OPEC may switch to euro, will "take time" -sec-gen
DUBAI, Feb 8 (Reuters) - OPEC may abandon the dollar for pricing oil and adopt the euro but any such switch will "take time", OPEC Secretary-General
Abdullah al-Badri was quoted as saying by a weekly magazine....
Badri tells MEED ... that the producers' cartel may switch to the euro within a decade to combat the dollar's decline...."It took two world wars
and more than 50 years for the dollar to become the dominant currency. Now we are seeing another strong currency coming into the, which is the euro,"
said Badri, who is Libyan.
Full text
This thread makes for an interesting look-back. I notice it was started in Oct 05. The following month (Nov 05), the Dollar topped-out...completing
the head in an ugly H&S top formation. Since then, Uncle Buck remains in dramatic down-channel.
I realize that a gradual move to the Euro by OPEC, as it occurs, will be based-on common sense economic survival (dollar weakness)...not Petrodollar
Warfare. Openly anti-American member/producers like Iran, Venezuela, and perhaps Ecuador, would be the exception.
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An ATS News thread citing Bloomberg as the source:
Iran's Oil Bourse Will Start Operations Feb. 17
Originally posted by OBE1
This thread makes for an interesting look-back. I notice it was started in Oct 05. The following month (Nov 05), the Dollar topped-out...completing
the head in an ugly H&S top formation. Since then, Uncle Buck remains in dramatic down-channel.
Interesting coincidence isn't it? And yes the oil bourse has been a long time coming. If there is one thing I learned since writing my
Conditions are Ripe for another Great Depression thread in 2004 is that these things
are very gradual. For example, everybody seems to be waiting for or anticipating a US dollar collapse wherease it has clearly already occurred
gradually over the last few years.
I realize that a gradual move to the Euro by OPEC, as it occurs, will be based-on common sense economic survival (dollar weakness)...not
Petrodollar Warfare.
I would disagree.
IMO you are confusing cause and effect.
Dollar weakness is the effect not the cause of the shift in economic power and policies around the globe. I believe there is a concerted effort
to challenge the US empire by the only means available to countries not wanting to start all out military conflicts with the US war machine.
Hence the term Petrodollar Warfare. 
.
[edit on 2/15/2008 by Gools]
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bump for this thread, because it's makes for good reflective reading in the current economic situation.
Question: Why didn't the dollar more today? With the run up in oil, I expected a bigger drop in the dollar..
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Originally posted by worldwatcher
bump for this thread, because it's makes for good reflective reading in the current economic situation.
Question: Why didn't the dollar more today? With the run up in oil, I expected a bigger drop in the dollar..
It's only reletive to what the other currencies are doing. If only the dollar drops.. then it shows a negative to other currencies. However, imo,
all the world is currently deflating so the the difference is what currency dropped more then the other.. inflation in Europe and America is roughly
the same, if not higher in Europe.
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reply to post by Gools
I apologize for the lack of attention Gools...just noticed your response as this thread was bumped today.
Originally posted by Gools
I would disagree.
IMO you are confusing cause and effect.
Dollar weakness is the effect not the cause of the shift in economic power and policies around the globe. I believe there is a concerted effort to
challenge the US empire by the only means available to countries not wanting to start all out military conflicts with the US war machine.
And I would disagree in return...respectfully of course
With regard to Saudi Arabia, the largest OPEC producer, and one of the largest holders/buyers of US debt...SA has every incentive to support the
Dollar. Is SA uncomfortable with the loose policies of US monetary authorities? The global-glut of Dollars now finding their way into commodities?
Probably, but I haven't read anything from SA officials resembling the anti-American sentiment expressed by Venezuela, or Iran...nor the occasional
Dollar dumping rhetoric out of China. Its about declining purchasing power & the imported inflation associated with Dollar weakness. As long as the
Dollar remains a profitable medium...it's good to go...as that changes...well. In this case, imo, the Dollar is the egg...higher oil, the chicken.
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