Purchasing oil by dumping U.S. dollars for a basket of currencies is being discussed world-wide. Non-dollar oil payments are increasingly favored by world financial powers, and especially those countries relying on the Middle East for their oil concessions. See video below.
The U.S.'s dismal financial management and lack of any responsible monetary policy, has given the rest of the world, like China, the Middle East and Russia, the boost to get the talks going. How attractive - moving the world aways from the almighty USD. Is now the time for these U.N. loyalists to follow the U.N. lead and establish a one-world-currency? We've been whispering about it for years. If we start with non-dollar oil purchases, can that evolve into the U.N.'s coveted one-world-currency?
This from Mark Reinoso at The Examiner:
The UN wants to replace this collapsing currency with a world currency, or SDR's, for international transactions in order to "provide more stability". This is just the first step in order to move away from the US dollar. As soon as the US dollar ceases to be the world's reserve currency, no one will have use for it, and this country will collapse. What the UN doesn't realize is, that when the US dollar dies, it will take the rest of the world with it.How about considering the new "unified" currency soon to come from the Middle East? Add the euro, the yen, some gold - shake it all together and buy your oil. Reports say the rouble will join the basket of currencies in the near future. The USD? pffffftttt.
This from Robert Zoellick, World Bank President:
The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank.
But it is China's extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.China sees President Obama as "too busy" to understand what is happening:
Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.
These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.In the video below, you will see that Treasury Secretary Timothy Geithner was "open" to a proposal for a single currency by the governor of China's central bank. The Washington Times:
Treasury Secretary Timothy F. Geithner and Austan Goolsbee, member of the Council of Economic Advisers, have refused to rule out a global currency. Such views by top policymakers cause the dollar to drop. Even worse, this shows that the Obama administration supports dramatically greater centralization on a national and international scale.
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