Secret Moves To Stop Using Dollar For Oil Trading

Well...we might all want to keep these bookmarked...

US DOLLAR INDEX
CNBC

And this...

Currencies
CNBC

:shk:

[edit on 10/5/2009 by Hx3_1963]

www.arabianbusiness.com...

Iran, the world's fourth-largest oil producer, is conducting all its crude trading in euro and yen, instead of the US dollar, an Iranian official was quoted as saying on Wednesday.

When Iraq tried to make this move we invaded and Sadam was hung. U.S. doesnt take these threats lightly. Expect I ran to be hit in the near future if this noise continues!

9yrs you say?
If this is true, and indeed there's a push behind the scenes for this, I give it a 3-4yr time frame before concentrated actions are taken to stop this 'rot'

9yrs?

thats like saying youve got 9yrs to live, and waiting until the 9th year to do something. America is a MASSIVE beast, it will not go down easy

Here's Zerohedges take on this breaking news...

Is The Chairman's Plan To Kill The Dollar About To Be Derailed?
www.zerohedge.com...

The Independent has released information that Arab States, along with China, Russia, Japan and France are about to end the dollar's hegemony. While snippets like this have been previously discussed, usually accompanied by lots of posturing, nothing firm had ever materialized. If the latest overture turns out to be real, that would be a dramatic hit to Ben Bernanke's attempt to inflate trillions of debt on the back of a rapidly devaluing reserve currency. Ironically, the end of the dollar's pain may now become Bernanke's new sad reality as with the loss of its reserve status, perpetual dollar devaluation becomes a moot point. Oh, and a side effect, first oil, and soon all other commodities, will soon stop being priced in USDs.

From The Independent:

More at Link...

Effin bastids..so much for business 'partners' hugh??? America had better re learn how to manufacture nad build jobs soon, i think it would help if not, bring the dollar back as strong as ever! It sounds like china, middle east is abandoning us..wake up america! and stop dealing with business terrorists*

I was just about to post this. Here's the link, OP:

www.independent.co.uk...

OP, you should repost this link in your opening thread.

[edit on 5-10-2009 by really]

Originally posted by Agit8dChop
9yrs you say?
If this is true, and indeed there's a push behind the scenes for this, I give it a 3-4yr time frame before concentrated actions are taken to stop this 'rot'

9yrs?

thats like saying youve got 9yrs to live, and waiting until the 9th year to do something. America is a MASSIVE beast, it will not go down easy

9 years is the end date for the transition process that began a few years ago.

America might be a massive beast, but there is no reason to conclude that it will pull out of its economic woes any time soon. Possibly in a generation. Will it ever return to the kind of economic footing (read: stability) that it enjoyed in the 1960s? Maybe, but would you be willing to bet the economy of a nation on it?

Seriously you really can't blame the other nations can you? When the ship is going down, who doesn't at least try to get in thew life boat?

Self preservation without taking a huge hit that they know is coming is what this is about.

I wouldn't want to invest in the dollar right now either knowing how much in debt our nation is.

This is huge. Secret meetings to bring down the dollar and America with it.

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.

First oil then other commodities will follow. This has been planned by the enemies of America for quite some time. When the world ditches the dollar after they flooded the market with them to prop up a failed economy we will see hyper-inflation soon after.

Tomorrow should be an interesting day. We will see how the US government will react to this attack and what effect it will have on the markets. Not good..

Originally posted by ziggy1706
The dollar represent AMERICA!!!! if it all switched over to the Euro, should we not simply throw our constittuiondown the toilet and become Eurpe#2 then? NO EFFIN WAY

There's in fact nothing at all that's stopping the US to keep using the dollar. Only difference is that foreign trade may have to be done in the foreign currencies instead, just as for any other country in the world. Wake up and smell the coffee.

