Wednesday, October 07, 2009

Gulf Arabs in Secret Meetings with China, Russia, Japan and France to End U.S. Dollar Dealings for Oil

I cannot confirm if this secret oil meeting occurred, but if the Middle East oil nations are trying to get to out of the United States dollar, we are in trouble! Our only export at this point is the U.S. dollar. The world has to convert its monies to the U.S. dollar, because the dollar is currently used as the global currency. However, times are changing and many Nations are ready to bail on the U.S. dollar and decide on a new currency. If the Nations do not need our dollars, then we do not have any products to export due to our loss of manufacturing base, and subsequently, our economy will crash.

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.

Source: The Independent

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