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DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!

 
OMG!!!
User ID: 787445
Israel
10/06/2009 03:37 AM
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DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
[link to www.independent.co.uk]

THE DEMISE OF THE DOLLAR!

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.




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.


The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.

The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.

Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.

China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq – blocked by the US until this year – and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.

Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.

Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America's trading partners have been left to cope with the impact of Washington's control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.

The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar."

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.

The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.

"These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.


damned
Anonymous Coward (OP)
User ID: 787445
Israel
10/06/2009 03:54 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
PIN THIS! WE ARE GOING UNDER!!!
Anonymous Coward
User ID: 769898
Australia
10/06/2009 03:55 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
Dude its not going to end when it goes back up everything's going to crash.
Look at last year & year before, same shit happened.
Anonymous Coward (OP)
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Israel
10/06/2009 03:59 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
The day they dump the dollar, is the day the U.S. becomes a third world country!
The whole ecomony is held up by the dollar being THE trade currency for oil.
With out it,
the whole thing comes down like a house 'o cards.
We's DONE!!!!
GDW
User ID: 787452
Australia
10/06/2009 04:08 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
People have been writing about his since 1971 when Gold was decoupled from the US dollar. I think the fact that the US possesses an omnipresent Armed Forces coupled with the fact that it's GDP is still number one by a long way has prevented the CT's dreams of a dollar failure causing a major financial Tsunami.

If it makes you feel better, the US was bankrupt back in '71 when it refused to honor it's implied promise of gold for bucks.
Anonymous Coward
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10/06/2009 04:09 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
People have been writing about his since 1971 when Gold was decoupled from the US dollar. I think the fact that the US possesses an omnipresent Armed Forces coupled with the fact that it's GDP is still number one by a long way has prevented the CT's dreams of a dollar failure causing a major financial Tsunami.

If it makes you feel better, the US was bankrupt back in '71 when it refused to honor it's implied promise of gold for bucks.
 Quoting: GDW 787452

Nice.
Anonymous Coward
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10/06/2009 04:37 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
Oh yeah, we going down this time.
Thread: Anybody watching the beginning of the end!
Anonymous Coward
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Australia
10/06/2009 04:38 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
lol@dump the dollar do you realize what would happen to the whole world?
They would be in worse shape.
Anonymous Coward
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10/06/2009 04:38 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
scream
Anonymous Coward
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10/06/2009 04:44 AM
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Re: DOLLAR TO END...ANOTHER CURRENCY FOR TRADE!
Oct. 6 (Bloomberg) -- Saudi Arabia hasn’t held talks with other oil producers and major consuming nations such as China on moving away from the dollar as the currency used to buy and sell oil, Saudi Central Bank Governor Muhammad al-Jasser said.

Al-Jasser, speaking to reporters in Istanbul where he’s attending an International Monetary Fund summit, was denying a report in the London-based Independent newspaper, which said today that Gulf oil producers and customers including China and Brazil had held secret talks on phasing out the dollar in oil pricing.

The Independent report is “absolutely incorrect” and there has been “absolutely nothing” of that nature discussed between Saudi Arabia and other countries, al-Jasser said.

The dollar pared losses against the euro following al- Jasser’s comments, trading at $1.4713 as of 7:52 a.m. in London, from $1.4648 in New York yesterday. It weakened to $1.4749 earlier on the Independent story. It was at 89.34 yen, from 89.53 yesterday, after falling to 88.86.

The Independent report, which cited unidentified Gulf officials and unidentified Chinese bankers, said that government ministers and central bank officials from Russia, China, Japan and Brazil had held meetings to discuss the plan, which it said is due to be introduced by 2018.

Japanese Finance Minister Hirohisa Fujii said at a news conference in Tokyo today that he “doesn’t know anything about it,” when he was asked about the newspaper report.

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