OPEC interested in replacement for dollar

[OptionsTrader]

OPEC interested in replacement for dollar (http://www.gata.org/node/5755)
While not campaign news per se, this is something quite important and it has been brewing for quite a while. Understand that Iraq attempted to do this prior to the invasion. See Ron Paul's video regarding dollar hegemony (http://video.google.com/url?docid=-8327695139643041382&esrc=sr1&ev=v&len=2089&q=dollar%2Bhegemony&srcurl=http%3A%2F%2Fvideo.google.com%2Fvideoplay%3 Fdocid%3D-8327695139643041382&vidurl=%2Fvideoplay%3Fdocid%3D-8327695139643041382%26q%3Ddollar%2Bhegemony%26tota l%3D7%26start%3D0%26num%3D10%26so%3D0%26type%3Dsea rch%26plindex%3D0&usg=AL29H2081QeulhsRzyM55sUIyPxKW3IVOA) for his take on this issue.

RIYADH, Saudi Arabia -- Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."

Full story:
http://www.gata.org/node/5755
http://news.yahoo.com/s/ap/20071118/ap_on_bi_ge/opec;_ylt=AkSpMY2Y3kgPnto0ybWiy1us0NUE

[Dequeant]

Uh oh..... SHTF time, hope everyone has water....

[ronpaulyourmom]

Yup, I saw this earlier today as well. I wonder how fast they'll move on this.

[OptionsTrader]

Related:

Petrodollar Warfare: Oil, Iraq And The Future Of The Dollar (Paperback)
by William R. Clark (Author)

http://www.amazon.com/exec/obidos/ASIN/0865715149/ref%3Dpd_bbs_1/williamclarkprA/002-5376778-1511257

Book Description

The invasion of Iraq may well be remembered as the first oil currency war. Far from being a response to 9-11 terrorism or Iraq's alleged weapons of mass destruction, Petrodollar Warfare argues that the invasion was precipitated by two converging phenomena: the imminent peak in global oil production, and the ascendance of the euro currency.

Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil. Iraq, possessing the world's second largest oil reserves, was therefore already a target of U.S. geostrategic interests. Together with the fact that Iraq had switched its oil payment currency to euros -- rather than US dollars -- the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency."

Meticulously researched, Petrodollar Warfare examines U.S. dollar hegemony and the unsustainable macroeconomics of "petrodollar recycling," pointing out that the issues underlying the Iraq war also apply to geostrategic tensions between the U.S. and other countries including the member states of the European Union (EU), Iran, Venezuela, and Russia. The author warns that without changing course, the American Experiment will end the way all empires end - with military over-extension and subsequent economic decline. He recommends the multilateral pursuit of both energy and monetary reforms within a United Nations framework to create a more balanced global energy and monetary system - thereby reducing the possibility of future oil depletion and oil currency-related warfare.

A sober call for an end to aggressive U.S. unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy.

[OptionsTrader]

Oil futures look set to break through $100/barrel soon. This week would be nice:

http://i16.tinypic.com/7y4d47l.png

[Scribbler de Stebbing]

Don't know if this was mentioned in the article, but Saudi Arabia wants to launch its own currency pegged to oil. More competition in currency is not going to treat the US dollar well, especially with oil as a backing.

[OptionsTrader]

Gulf States Will Discuss Revaluing Their Currencies
Nov. 18 (Bloomberg News)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZIwiAaR.w_Y&refer=home

OPEC agrees dollar talks after forex basket proposal
RIYADH (Reuters)
http://www.reuters.com/article/businessNews/idUSL1828894320071118

[OptionsTrader]

Saudi Arabia Not Alone in Defending Dollar in OPEC
Oil-producing Nigeria, Angola consider diversifying from dollar
http://www.bloomberg.com/apps/news?pid=20601087&sid=afxLcinHBliI&refer=home

[Dequeant]

If this happens, confidence in the U.S. Federal Reserve Note will drop to near nothing. Economy = Done. With the ensuing massive devaluation of the dollar, we will be unable to afford to import oil. Our industry will hault.

Think Katrina all over america......

As i said, hope every is stocked up on water and ammo.

[OptionsTrader]

If this happens, confidence in the U.S. Federal Reserve Note will drop to near nothing. Economy = Done. With the ensuing massive devaluation of the dollar, we will be unable to afford to import oil. Our industry will hault.

Think Katrina all over america......


This is precisely what Ron Paul wants to AVOID by fixing the system before it collapses.

Either way, invest in a lot of this...

https://online.kitco.com/bullion/completelist.html

[Adrian Barbobot]

As i said, hope every is stocked up on water and ammo.


I would also invest in the make up of bullets. I may even pick a few bullet stocks...or at least brass companies!