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
QuoteIn 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.
woah, indeed
Associated Press sez no: http://www.google.com/hostednews/ap/article/ALeqM5iBEFb_V4Nlvu3eWhuOyavJPYX6agD9B5MEK00
QuoteLONDON — 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.
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
up to 1042.... new all-time high in nominal dollars.
:D feels good :mrgreen:
Quote from: Iptuous on October 06, 2009, 10:40:00 PM
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
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.)
Quote from: Cain on October 06, 2009, 09:45:54 PM
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
QuoteIn 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.
Quote from: GA on October 06, 2009, 10:53:59 PM
Quote from: Iptuous on October 06, 2009, 10:40:00 PM
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
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 :cry:
...but, then, how have your assets fared?
on topic, how would this affect purchasing power of oil stocks/ETFs denominated in dollars?
Quote from: Iptuous on October 07, 2009, 01:23:20 AM
Quote from: GA on October 06, 2009, 10:53:59 PM
Quote from: Iptuous on October 06, 2009, 10:40:00 PM
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
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 :cry:
...but, then, how have your assets fared?
Assets? :cry:
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
(http://i38.tinypic.com/346xsie.jpg)
Sir Remington III,
Found some funny little pills under the couch today
Quote from: Sir Remington III on October 07, 2009, 04:23:16 AM
Sir Remington III,
Found some funny little pills under the couch today
Gimme back my drugs, you bastard.
Quote from: The Good Reverend Roger on October 07, 2009, 04:30:55 AM
Quote from: Sir Remington III on October 07, 2009, 04:23:16 AM
Sir Remington III,
Found some funny little pills under the couch today
Gimme back my drugs, you bastard.
THERE'S ENOUGH FOR EVERYONE(http://www.uconnem.org/toxicologyweb/pills1.jpg)
WHY THE FUCK IS MY SPLEEN TAPDANCING
SPLEENS CAN'T TAPDANCE
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.
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.
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.
Quote from: DALEKK on October 07, 2009, 01:54:02 PM
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.
Quote from: DALEKK on October 07, 2009, 01:54:02 PM
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.
They have no access to anything worth reading, it would go unnoticed.
I doubt 4chan were involved. This was by Robert Fisk, a veteran reporter who actually lives in the Middle East, and has done for a long time. He doesn't need anonymous script-kiddies, he has informants all over the place, and access to some fairly influential people.
Cain, have you found any follow up on this story?
I'm assuming that they would be discussing the use of SDRs as a replacement?
Quote from: Iptuous on October 06, 2009, 10:40:00 PM
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
up to 1042.... new all-time high in nominal dollars.
Ah yes. Nothing is more dependable than humankind's irrational love for shiny things...
Quote from: Prelate Diogenes Shandor on October 08, 2009, 01:19:47 AM
Quote from: Iptuous on October 06, 2009, 10:40:00 PM
Markets have reacted as if true, it seems....
dollar crapout.
my gold is shining though :wink:
up to 1042.... new all-time high in nominal dollars.
Ah yes. Nothing is more dependable than humankind's irrational love for shiny things...
The
really funny thing about that is that it's true.
Quote from: Iptuous on October 07, 2009, 10:53:31 PM
Cain, have you found any follow up on this story?
I'm assuming that they would be discussing the use of SDRs as a replacement?
All I've seen so far is a lot of people flapping their hands and claiming nothing is happening. Quite vehemently, I might add, which makes me doubt their sincerity, but its hard to say what is going on. I haven't heard one way or the other about SDR's, but since they involve the dollar and sterling, but don't involve many important secondary currencies, I think it unlikely.
Unless, of course, the composition of SDRs are somehow changed in the near future to take into account these factors. One sign would be trying to draw in a nation with large platinum and gold reserves to join this club - if the club named by Fisk exists at all. The majority of those nations don't have reserves to match the USA, and my guess is that at the very least, they'd try to reconfigure SDR's to include the Yuan and bring in a gold rich nation, possibly from Africa, where China has political and economic clout.
Quote from: Cain on October 08, 2009, 08:27:51 AM
All I've seen so far is a lot of people flapping their hands and claiming nothing is happening. Quite vehemently, I might add, which makes me doubt their sincerity, but its hard to say what is going on. I haven't heard one way or the other about SDR's, but since they involve the dollar and sterling, but don't involve many important secondary currencies, I think it unlikely.
Unless, of course, the composition of SDRs are somehow changed in the near future to take into account these factors. One sign would be trying to draw in a nation with large platinum and gold reserves to join this club - if the club named by Fisk exists at all. The majority of those nations don't have reserves to match the USA, and my guess is that at the very least, they'd try to reconfigure SDR's to include the Yuan and bring in a gold rich nation, possibly from Africa, where China has political and economic clout.
the composition of SDRs certainly isnt fixed and if us/uk trade craps out, their currencies would (theoretically) be reduced concomitantly. as far as large monetary metal holders goes, both China and Russia have been buying like mad for several years. (with china now having state sponsored advertisements to encourage private ownership, and state issued silver bars available. a hell of a turn around since it wasn't that long ago illegal to do such over there...)
btw, did you know that us customs forms now have declaration denominated in either dollars
or SDRs?!
http://www.isdntek.com/postalcustoms.htm
i didn't know that...
All of my savings are in US Dollars, and I want to diversify. I've been trying to open a Euro-denominated investment account, but due to complex reporting requirements from the IRS, the SEC, and the Patriot Act, I'm having a devil of a time finding a European institution willing to deal with a small investor like me. I don't understand how our government is able to dictate reporting requirements to European financial institutions, but there you have it.
As far as I can tell, the only thing available to me are dollar-denominated funds that invest in European securities.
i wanted to try that myself a few years ago but never found one, i think the us gov doesn't want its citizens to have money in foreign currency bank accounts...
if you find an easy way i would like to hear about it..
I found several banks in Luxembourg that allow one to open an account online from anywhere in the world -- anywhere except the US, that is.
you could probably arrange something on a trip abroad with a friend or relative providing an address, not sure about how legal it is though