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Saudis drop WTI oil contract

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posted on Oct, 28 2009 @ 10:39 PM
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Saudi Arabia on Wednesday decided to drop the widely used West Texas Intermediate oil contract as the benchmark for pricing its oil, dealing a serious blow to the New York Mercantile Exchange.

The decision by the world’s biggest oil exporter could encourage other producers to abandon the benchmark and threatens the dominance of the world’s most heavily traded oil futures contract. It is the main contract traded on Nymex.



www.ft.com...

This is really bad. How bad?

The benchmark is the dollar, right? Could this crash the dollar?




posted on Oct, 28 2009 @ 11:37 PM
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I have been waiting for this to happen, as a signal, in my mind, that the dollar is seeing it's death-knell ringing.

Seriously, one of the VERY few things that are keeping the dollar alive is the fact that the Saudis trade their oil based on the dollar.


Surprised you don't have more people jumping in here lol



posted on Oct, 28 2009 @ 11:43 PM
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Holy crap.....I'm not sure if this alone would crash the dollar- But, this IS going to send Oil prices higher as I'm certain I've heard more than one analyst say that this step was, at the time, as a very predictable event. A few have also said the price increase will not be modest, but a serious spike that could, indeed, trigger a bout of massive inflation. This grouped with the shift in dollar reserves seen in central banks world wide, the performance of the dollar well before, and after China's Reserves Report, and the ever present specter of massive government spending, can and might very well lead, to the destruction of the dollar.

This is certainly something to keep track of and I thank you for the vigilance to find it.

[edit on 28-10-2009 by projectvxn]

[edit on 28-10-2009 by projectvxn]



posted on Oct, 28 2009 @ 11:52 PM
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Did This just come out or did it come out a few hours after market close, because CNBC isn't reporting on any of this. (Update), I just found out that it came out around 8:30 pm but it doesn't explain CNBC not reporting it. We are starting to see the slow attack from the rest of the world using death by a thousand cuts. This was planned and probably was agreed upon at that secret meeting with them and china and brazil and other countries when word came out about not pricing oil in dollars but in a basket of currencies.



posted on Oct, 29 2009 @ 12:33 AM
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Dang that is not good at all. So... Anyone know of some cheap oil stocks that I can get a bunch of shares of tomorrow at the open?



posted on Oct, 29 2009 @ 12:36 AM
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reply to post by whoshotJR
 


I'd buy Euros. That is what's going to give you a bit of a boost. I also hear there's a company out there selling Yuan based ETFs. Might be a nice time to invest offshore for a while.



posted on Oct, 29 2009 @ 12:37 AM
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America is getting sucker punched.........deservingly so. We better get our goddamn country in order and stop spending so much goddamn money on foreign wars.



posted on Oct, 29 2009 @ 12:51 AM
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reply to post by Zosynspiracy
 


and to think they want ANOTHER "Stimulus package."



posted on Oct, 29 2009 @ 02:25 AM
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Originally posted by Zosynspiracy
America is getting sucker punched.........deservingly so. We better get our goddamn country in order and stop spending so much goddamn moneyon foreign wars.


On the contrary.. if America is to survive this century, we have to protect our only real export: dollars. That would include war with any major oil producing country that shifts from the Dollar.

Which is why the Sauds are not ditching the Dollar. The Benchmark is only indirect in the way oil relates to the Dollar.. removing the bench mark does not mean Saudi is not selling in dollars... rather.. they lift the price limitation..

They end up with MORE Dollars


+2 more 
posted on Oct, 29 2009 @ 02:34 AM
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reply to post by Rockpuck
 



Well you sir can send your sons and daughters off to die for such a stupid justification. I refuse. I mean my god........the sad thing is there are other Americans sharing your same twisted argument of dollar hegemony. Pathetic. A country doesn't survive by killing people who don't want to play their game..........they survive by taking care of their own, innovating, adapting, living within their means i.e. DISCIPLINE! America has lost all discipline..........we have turned into 'junkies' and gluttonous pigs.



posted on Oct, 29 2009 @ 07:04 AM
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reply to post by Zosynspiracy
 


Your little spiel had nothing to do with what he said. They can charge us more now, that's it. Take your sensationalism somewhere else.

