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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.
Originally posted by projectvxn
The dollar has been in the news all day long. We have record gold prices. And the Independents story about secret meeting between oil producers in the Middle East, Russia, and importers China, France and Japan is currently being denied. But they don't call these things secret meetings for no reason. I think those of us worried about the dollar and the issue of the effect of out of control debt has seen these moves coming for a while, and evidence has been mounting heavily for these moves. What does this mean to you? Cost of living is about to skyrocket.
But it's not as though red flags and warning have not been going up. This is not one of those "No one could have foreseen this" scenarios. People much better versed in these trends than I have been warning about this for quite some time. The Independent article shared with all of you last night is just the first time the voices of the concerned have been heard, reality is starting to sink in for these people:
The demise of the dollar | The Independent
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.
This action explains the sudden rise of Gold to record levels in such a short period of time. The Federal Reserve printing press bailout program, and our governments refusal for over 5 decades to live within it's means is, has contributed to this. 40 years ago the first warnings rang out about the dangers of government control of interest rates through the FED, back then this was only a long term worry, well we've come to the end of that long term rope.
[edit on 6-10-2009 by projectvxn]
Originally posted by eddiemaiden_80
I am not very clued up with how the money system works. Would someone be kind enough to explain what possible outcomes could happen (if the dollar is dropped by said nations) to other countries than the U.S. I live in the UK. How/would this effect us over here.
Originally posted by j2000
Where there is smoke, there is fire.
Most everything that has came out over the last couple of years is denied, then the truth comes forward anyways.
They are denying it now, and they are just full of BS and giving flat out lies.
We better wake up and fight back or suffer.
"I’ve heard the story many times," explains strategic investor Dennis Gartman on Fast Money. "But what's different this time is that the story came out in the Independent, which is a pretty well respected newspaper."
Also, there's some new information in this report that makes it seem more credible. Specifically the fact that France and Japan were part of the discussion.
"Of course everybody denied being at the meeting, they have to," says Gartman. "But do I doubt for a moment that those talks have taken place somewhere? That leaders have talked behind curtains about the fact the world needs to diversify away from the dollar?"
Look, the US can and will be a self-sufficient country once again. As long as agriculture works,
Originally posted by chiron613
I don't really see this as any sort of "death knell" for anyone. Of course it will negatively impact us, probably. It might even do us serious damage. However...
We're not going to go down without a fight. If we don't have the correct currency to buy the oil, we'll take it away from other countries through violence. We're just too powerful, and too heavily addicted to oil, to meekly curl up and die if our currency becomes useless.
Also, everyone's economy is tied to ours (and vice versa). If we go down, the whole world enters into a massive depression the likes of which have never been seen. China isn't strong enough (yet) to survive our downfall. Russia isn't either. I'm not certain how Europe would fare, but they'd certainly feel it.
I think it's much more likely that, if oil becomes harder to get, we'll work to find other sources of energy. Technologies we previously found unacceptable - including nuclear energy - will become more common. I would *like* to see us switch over to clean, renewable energy, but... I'd like an end to war and world hunger, too. And a pony for Christmas. I don't see it happening any time soon.
I could imagine a scenario where Russia, China, and the US make a deal to divide up the oil-producing regions, taking them over completely. I wouldn't put it past our politicians.