Saudi Arabia emphatically denies reports Gulf Arab states are in secret talks to replace the U.S. dollar in oil trading. Britain's Independent quoted unidentified sources as saying Gulf Arab states were in secret talks with Russia, China, Japan and France to turf the dollar.
Surely the semites are telling the truth. Who wouldn't want a rock solid, well managed currency like the dollar, which is backed by the full faith and credit of the USA? Guess this move is less awkward since our troops are no longer stationed there. Let's other countries keep devaluing their currencies as fast as the dollar, or we'll be paying european prices for gas in the future.
An inevitable response, sooner or later, to Greenspan/Bernanke's irresponsible policies. It should have hapened sooner, at Greenspan's first ZIRP in 2003, but these folks could not see the righting on the wall. Had they began moving in this direction back then, they would have saved themselves a lot of losses, and also saved us from the recent housing/equity bubble, and everyone would have been better off today.
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Let's other countries keep devaluing their currencies as fast as the dollar, or we'll be paying european prices for gas in the future.