Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil…?
I just read about this and was a little terrified. What do you think about this? What does this mean for the US? That we cant buy a barrel of oil with US currency anymore?
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.
http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
China, especially, will begin trading in their own currency, and others will follow suit. The dollar will still be used, but will be greatly devalued. This is what people have been screaming about – the world is getting ready to dump the dollar completely and opt for a global currency. Using their own currencies now is just laying the groundwork for the global one. When this happens, the US economy will crash completely, thus making it much easier to integrate into a global government.
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