Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. (Remember the last time a country decided to do this was Iraq & the result - they were invaded by the US 6 months after making
decision). Why is the US worried ? - well dumping of the US dollar as a common currency for trade will have dire consequences for the US economy & quality of life of its citizens and would see the demise of the US as a dominant economic force.
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.
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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.
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2 comments:
When will web-bots predict the end of web-bots? That'd certainly make my day :)
UFO's did not increase by the hundred thousands this year as predicted.
Famous people did not "Dissapear".
Maybe one of the listed 30 things happened, or should I say, did something that made it look like Web-bots got it right, but that's it. This dollar thing - again yes it may be really happening, but so what? The web-bots could tell me my neighbour is going to make some toast but of course it gets turned into hype that the toast is going to kill me or something. GOOD that these countries don't want to deal in dollars - that's just modernisation. It's not cause for panic. I'd like to see a "start of year" prediction by web-bots and an "end of year" conclusion, with nothing in between, cos it's bigger balls than my big sweaty balls.
Famous people did not "Dissapear".
Think again, many famous people have disappeared.
Micheal Jackson
Patrick swayze
Stephen Gately
keith ledger
Jett Travolta
Keith Floyd
just a few to get you thinking.
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