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SUNDAY, NOVEMBER 22, 2009
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27

Oil States Plot to Ditch Dollar

Gulf Arabs in talks to replace greenback with mix of currencies

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(Newser) – The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end the pricing of oil in dollars, according to the Independent, which cites banking sources.

The transition is expected to be complete by 2018, according to Chinese sources. "These plans will change the face of international financial transactions," said one Chinese banker. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate." Analysts say that ending the use of the dollar in oil trading may be fairly straightforward. But replacing it will be a lot trickier, especially if a mix of currencies and gold is to be used, they warn.

Gulf states are planning to replace the dollar in oil trading with a mix of currencies including the yen, the euro, and the Chinese yuan.
Gulf states are planning to replace the dollar in oil trading with a mix of currencies including the yen, the euro, and the Chinese yuan.   (Shutter Stock)
An oil rig pumps at sunset in the desert oil field of Sakhir, Bahrain.
An oil rig pumps at sunset in the desert oil field of Sakhir, Bahrain.   (AP Photo/Hasan Jamali)
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27 comments
VIEWING:
 
Jayster999
Oct 6, 09 1:29 AM CDT
The buck stops here. Reply
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+5
IN RESPONSE:
Reader64481089
Oct 6, 09 7:00 AM CDT
All I can say is THANK GOODNESS GW Bush destroyed our economy and helped provide the atmosphere needed for the Stock Market to self destruct, who knows how many years the world would have kept considering us a world leader if that had not happened. Let's all give three cheers for the Republican Party who provided us with such a skilled leader and all the benefits such as 10% unemployment, home devaluation, massive homelessness and so very much more.!!! Thank you Republicans for having such strength and intelligence!!!
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+7
IN RESPONSE:
psycada
Oct 6, 09 8:26 AM CDT
You mean thank goodness Clinton destroyed our economy. Steagal-Glass..recognize the truth about the democrat party, just as backwards and fucked up as the republicans, but this financial mess, is their fucking fault. What Clinton did allowed Bush to do what he did. Without repealing Steagal-Glass, the money would not have been there for Bush and his wars.
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-4
IN RESPONSE:
UrUndertaker
Oct 6, 09 10:34 AM CDT
@ psy'ie, sorry dear, when Clinton left office there was aNICE surplus projected to grow, when GW Bush took over then declared war he spent 1 1/2 trillion dollars we didn't even have then kept 2 sets of books to make it look all better. That trick worked for 6 1/2 years but in the end everything began to collapse. Psy' ie, actually try READING your history and don't try and reinvent it dummy
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+4
IN RESPONSE:
Wraith
Oct 6, 09 10:40 AM CDT
@ psycada, Clinton did all that by himself? Sorry you really are dilusional but you have probably been told that. To repeal that law would have required the corporation of Congress but by that time Congress was attempting to kick Clinton out of office for getting a b/j. You might remember the leaders of that movement? The same ones ow being placed in the limelight for having affairs that refuse to get out of office even after attempting to kick out Clinton except Clinton and his b/j were a small thing compared to the years long affairs of the Republicans
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+5

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