The demise of the US dollar

[furie]

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. (http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html)

[boosterp]

I so not know what is worse; the writing of that article, the claims it makes such as "the Americans don't know." or the comments at the bottom.

[booster11373]

How is this a new thing? Countries have been talking about this for a long time now

[JohnCharles]

Jews.

[fezident]

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[spoon]

well making petro obsolete would solve this now wouldn't it

fat chance even though it really isn't that tough

[A.J.]

Yet all those countries still have their currencies pegged to the U.S. dollar.

[A.J.]

and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.[/URL]

Abu Dhabi is not a country. It's part of the United Arab Emirates which pulled out of the GCC unified currency plan. Bahrain is the other country which will participate.

[yojimbo7248]

Here is a response to the Independent article:

http://seekingalpha.com/article/165026-is-there-really-a-global-cabal-aiming-to-dump-the-dollar?source=email

[epo]

well making petro obsolete would solve this now wouldn't it

fat chance even though it really isn't that tough

Mr. Spoon is a wise man.

[west milly Tom]

Without the american markets china and japan have no one to sell to. Nobody is more in our corner than our asian friends.

[Syd]

It's good to move away from the dollar. Having a vital commodity pegged to a single currency is risky and unnecessary in a global economy. It made sense when the dollar was relatively stable compared to the multitude of currencies out there, but nowadays a giant basket of all first world currencies is safer and better for all involved -- especially the US consumer. We saw exactly what happened when the dollar began to slide as the recession started to begin: Skyrocketing oil prices.

[topless_mike]

Without the american markets china and japan have no one to sell to. Nobody is more in our corner than our asian friends.

they rove the dorrar?

[WRESTLINGFAN]

Inflatsion's a comin within the next couple of years. You cant print trillions of dollars without having an inflationary effect. Gold is way over $1000 some say that it will go to $2000, Don't be surprised if oil goes back to $150.00 per bbl

[booster11373]

Inflatsion's a comin within the next couple of years. You cant print trillions of dollars without having an inflationary effect. Gold is way over $1000 some say that it will go to $2000, Don't be surprised if oil goes back to $150.00 per bbl

The money was not actually "printed" in the traditional sense

[Syd]

Inflatsion's a comin within the next couple of years. You cant print trillions of dollars without having an inflationary effect. Gold is way over $1000 some say that it will go to $2000, Don't be surprised if oil goes back to $150.00 per bbl

Gold is a suckers investment and the only way to make money off of it is to scheme people into buying it before you sell it. It's kind of a useless commodity, the real growth (although it will be some time before demand starts increasing, however production is kind of fubar for a few elements and is causing an unsustainable spike in price) is in rare earths and more importantly transitional metals. Those are the non-currency items that are more rare than gold and unlike gold, more widely used.

Also, oil won't be back up to $150/barrel till 2016 or later -- the economy isn't strong enough to warrant that high of a price and nor it will be until we're headed into the next recession. Gold going above even $1200 before next summer will be impressive, there's just not enough buyers who are going to use it. It's very bubbletastic.

[furie]

Gold price hits record high on report to ditch dollar (http://news.yahoo.com/s/afp/20091006/ts_afp/commoditiesgoldmetalsprice)

[conman823]

well making petro obsolete would solve this now wouldn't it

fat chance even though it really isn't that tough

Lets also have World Peace and stop Hunger

[WRESTLINGFAN]

Gold might be the next "bubble" It seems like every talk show host, even the ones on America Left/Air America is pushing a buy gold ad. Im starting to see them a lot on TV Commercials too

[sailor]

the dollar was replaced by international drug dealers (http://www.slate.com/id/2111504/) years ago. no difference here.

[Aggie]

I am not a very political person nor do I know as much as I should about current events as I should.

This is bad, right?

Dollar loses reserve status to yen & euro

http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_yen_hFyfwvpBW1YYLyk SJwTTEL;jsessionid=65E301CF47ED50D15170F8D6530791C 5