This story was previously titled "The Demise Of The Dollar-Major Nations To Stop Us it As The Currency For Oil Trading"
The Demise Of The Dollar-Major Nations To Stop Using It As Currency For Oil Trading »
Posted By Mikunited 1 month, 2 weeks ago in Business & Finance
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.
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Mikunited
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Commodore11 month, 2 weeks ago
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We can blame it all on Obama. After all it did occur on his watch right? After Obama signed that Porkulus bill it became his problem. Now since the stimulus failed our dollar is suffering. Didn't the nazi liberals in fact blame everything in the world on Bush when he was president? Yes they did. Now it's turned. It is now all Obama's fault if the dollar fails. Deal w/it.
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Jnkns1 month, 2 weeks ago
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This is just the first stage on something that has been cooked up for a while now. I don't know why people gets surprised, Obama won't support the greenback and eventually it will fade away so other countries can stick their noses here.
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forex trading news -
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fjgalt1 month, 2 weeks ago
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Since the Federal Reserve was created in 1913 -- effectively disconnecting the amount of printed currency from the gold (and silver at that time) -- the dollar has been losing value. It's worth about 3 cents after almost one hundred years.
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Governments love paper currency as it enables them to engage in deficit spending, using inflation as a hidden tax on the citizens (monetizing the debt). When FDR made it illegal for citizens to own gold (other than jewelry, industrial, and dental applications), the dollar was devalued to 40 per cent of its former value. This meant that there was 250 percent more paper currency in circulation than there was gold to back it up.
Recently, Bush and the Congress financed the Afghanistan and Iraq wars with printed currency (deficit spending). Now, Obama is doing it on a larger scale.
You can't blame foreign countries and their citizens from dumping dollars as it's a depreciating asset.
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