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Is oil being priced in euro? Trichet didn’t know

Eurozone uncertainty reason for oil volatility: Qatar
MANAMA, May 15, 2010 (AFP) - Qatar's energy minister on Saturday blamed the uncertainty over eurozone debt problems for the volatility in the oil market and the slide in crude prices.
"The uncertainty, especially in Europe, the bailout (for Greece), and the euro (decline), all those put a lot of pressure on the economy and oil prices," Sheikh Abdullah bin Hamad al-Attiyah told reporters on the sideline of an economic forum in Bahrain.
"It is volatile. There is uncertainty, and we are watching with nervousness," he said, as oil prices tumbled to a three-month low on Friday.
"Oil prices are not reflecting demand and supply," he said, adding that it was "very difficult to predict" the movement of prices. UNSNIP

So the volatility of the euro influences the price of oil?.

I thought oil was being priced in USA dollar.

If the euro does fail, gold will become the "world oil currency".

From The Sunday Times
May 16, 2010
Euro heads for parity with dollarSingle currency set for long-term slide, sparking fears for Britain’s export-led economic recovery
The Bank of England warned last week that weakness in the eurozone was one of the main risks to Britain’s recovery. Jean-Claude Trichet, president of the European Central Bank, said in an interview with Der Spiegel, the German magazine, that “profound changes” were needed in the oversight of countries’ fiscal positions within the eurozone.

This is a currency crisis, a crisis of money.Money has three functions, a means of exchange, a unit of account and a store of value, right. But what IS money? (The definition, please!)

Money is a good readily acceptable in exchange by everyone in a given geographical area, and is sought for the purpose of being re-exchanged. But Trichet wants a quantum leap by euro guv’mints, headlines Der Spiegel. (1)

Quantum mechanics contradicts special relativity.
Albert Einstein’s theory of special relativity is based on the idea that the laws of science should be the same for all observers, no matter how they are moving.

Trichet wants a quantum leap. For Trichet, the laws of monetary "science" are no longer the same for all observers.

"A report this weekend from UBS suggests that the appetite for holding euros among [...] managers of official currency reserves is fading. [...] That is the verdict [...] of reserve managers that we’ve been visiting around the world ", writes The Sunday Times.That’s money in its function as store of value - or rather as a means of fouling forex markets – for central banksters.  

As I said, money is however a good readily acceptable in exchange by everyone in a given geographical area, and is sought for the purpose of being re-exchanged.
Since the gold standard is a barbarous relic, there is no good available. That’s not enough for Trichet. He wants a further quantum leap
."Houston, we’ve got a problem!"  

"Wir haben es nicht gewusst!"  

Trichet didn’t know.  

Ivo Cerckel  


Trichet fordert "Quantensprung" von Euro-Staaten,1518,694891,00.html