look at the performance of the dollar, oil, gold, and those currencies. It doesn’t take a rocket scientist to see what is going on.
However, the Obama admin. does not care. The bigger the disaster, the more control they can justify taking.
This stuff is for real, people. This is the real thing. There is real danger with the direction our country is being taken.
bl
Eight years of fiscal recklessness on the part of the Bush Administration left the country effectively bankrupt. Now here is Obama who having inherited a house that is on fire, appears resolved to throw gasoline on it. I remember my liberal friends warning me that if I voted for McCain we would wind up with Bush’s third term. Sadly they appear to have been right. I voted for McCain and we do indeed seem to have George Bush’s third term, at least in terms of fiscal policy. The only difference is what they are wasting the borrowed money on.
And they say there is no bipartisanship left in Washington. Bull! This disaster is a magnificent bipartisan creation. Prepare for severe inflation. It is coming.
#1 – why is he unreliable? He’s opinionated. I’m willing to be educated.