Also, don't generalize the citizens of this country, just because you live here doesn't mean you speak for "we". I sure as Hell am no junkie pig who gets off on war, speak for yourself next time.



posted on Oct, 29 2009 @ 07:45 AM
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reply to post by TeddiRevolution
 



You are right that generalization is unfair, but unfortunately the rest of the world generalizes when it sees American troops in another country - the same as one generalizes when one talks about the Saudi's all being oil rich Sheikhs. Or the French being lovers, or the British loving Fish and Chips etc.

In this case, it's your country's politics and foreign policy that determines what path this generalization follows.



posted on Oct, 29 2009 @ 07:49 AM
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Years ago the Saudis changed from wanting dollars for there oil to wanting gold.
This was in the 70s or 80s and within a few years the Saudis lost there Thoub

This dropping of WTI could just as easily backfire on them.

The saudis do not control as much as they think they do and have been put in the place more then once.

You wonder why they are not wanting gold for there oil as gold is selling for over $1000.
After it bit them once before they may be gun shy

I still believe this economic downturn was planed and carried out by a unknown group of super rich to make them more money and to control the world wide economy.

I also believe they have done these downturns for the last 50 years to control who get rich and who they control.

If you want to know who these maga rich group are just look at what maga rich are never hurt when the world wide economy crashes and who buys up companies, stock and anything else at fire sale prices every time the crash happens.
They will then sell all this just before the next crash and this will help cause the next crash.



posted on Oct, 29 2009 @ 07:55 AM
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reply to post by TeddiRevolution
 


I'm sure you live in excess like most gluttonous junkie pigs thirsty for their Ipods, Monday night football and latest and greatest gadgets and widgets no? Most Americans do........I am guilty of it myself and so are you. At least I have the balls to realize it and admit it. Will you?



posted on Oct, 29 2009 @ 07:57 AM
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reply to post by Jessicamsa
 


The dollar is going to crash its just a matter of when, I heard on Beck last night that Americas Acutal Debit is 105 TRILLION DOLLARS. And that the Federal Goverments keeps four books, If that is true we are really, really screwed.



posted on Oct, 29 2009 @ 08:03 AM
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Originally posted by Zosynspiracy
reply to post by TeddiRevolution
 


I'm sure you live in excess like most gluttonous junkie pigs thirsty for their Ipods, Monday night football and latest and greatest gadgets and widgets no? Most Americans do........I am guilty of it myself and so are you. At least I have the balls to realize it and admit it. Will you?


Hmmmm, oddly enough I am an American... I do not own an iPod, Do not watch Monday night football, do not own any of the latest and greatest gadgets and am certainly not a gluttonous pig. Do you use hasty generalizations as a matter of course or is this your first bout?

ON TOPIC: This isn't good but it isn't necessarily bad. The Saudis are STILL trading oil in dollars and will continue to do so. They have simply decoupled themselves from the price setting mechanism that I think we all know was being manipulated by insiders. Instead of causing oil to skyrocket, I rather believe that it is going to probably stabilize the price in the immediate future. Beyond that, it is difficult to guess what happens.



posted on Oct, 29 2009 @ 08:36 AM
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OP - Excellent post! Star and Flag.

This subject, and others similar to it are what ATS should be concentrating on at the moment. People like Gerald Celente and others have alluded to this subject time and again - and it all makes sense.

I have studied and followed economics for many years now, and I have been writing about this subject alot on ATS, and on my blog.

Economics (if you know to interpret it) can give you clues about future events, trends and more importantly, aims.

In this case, the Saudi's have clearly fallen in line with the China-Russia economic-bloc. As I have explained in the past, China and Russia are the main proponents behind the push for a truly universal currency. A global currency. Mr Medvedev of Russia unveiled the new global currency at a G8 conference a little while back. We know this is their aim.

China and Russia are making a power play at removing the US stranglehold over global trade. Because the US Dollar is currently the 'global' currency, the U.S. can control to a certain extent, the way in which the global economy works (control of global money supply). Especially as the $ is the oil trade currency. Think of a world in which the global monetary unit is NOT the dollar? Think of a world in which oil is NOT traded in USD?

This world is not far off - once this takes place, the US will find itself irrelevant in the grand scheme of things. Russia, China, Kazakhstan, Venezuela, Angola - countries with great natual resources will come out on top once the 'pseudo-empire' that the U.S. has built collapses around every Americans ears.

