Cyprus-Forum.com

[Tim Drayton]

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.

An interesting article by Robert Fisk in today’s Independent.

http://www.independent.co.uk/news/busin ... 98175.html

[Get Real!]

Thanks for the good post... I would've missed this!

The times they are a changing... as they say.

[Tim Drayton]

Thanks for the good post... I would've missed this!

The times they are a changing... as they say.

I think that if this plan comes off, the consequences will be huge.

[Get Real!]

Thanks for the good post... I would've missed this!

The times they are a changing... as they say.

I think that if this plan comes off, the consequences will be huge.

Yeah, but unless they agree to a popular and uniform currency such as the euro, I predict their plan will be doomed.

[dinos]

Oh, Gawd - this conspiracy theory again.

I do hope that nobody here really believes that US dollars would depreciate if oil was traded in some other currency (which it is, by the way - Iranians accept Euros for oil).

<Hint: oil is bought and sold via electronic trades against Euro-dollar accounts domiciled outside the US. This article isn't even remotely accurate.>

[dinos]

I should add that the real risk to USD is in losing its place as a reserve currency. If this happens, and it's a very realistic possibility (although it would take a long time to occur), the downward effect on the dollar will be significant.