Oil Not Priced in Dollars by 2018?
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  1. #1
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    Oil Not Priced in Dollars by 2018?

    Oil Not Priced in Dollars by 2018?
    Some oil producing countries and big buyers are hatching a plan to move away from pricing oil in dollars—a potential blow to the greenback's prestige

    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.


    http://www.businessweek.com/globalbi...106_736291.htm



    Stock up on your gold now and invest in coal.


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    Quote Originally Posted by KenB
    Oil Not Priced in Dollars by 2018?
    Some oil producing countries and big buyers are hatching a plan to move away from pricing oil in dollars—a potential blow to the greenback's prestige

    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.


    http://www.businessweek.com/globalbi...106_736291.htm



    Stock up on your gold now and invest in coal.

    has been discussed before, and it is more than a little concerning. One of the things that has helped the dollar maintain some stability in the face of rising deficits is the relative stability of oil. This could, potentially, really devalue the dollar, and coupled with the massive deficits, and healthcare costs that are exploding, could cause MASSIVE inflation.
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    are those chickens I see on the horizon?
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    Isn't it about time we realize the US can no longer afford to be the world's policeman or are we going to invade or nuke China, Russia, Japan, France, Brazil, Saudi Arabia, Abu Dhabi, Kuwait and Qatar to stop them?
    Last edited by rocco; 05-31-2010 at 11:32 PM.

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    Quote Originally Posted by physasst
    has been discussed before, and it is more than a little concerning. One of the things that has helped the dollar maintain some stability in the face of rising deficits is the relative stability of oil. This could, potentially, really devalue the dollar, and coupled with the massive deficits, and healthcare costs that are exploding, could cause MASSIVE inflation.
    Spend it as soon as you get it. Plus, if you are poor enough you might qualify for a bailout at some point down the line. It looks like saving is for chumps, especially if we experience massive inflation.
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  6. #6
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    Quote Originally Posted by KenB
    [I]Oil Not Priced in Dollars by 2018?
    Stock up on your gold now and invest in coal.
    And land. Necessity is not only the mother of invention but change too.

    We might actually get serious, because we have to, about energy conservation and sustainable food & energy production if the economy collapses.

    As others have said this talk is not new. The muslims in the middle east via OPEC can readily end, or at least deal it a serious blow, the hegemony of the U.S. without ever firing a shot.

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    Quote Originally Posted by Dwaynebarry
    And land. Necessity is not only the mother of invention but change too.

    We might actually get serious, because we have to, about energy conservation and sustainable food & energy production if the economy collapses.

    As others have said this talk is not new. The muslims in the middle east via OPEC can readily end, or at least deal it a serious blow, the hegemony of the U.S. without ever firing a shot.

    I agree. This has the potential to end our position as a superpower. Perhaps, though, that is a good thing in that the higher prices will force us to focus on doing things ourselves, here. Perhaps.


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    A perfect financial storm for U.S. is brewing with a confluence of very bad events between 2016 and 2020.

    2016--Social Security begins to cash in IOU's from federal reserve. Instead being a net supplier of revenue to the Federal Government, it will be a net consumer of revenue.

    2016--medicare taxes are insufficient to fund medicare services. Either a doubling of medicare taxes or cutting benefits in half is necessary to make the program sustainable.

    2018--New Unified currency reduces demand for dollars as reserve currency.

    2019--Federal debt reaches $20 trillion.
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    Quote Originally Posted by Reynolds531
    A perfect financial storm for U.S. is brewing with a confluence of very bad events between 2016 and 2020.

    2016--Social Security begins to cash in IOU's from federal reserve. Instead being a net supplier of revenue to the Federal Government, it will be a net consumer of revenue.

    2016--medicare taxes are insufficient to fund medicare services. Either a doubling of medicare taxes or cutting benefits in half is necessary to make the program sustainable.

    2018--New Unified currency reduces demand for dollars as reserve currency.

