Max Keiser: Oil Trade's U.S. Dollar Dump Rumors Are True

Max Keiser, international journalist, provocateur and ex-stockbroker, was interviewed on Tuesday by the Russia Today television network on the oil trade’s so-called “U.S. dollar dump” (courtesy of GATA). He reported that he was hearing from his sources in Paris and the Middle East that there was substance to the widely publicized article by Robert Fisk (The Independent) about worldwide collaboration to replace the U.S. dollar as the medium of exchange for oil trading.

Keiser added that gold was to have a much larger role in the basket of currencies likely to be created to replace the dollar and said China, Russia and other countries moving to shift from dependence on the dollar were tired of funding U.S. wars and occupations.

Source: Chris Powell, GATA, October 7, 2009.

Comments

[sethmcs:]

Yes. Let's trade oil in rubbles.

Oct 12 12:20 AM

[DrBenway:]

China wants the US economy to go down? Have you ever checked the backside of anything you buy, the "made in" part? It almost always starts with a C.

I don't even know how to humor his claim that Wall Street engineered fake financial collapse to give itself larger bonuses.

P.S. I also observed the futility of using Independent as a toilet paper. The amount of crap stuck up my *** seems to increase after the wiping...

Oct 12 12:54 AM

[Bruce Pile:]

Maybe Clif High's web bot prediction of a major collapse of the USD running from November '09 to November '10 isn't so crazy after all.

Oct 12 12:57 AM

[jimboy:]

Dr Benway - of course China, Saudi Arabia, Japan etc don't WANT to see their biggest customer collapse and the value of their dollar holdings crash but the point is they can see the writing on the wall and that it WILL. The US government is not even trying to pretend that it cares about its currency's integrity or fiscal probity and unless this phoney recovery turns real and tax revenues recover in the next year or so, an Argentina style collapse is on the cards regardless of whether or not a replacement reserve currency is in place.
My prediction (link) is for one more dollar / TB bull rally next year before showtime in 2011.
hubpages.com/hub/Peak-...

Oct 12 02:06 AM

[Laurence Hunt:]

The US is forcing its international trading partners to seek alternatives due to its disregard for the integrity of the dollar and for the accumulation of debt. The issue is no more complex than that.

Oct 12 09:41 AM

[Laurence Hunt:]

The US is forcing its international trading partners to seek alternatives due to its disregard for the integrity of the dollar and for the accumulation of debt. The issue is no more complex than that.

Oct 12 09:42 AM

[Albertarocks:]

On Oct 12 12:54 AM DrBenway wrote:

> China wants the US economy to go down? Have you ever checked the
> backside of anything you buy, the "made in" part? It almost always
> starts with a C.<

Starts with a "C" as in Canada or China. Neither country wants to see the USA in trouble. In fact, very few countries in the world want to see the USA hurting economically. But what they would love to see is that damned FED burned to the ground so that some stability in the world can finally be realized. When you think about it, there is only one reason for so much volatility, construction, destruction, pain, starvation, instability, bickering and waring, infighting, not to mention man-made influenzas and the complete phoniness of the entire left, right paradigm. All of that is caused by the incredible wealth (I mean theft of wealth) and manipulation of the entire global politic by the owners of the FED.

Oct 12 05:16 PM

[Wiskey:]

Max as usually very extravagant on his gestures towards United States...
Back in Jun there was a talk about foreign US embassies were secretly advised to dump their dollars for the local currency.
There is a bit of fallacy in the argument that oil producing countries will loose their biggest customer should they stop pricing the oil in dollars. Russia for instance is only supplying 2% of US needs and OPEC is what, some 25%? It varies greatly. But the fallacy is in admitting that oil producing country would be happy to exchange the valuable and material product for ever depreciating currency. The fallacy is in admission that last year oil and commodities collapse, engineered by US financial cartel and Washington administration are "ok" things to do.

Well, they are no longer "ok", and apparently that is what is behind that new world currency idea and middle finger to US power elite, who just can't help itself, digging the country further into debt and financial machinations. Who impoverished their population with ever perpetuating tax and financial slavery. Who engineers mass delusions with state run media, who has built that wonderful Zoo of 200 mln fat Americans whose only desire in life is to get a new I-phone and watch the next casting of Harry Potter - the virtual "values" which replacing a real values and wealth with the speed of light.

Oct 12 06:48 PM

[The Geoffster:]

Take a look at the recent correlation between USO and GLD.

Oct 12 09:09 PM

[Steve in Gr...:]

On Oct 12 05:16 PM Albertarocks wrote: "...All of that is caused by the incredible wealth (I mean theft of wealth) and manipulation of the entire global politic by the owners of the FED..."

No question that the Fed (Greenspan and Bernanke) have grossly inflated the currency. But the real criminals are in the U.S. government, creating Ponzi schemes like Social Security and Medicare, increasing the top marginal income tax rates and threatening to create a new Ponzi scheme in socialized medicine. The U.S. government has created and continues to create the debt that will ultimately require monetization.

Oct 12 11:03 PM

[montyman:]

Yes I noticed that too. For those not familiar with the subject, gold and oil are two very different substances, yet their respective charts are very close to each other (i.e there is some common force driving both higher and that force would be dollar weakening).


On Oct 12 09:09 PM The Geoffster wrote:

> Take a look at the recent correlation between USO and GLD.

Oct 13 01:19 AM