The US Dollars' days are now marked. The only self defence mechanism that the US has against this is the implementation of the Amero and the North American Union. A revaluation of the currency can take place, along with renegotiation of terms of contract. It always helps to have nuclear armed extremists next door to your enemies (Pakistan post-revolution) when you're looking to negotiate better terms.

The Saudi's are doing what the House of Saud does best - Hedging. They don't know which way the wing is blowing yet, and they don't want to get caught sailing into the wind.

We'll see.

The Para.



posted on Oct, 29 2009 @ 09:13 AM
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Originally posted by TeddiRevolution

Your little spiel had nothing to do with what he said. They can charge us more now, that's it. Take your sensationalism somewhere else.

Also, don't generalize the citizens of this country, just because you live here doesn't mean you speak for "we". I sure as Hell am no junkie pig who gets off on war, speak for yourself next time.




If you support the government's program of Perpetual War For Perpetual Peace, you are part of the problem. If you are not in the streets protesting or on the 'net protesting, you support this policy by your failure to act.

We have not had a legitimate government for a very long time.



posted on Oct, 29 2009 @ 09:24 AM
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The way that I see it, the world can do what it wants. All the United States has to do is recall it's troops, shut down it's overseas bases, and end all foreign aid. Ending foreign aid would teach the world who really runs the show, and recalling all forces stationed elsewhere would let them know that they are on their own. Further actions would be to send all h1b visa workers directly to their home countries.



posted on Oct, 29 2009 @ 09:34 AM
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The following is my opinion as a member participating in this discussion.

Aha! I have been wondering for quite some time why the price of fuel spiked so high for so long a couple of years ago. It was preparation for now.

Consider for a moment where the Saudis got their oil riches... not very long ago, these were nomadic peoples whose wealth was measured in the number of sheep/goats/slaves they owned. Their country is basically one big sandbox without any appreciable agriculture or industry (except oil). Now exactly how did they manage to build massive oil pumping stations, pipelines, refineries, ports, etc. from such humble (and recent) beginnings?

They didn't - we did. Well, we as in a few wealthy individuals who saw profit in it. You might recognize some of the names involved: Rockefeller, Bilderberg. In short, they struck a deal with the rulers in the Middle East. They built the infrastructure for free, with the one stipulation that oil would always be traded for in dollars.

Why? Simple: oil was not considered a necessary commodity back then. Gold was. They could not corner the market on gold. And if they could not corner the market on gold, then they could not fully control the economies of the world. They could corner the market on oil, and they could see how important oil was to become (they were, after all, the major reason it became so important). The dollar is now backed, not by gold, but by oil. That's why we have been fighting a war in Iraq for the past 8 years; Saddam Hussein was about to drop the dollar. That's why all the drum-beating against Iran; Amadinejad(sp?) did depeg his oil from the dollar. The conflicts over there are not about oil; they are about dollars. TPTB in the West are well aware that a dollar without any backing is worthless. They also knew that the dollar was backed up, just not by gold.

The battle is between OPEC and what some here call the Illuminati. Everything else is smoke and mirrors.

Saudi Arabia does not want a full-on war with the US. This is a flanking maneuver to manage to loosen their requirement that dollars only be used for oil, without openly starting another conflict. It will lead to a complete depegging of oil from the dollar and thus the complete collapse of the dollar. The prices I mentioned in the opening of this post were there to acclimate the American people to paying higher prices for their fuel, in anticipation of this event.

I am coming to believe that the Global Warming fiasco is for the same purpose... to force the people of the industrialized nations to wean off of oil before the prices get so high they revolt. Unfortunately, there is thus far little we can turn to as an alternative.

Get ready: fuel prices are about to reach new levels. I would not be surprised to see $10 a gallon. Expect more drilling in America to suddenly be a good thing. Expect new technologies to be forthcoming, actually old technologies that have been buried for years. There are reasons for not drilling in America and for covering up new energy sources, and they are not to keep America from having energy; they are to act as a safety net should the Middle East manage to pull this off.

I am also wondering if the recent election of Barrack Obama was not an attempt to placate the Middle Easterners by appealing to the religious overtones of their culture. If so, I'm concerned it may appear more as an insult than anything else. The Islamic nations may be a lot of things, but dumb and gullible are not on that list.

Sorry if this post rambles... so many things that tie in here... so many light bulbs going off in my head right now...

TheRedneck

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.




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