The Demise Of The Dollar:Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
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.
Source: The Independent
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We all knew this was going to happen sooner or later. It looks like it might be sooner!
If “they” pull this off it’ll spell major major trouble for America, the UK and, in the end, all the western economies.
The world doesn’t need even more instability, ouch!
On the bright side, perhaps we’ll start making things again.