The demise of the dollar

[oldironside]

"In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead 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.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years"

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

The article itself makes interesting reading, but what really makes it worthwhile is the way it is being frantically freepered - 6 whole pages of comments that make Mein Kampf look like a well reasoned arguement. Just have a read through and pity these poor bastards. They´re having to take time out of dribbling Budweiser down their beards to write this obsessive paranoid crap.