Now for something completely different

[I AM NOT THAT GUY 5,715]

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

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."

******

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.

http://www.independent.co.uk/news/business...ar-1798175.html

Edited October 6, 2009 by Lone Ranger

[Hilarious Clinton 452]

Obama is working on sinking it himself.

[Pinocchio Liberal 268]

Obama is working on sinking it himself.

[AlHayatZween 2]

C'mon now... we aren't going to blame the Arabs for this...

Seems like enough is being done to sink the dollar with out a subversive Arab plot.

[scandal 951]

As far as I can tell the futures market is still priced in USD with no plans to change.

http://www.nymex.com/CL_spec.aspx

Light, Sweet Crude Oil Futures

Trading Unit

1,000 U.S. barrels (42,000 gallons).

Price Quotation

U.S. dollars and cents per barrel.

Trading Hours (All times are New York time)

Open outcry trading is conducted from 9:00 AM until 2:30 PM.

Electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date).

Minimum Price Fluctuation

$0.01 (1¢) per barrel ($10.00 per contract).

http://www.nymex.com/QM_spec.aspx

E-mini Crude Oil Futures

Trading Unit

500 barrels.

Price Quotation

U.S. dollars and cents per barrel.

Trading Hours (All times are New York time)

The contract is available for trading on the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, with a 45-minute break each day between 5:15 PM and 6:00 PM.

Trading Months

The listed months will include the remaining months in the current year and the next five (5) years. A new calendar year will be added following the termination of trading in the December contract of the current year.

Minimum Price Fluctuation

$0.025 (2.5¢) per barrel ($12.50 per contract).

[Mrs.J06 4]

I fail to see what the Chinese have to gain from this?

[w¡n9Nµ7 §£@¥€r 123]

I fail to see what the Chinese have to gain from this?

pok fly lice and ro mein