    2019--Federal debt reaches $20 trillion.
    Yep, those are scary when viewed in such a short time frame. Of course, we aren't really doing a thing about it right now. I'll have to have a lot of ammo in storage by then, and one heck of a garden going.
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  10. #10
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    Shocking that any thinking American is surprised by the reality of a military industrial complex (AKA the World Police force) which is funded by "spend and borrow" (AKA Reaganomics) with communist China. OK, the Dems spent too much as well (AKA didn't raise taxes enough).

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    Quote Originally Posted by KenB
    Oil Not Priced in Dollars by 2018?
    Some oil producing countries and big buyers are hatching a plan to move away from pricing oil in dollars—a potential blow to the greenback's prestige

    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.


    http://www.businessweek.com/globalbi...106_736291.htm



    Stock up on your gold now and invest in coal.
    Missing on the list of the basket of currencies, which should be in place by 2018, the Amero. (serious sarcasm)

    Seriously, if oil had been pegged to the Euro when oil was $120+, it would not have reached $120+. While a blow to the buck, given the state of affairs today I don't think this would be a big surprise.
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  12. #12
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    Quote Originally Posted by troutmd
    Shocking that any thinking American is surprised by the reality of a military industrial complex (AKA the World Police force) which is funded by "spend and borrow" (AKA Reaganomics) with communist China. OK, the Dems spent too much as well (AKA didn't raise taxes enough).
    How ironic will it be if via excessive military spending we "destroy" ourselves just like the Soviets did?

    I still say Bush was an idiot, he basically gave Al Quaeda exactly what they wanted. We are unnecessarily spending billions of dollars fighting an enemy funded with pennies. An enemy that via military or terrorist tactics has absolutely no ability to actually hurt us in a meaningful way, that is, unless we spend ourselves to death.

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    Quote Originally Posted by Dwaynebarry
    How ironic will it be if via excessive military spending we "destroy" ourselves just like the Soviets did?

    I still say Bush was an idiot, he basically gave Al Quaeda exactly what they wanted. We are unnecessarily spending billions of dollars fighting an enemy funded with pennies. An enemy that via military or terrorist tactics has absolutely no ability to actually hurt us in a meaningful way, that is, unless we spend ourselves to death.
    It actually might not have been all that bad if what was being spent for the military was being spent entirely in the US. Somehow, I seriously doubt that is the case. If it were, we probably wouldn't need as much stimulus money.
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    Quote Originally Posted by Dwaynebarry
    How ironic will it be if via excessive military spending we "destroy" ourselves just like the Soviets did?

    I still say Bush was an idiot, he basically gave Al Quaeda exactly what they wanted. We are unnecessarily spending billions of dollars fighting an enemy funded with pennies. An enemy that via military or terrorist tactics has absolutely no ability to actually hurt us in a meaningful way, that is, unless we spend ourselves to death.
    De-reg - trickledown - military industrial complex - spend and borrow ... and the empire fades away.

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    Quote Originally Posted by KenB
    I agree. This has the potential to end our position as a superpower. Perhaps, though, that is a good thing in that the higher prices will force us to focus on doing things ourselves, here. Perhaps.
    Mate,
    Have you forgoten about the newfound worldwide respect we've acheived since BO has become president and did his international apology tour? We'll be a superduperpower in another three years!

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    Quote Originally Posted by SwiftSolo
    Mate,
    Have you forgoten about the newfound worldwide respect we've acheived since BO has become president and did his international apology tour? We'll be a superduperpower in another three years!


    I think that actually, talking to friends in Europe, and South America, that world opinion, while still negative, is actually improving since Bush left office. But that is merely an anecdotal opinion.
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    Quote Originally Posted by SwiftSolo
    his international apology tour?
    I hear lots about this tour, but have seen precisely zero examples of such apologies(let alone a whole tour worth). Just pure nonsense

  18. #18
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    Quote Originally Posted by coreyb
    I hear lots about this tour, but have seen precisely zero examples of such apologies(let alone a whole tour worth). Just pure nonsense

    They usually don't let the cameras in to the actual meetings until they're over and it's all smiles and handshakes.


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