Makes you feel that something HUGE is going to happen ...
Source (Pravda)

Russian officials have held "secret meetings" with Arab states, China and France on ending the use of the U.S. dollar in international oil trading, Britain's Independent newspaper reported on Tuesday. The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries. "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 paper said. The Independent said the meetings have been confirmed by Chinese and Arab banking sources. "These plans will change the face of international financial transactions," a Chinese banker told the paper. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

WTF?????????? Did China just say this?
America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

Them are fightin words in my opinion!

If I remember my facts correctly, just before the "War on Terrorism" started, Sadam was pushing to quit trading oil in dollars. He instantly became public enemy #1.

I doubt with many major nations involved in this push the US will really be able to do anything about it. Too many nations are sick of being controlled by our dollar, and it's just a matter of time.

Once the dollar goes down for good, be on the lookout for a global currency. It's just a matter of time. I'm actually kind of surprised we haven't heard more talk and push about it.

Another thing I don't understand, is that this spells very BAD news for the US dollar. The only demand for the dollar (and the only thing really holding it up) is the fact that oil is only traded in dollars. If that stops, then the dollar is going be absolutely worthless.

I know they've been manipulating the numbers, because so many of the numbers that are reported conflict. Could this be a catalyst to inflation, and possibly hyperinflation?

Bad news all around. Depending upon how you look at it?

China wants a gradual transition, but is trying to prepare for the worse.
Right now a collapse of the dollar would bring down the whole world. China
would like to get out of the dollar slowly.
Unfortunately, if the dollar slides too rapidly, a "rush to the exits" could
prevent an orderly transition.
What could trigger this? It would have to be the perception that conditions
are a lot worse than they seem to be. Some major BANKruptcies perhaps?

IMHO, the collapse will be relative. If the dollar halved in value virtually
overnight, a market crisis would occur that would take some time to iron
out. The rest of the world would still like to sell to us, but they just want
more dollars for it. Florida oranges would suddenly be profitable again.
Fish farmers could compete with Chinese sewer fish. We might even
eventually make our own tv's and computers.

Even if martial law results, the "in crowd" still wants consumer goods, so a
great deal of effort would be made to stabilize the economy.
The biggest danger would be if they deliberately or in ignorance overreact,
precipitating huge amounts of civil unrest.
Take a look at Argentina. They have mostly recovered from their collapse.


We will probably have to limit foreign purchases of businesses and
property to avoid what happened to Argentina. This would further depress the
dollar.
Foreign companies bought up 100's of thousand of acres of their farmland.
So they end up working their own land at low wages for outsiders.

To sum it up Lookout, Great Pain Ahead! The end of the world is a little further off.

There is a lot going on here, and currencies are probably the market I understand the least. To date it seems to me that Bernanke is attempting to inflate our way out of this mess by debasing the dollar through printing. Sure we are in debt up past Obama's eyeballs while he's standing on Bernanke and Geithner's shoulders, but if allowed to debase the currency we can pay back our debts with less valuable dollars. The gulf states, China, and Japan are the largest holders of US debt and will have the most to lose if the current course continues.

Couple of things I haven't seen mentioned here. Wouldn't trading oil in yuan instantly "float" the yuan against other currencies? It's currently "pegged" to either the dollar or a basket of currencies by the Commies to give an export advantage to Chinese industry.

Does anyone see the dollar not being in the basket of currencies for either the oil trade or whatever new reserve currency comes out?

Originally posted by consciousdrum
Did this go down in the G7 meeting?...theres so many G groups i lose track

Yeah, mostly its

G-whiz

as in down the toilet

Originally posted by ziggy1706
Effin bastids..so much for business 'partners' hugh??? America had better re learn how to manufacture nad build jobs soon, i think it would help if not, bring the dollar back as strong as ever! It sounds like china, middle east is abandoning us..wake up america! and stop dealing with business terrorists*

how can you call them buisness terrorists, it just buisness and america is being left out becuase the world doesnt want to deal with you's any more

tuff luck

For anyone interested, here is Robert Fisk talking about the article.
Robert Fisk on the demise of the dollar