Australian Politics Forum - US dollar set to crash, with this news!

Yadda

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US dollar set to crash, with this news!
Oct 6^th, 2009 at 12:45pm

GOLD, amongst currencies to replace US$ in oil trade.

Quote:

6 Oct 2009
Gulf in talks on replacing $US for oil: report
The UK's The Independent newspaper has reported that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in the trading of oil.

The US dollar eased after the report, written by Middle East correspondent Robert Fisk and monitored on The Independent's web site. It cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

Mr Fisk said the proposal was for trade in crude oil to move 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," said the report. It added that France had also been involved in the talks.

http://www.businessspectator.com.au/bs.nsf/Article/RPT-Gulf-in-talks-on-replacin...

Will the US start another war now / soon ???

Haliburton and crew, would be happy.

When the $US crashes, and it will!, the US will effectively become a 3rd world economy [for some considerable time] imo.

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"....And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead."
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skippy Ex Member	Re: US dollar set to crash, with this news! Reply #1 - Oct 6^th, 2009 at 1:07pm WW3 starts the day after they try to do this.
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abu_rashid

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Re: US dollar set to crash, with this news!
Reply #2 - Oct 6^th, 2009 at 1:26pm

About time, if it's true that is.

I very much doubt the world's biggest bully would allow it though. She'd wage war on the most vulnerable of those states (ie. the Gulf states) before allowing it to happen, and offer the bigger states various shares of the oil booty they could gain by standing on the sidelines and not opposing it.

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Yadda

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Re: US dollar set to crash, with this news!
Reply #3 - Oct 6^th, 2009 at 1:49pm

abu_rashid wrote on Oct 6^th, 2009 at 1:26pm:

About time, if it's true that is.

I very much doubt the world's biggest bully
would allow it though. She'd wage war on the most vulnerable of those states (ie. the Gulf states) before allowing it to happen, and offer the bigger states various shares of the oil booty they could gain by standing on the sidelines and not opposing it.

I would have thought that the ummah, was the worlds biggest bully, abu?

1.5 billion people with a single purpose. Tongue

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"....And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead."
Luke 16:31

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Grendel Gold Member Offline OzPolitic Posts: 28080 Gender:	Re: US dollar set to crash, with this news! Reply #4 - Oct 6^th, 2009 at 2:05pm There won't be a war over this. Even if it comes to pass. And yes Islamic Fundamentalism and its adherents are the world's biggest bullies. And probably the cause of the next world war.
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muso Gold Member Offline Posts: 13151 Gladstone, Queensland Gender:	Re: US dollar set to crash, with this news! Reply #5 - Oct 6^th, 2009 at 2:24pm I'm surprised that it hasn't been replaced by the Euro yet. A basket of currencies would be a good move. The US Dollar will continue to plummet anyway, although not as badly at the GBP.
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Sprintcyclist Gold Member Offline OzPolitic Posts: 41169 Gender:	Re: US dollar set to crash, with this news! Reply #6 - Oct 6^th, 2009 at 2:42pm the US$ has been overdue to crash for a decade. too much unsustainable debt a basket of currencies is a good idea, more stable. maybe BRIC + the euro ?
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skippy Ex Member	Re: US dollar set to crash, with this news! Reply #7 - Oct 6^th, 2009 at 2:46pm Yea but can the world afford a USA with a low currency?
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Yadda Gold Member Offline Posts: 22511 A cat with a view	Re: US dollar set to crash, with this news! Reply #8 - Oct 6^th, 2009 at 2:54pm Quote: Yea but can the world afford a USA with a low currency? And can the consumers in the USA, afford a USA with a low currency? !!!! The game is over folks! "Look at that Ma!! The emperor has no clothes on !!"
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muso Gold Member Offline Posts: 13151 Gladstone, Queensland Gender:	Re: US dollar set to crash, with this news! Reply #9 - Oct 6^th, 2009 at 2:54pm Quote: Yea but can the world afford a USA with a low currency? Probably not, but isn't it inevitable? Under the circumstances, doesn't it make more sense to spread the risk over a number of currencies. With respect, whether the world can afford it or not, what can they do to avoid it?
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Sprintcyclist Gold Member Offline OzPolitic Posts: 41169 Gender:	Re: US dollar set to crash, with this news! Reply #10 - Oct 6^th, 2009 at 3:12pm the world can't afford keep giving $ to a country that can't pay it back. brazil, russia, india and china are the new consumers.
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skippy

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Re: US dollar set to crash, with this news!
Reply #11 - Oct 7^th, 2009 at 8:52am

muso wrote on Oct 6^th, 2009 at 2:54pm:

Quote:

Yea but can the world afford a USA with a low currency?

Probably not, but isn't it inevitable? Under the circumstances, doesn't it make more sense to spread the risk over a number of currencies.

With respect, whether the world can afford it or not, what can they do to avoid it?

I agree the times are changing, the USA will lose super power status very soon, I don't care about that, I care about the fact the USA will whine and do whatever they can to hold on. Whenever the USA do that it means bloodshed for many.

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muso

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Re: US dollar set to crash, with this news!
Reply #12 - Oct 7^th, 2009 at 9:22am

The US will continue to be the world's biggest economy for a good few years yet.

The demise of the US economy will continue to have impacts on every single country in the world, except maybe North Korea.

Even the current upwards trend in the Australian economy will stop. It will all happen when China decides to stop buying commodities in place of US dollars. They will do that very soon, and the bubble will burst again. Maybe as soon as this month. I can see the Reserve Bank reversing the interest rate increase by the end of the year.

Sorry for being a Cassandro Wink

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skippy Ex Member	Re: US dollar set to crash, with this news! Reply #13 - Oct 7^th, 2009 at 9:25am Quote: I can see the Reserve Bank reversing the interest rate increase by the end of the year. Really? do you think its that close. Australia will be ok while we have what China wants that should be a few years yet.
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Sprintcyclist Gold Member Offline OzPolitic Posts: 41169 Gender:	Re: US dollar set to crash, with this news! Reply #14 - Oct 7^th, 2009 at 9:42am the asian stock markets is almost capitalised at more than the US and canadian stock exchanges already. given the recent US currency weakness, I'ld imagime the asian ones were worth more.
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