« The Politics of Impossibility on the Battleground of Moral Legitimacy with the Goal of a Just Peace in Palestine IsraelIneffectiveness and Dangers of Flu Shots »

The Demise of the Dollar

October 6th, 2009

In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading

By Robert Fisk
Tuesday, 6 October 2009

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Image

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.

Snip

Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.

Full article

Related articles (from The Independent)

Sean O'Grady: China will overtake America, the only question is when
Leading article: The end of the dollar spells the rise of a new order

Comment: When I see headlines like this I try to recall the old advise, sell on the news. The implementation of this is 2018 which is about as reliable as the four years President Obama says it will take to implement the vaunted insurance exchange. At this point, this makes sense to a degree. Bush-Cheney and their patrons/masters spent eight years tearing down the United States. Combine that with the manufactured financial crisis and Robert Fisk gets to gloat a bit. Hopefully, by 2018, oil will not be an issue driving currency and exchange. By that time, lets hope that oil, the homage to dinosaurs, will be a thing of the past and the international exchange will be collaborative Linux type open source projects on a variety of vital issues. Michael Collins

Full article

No feedback yet

Voices

Voices

  • By Fred Gransville Where the Rich Raped, the Justice System Genuflected The Girls Were Not Collateral Damage. They Were Targets. They were people’s daughters, sisters, granddaughters. Before the girls were trafficked to an island, misused and scrap…
  • By World BEYOND War A new report by the global peace group World BEYOND War finds that military bases used by foreign militaries are growing in number, as are public protests and advocacy against those bases. Of 1,247 foreign military bases in the…
  • By Sally Dugman I like the citizen arrest process, although never tried it out. It means that you go up to a wrongdoer and cart him or her off to jail if you don’t fear that your head will be blown off with a gun by the perpetrator in the process … Who…
  • By World BEYOND War The global peace organization World BEYOND War has announced the awardees for its fifth annual War Abolisher Awards: Ralph Nader, Roger Waters, and Francesca Albanese. The awardees will accept their awards in an online event on July…
  • By Mark Powell They bomb children, rob the treasury, cover up Epstein's client list, and term it democracy—what they're running is a pathocracy, and it's happening today. American Pathocracy/Kleptocracy history and current news, untainted by Google,…
  • By Mark Aurelius “When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another… “ It’s that time again, actually way past due, as the lists of grievances are even fatter…
  • Dr. Vladislav B. Sotirovic The 2018 Skripal Attack Case The current orchestrated Western policy of total Russophobia, directed by Collective West, can be recorded to start by the British Cabinet of Theresa May – the focal servant-dog to US global…
  • By Sally Dugman This proactive Palestinian Pulverizers of humans, D. Trump who is indirectly responsible for the deaths of many thousands of Palestinian people of all ages, has no standing to say something like this utterly stupid statement about Putin:…
  • Tracy Turner When the Republic Betrays, the Body Must Answer Protest is not a right—it is a judgment passed upon power. A corrupt state standing above law and beyond justice forfeits its legitimacy, and we, the people, are compelled to answer—not with…
  • Tracy Turner The Reclamation of the Republic When, in the Course of human events, it shall become absolutely necessary for the People to dissolve the political ties which have united them to a government that has betrayed its trust to obtain their…
Censorship is not safety. It is authoritarianism in disguise. Bing is not just a search engine—it is an information gatekeeper. Click the red button to email MSN and Bing.com executives. This message challenges their censorship of ThePeoplesVoice.org and demands transparency, algorithmic fairness, and an end to suppression of free expression.
July 2025
Sun Mon Tue Wed Thu Fri Sat
 << <   > >>
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31    

  XML Feeds

CMS software
FAIR USE NOTICE: This site contains copyrighted articles and information about environmental, political, human rights, economic, democratic, scientific, and social justice issues, etc. This news and information is displayed without profit for educational purposes, in accordance with, Title 17 U.S.C. Section 107 of the US Copyright Law. Thepeoplesvoice.org is a non-advocacy internet web site, edited by non-affiliated U.S. citizens. editor
ozlu Sozler GereksizGercek Hava Durumu Firma Rehberi Hava Durumu Firma Rehberi E-okul Veli Firma Rehberi