Woah

[Cain]

Someone needs to verify this for me.  This is a massive game-changer, if true.

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

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.

If this is true, then everything changes, economically speaking.

[Cainad (dec.)]

woah, indeed


Associated Press sez no: http://www.google.com/hostednews/ap/article/ALeqM5iBEFb_V4Nlvu3eWhuOyavJPYX6agD9B5MEK00

LONDON — The dollar fell Tuesday towards year lows against the euro and the yen after a report that Arab states and other countries were contemplating an end to the U.S. currency's role in the pricing oil.

The selling was stoked by an article in Britain's "Independent" newspaper that said secret meetings were taking place between Arab states, China, Russia, Japan and France, to end dollar dealings for oil and moving instead to a basket of currencies, including the euro, the yen and the Chinese yuan.

Officials in several of the countries either denied talks or said they had no knowledge.

Even so, reaction alone are bound to be at least a little lulzy.

[Elder Iptuous]

Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though 
up to 1042.... new all-time high in nominal dollars.

[fomenter]

   feels good 

[Golden Applesauce]

Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though 
up to 1042.... new all-time high in nominal dollars.

But isn't that mostly the weakening of the dollar as opposed to the strengthening of gold?  (I know both happen at the same time.)

[Faust]

Someone needs to verify this for me.  This is a massive game-changer, if true.

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

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.

If this is true, then everything changes, economically speaking.

It also makes the most sense considering what happened last november.
Of course I'm pretty worried about how america would react to being dropped down the shaft.

[Elder Iptuous]

Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though 
up to 1042.... new all-time high in nominal dollars.

But isn't that mostly the weakening of the dollar as opposed to the strengthening of gold?  (I know both happen at the same time.)

Yes   

...but, then, how have your assets fared?

on topic, how would this affect purchasing power of oil stocks/ETFs denominated in dollars?

[Golden Applesauce]

Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though 
up to 1042.... new all-time high in nominal dollars.

But isn't that mostly the weakening of the dollar as opposed to the strengthening of gold?  (I know both happen at the same time.)

Yes   

...but, then, how have your assets fared?

Assets?   

[Remington]

WILL THE DOLLAR COLLAPSE?
WILL WE END UP LIVING IN MUD HUTS?

NOTHING WE CAN DO ABOUT IT, SO I GUESS IT'S POPCORN TIME




Sir Remington III,
Found some funny little pills under the couch today

[The Good Reverend Roger]

Sir Remington III,
Found some funny little pills under the couch today

Gimme back my drugs, you bastard.

[Remington]

Sir Remington III,
Found some funny little pills under the couch today

Gimme back my drugs, you bastard.

THERE'S ENOUGH FOR EVERYONE



WHY THE FUCK IS MY SPLEEN TAPDANCING
SPLEENS CAN'T TAPDANCE

[Cain]

The markets are rattled and everything says nothing is happening.

Hmm.  I'll mark this in a file of "things to keep an eye on" then.

[Dalek]

in some chan they where planning an operation to fuck with the global economics. The plan was that if A LOT of people post the same false news over and over again in different places, so that it would reach the news there would mayb be a big collapse. This might be them, but if it's really real than I can't wait to see how the USA reacts.

[singer]

Well, the last time a gulf state leader intimated he was going to sell oil in currencies other than the dollar,  the USA invented WMD's as a pretext for invading, apprehending, and executing him.

[Precious Moments Zalgo]

in some chan they where planning an operation to fuck with the global economics. The plan was that if A LOT of people post the same false news over and over again in different places, so that it would reach the news there would mayb be a big collapse. This might be them, but if it's really real than I can't wait to see how the USA reacts.

Whether or not it's true now, this is something that I see as inevitable.  I think the only ones who like having oil linked to the US dollar is the US, so to me it's not a question of if but when will it change.  Now that our economic, military, and political strength is at a relative low point would be the best time for others to change it, seeing as how we can do fuck all to stop it, so I would be surprised to learn that this news is not true.