Posted on 12/11/2006 4:15:34 PM PST by FARS
Thank you for the ping.
I will ask my husband to explain this to me. :)
http://www.garnertedarmstrong.ws/Mark_Wordfroms/manews0019-news_stories.shtml
Russia to price oil in euros in snub to US
By Ambrose Evans-Pritchard in Brussels (Filed: 10/10/2003)
"Russia is to start pricing its huge oil and gas exports in euros instead of dollars as part of a strategic shift to forge closer ties with the European Union. The Russian central bank has been amassing euros since early 2002, increasing the euro share of its $65 billion (£40 billion) foreign reserves from 10pc to more than 25pc, according to the finance ministry... A switch to euro invoicing would not affect the long-term price of oil but it could encourage Middle Eastern exporters to follow suit and have a powerful effect on market psychology at a time when the dollar is already under intense pressure. Russia boasts the world's biggest natural gas reserves and is the number two oil exporter after Saudi Arabia."
another one from yesteryear:
http://batr.org/view/040403.html
The Petro-Dollar and the EURO
SARTRE - April 4, 2003
BATR News
"The effect of an OPEC switch to the euro would be that oil-consuming nations would have to flush dollars out of their (central bank) reserve funds and replace these with euros. The dollar would crash anywhere from 20-40% in value and the consequences would be those one could expect from any currency collapse and massive inflation (think Argentina currency crisis, for example). You'd have foreign funds stream out of the U.S. stock markets and dollar denominated assets, there'd surely be a run on the banks much like the 1930s, the current account deficit would become unserviceable, the budget deficit would go into default, and so on. Your basic 3rd world economic crisis scenario."
Thanks for the salient "aftershocks" you posted. Alan Peters was saying all this back in 2000 but did not have a website, so it was posted at scattered locations he cannot find.
What you have posted is another back up of his (and my) conviction that we went into Iraq to prevent Russia doing the anti-USA Euro gambit together with Saddam Hussein as was the plan. Yes, it was for oil, but not selfishly for the oil companies but to save you and me and our nation from the disaster the unlinkinig of the dollar from oil will/would bring.
Only Bush and Cheney were oil men enough to understand what the USA would face. Now with Ahmadi-Nejad in the mix since August of 2005, it is what the whole world, not just us, are facing and appear to be hurtling headlong into.
Quite a number of Christian prophetic types have been forecasting a huge depression to make the 20's and 30's look like a Sunday School picnic. I hope this isn't the beginning of that but I wouldn't want to bet that it isn't.
Brought to us, of course, by the same globalist puppet masters who brought us higher gas prices and long lines at the gasoline pumps so they could arbitrarily enrich the Arab coffers . . . setting the stage for the fun and games we now have on the world stage.
God alone is our refuge. God alone will be our adequate provision . . . who prepares a table, a banquet for us in the presence of our enemies. Should be interesting.
Maybe some will be fed by ravens and some by oil and flour that never runs out.
I agree wholeheartedly.
Oil prices poised to drop sharply, energy consultant says-(1.15/gal)
contracostatimes | Wed, Sep. 13, 2006 | Kevin G. Hall
Posted on 09/13/2006 9:56:52 PM EDT by Flavius
http://www.freerepublic.com/focus/f-news/1701085/posts
Really, Really Cheap Oil
Forbes.com | Christopher Helman
Posted on 10/11/2006 12:39:13 PM EDT by BenLurkin
http://www.freerepublic.com/focus/news/1717525/posts
How fast is M2 growing?
The dollar dropped 10% on what day? Against what currency?
You expect me to remember exact details a year after the fact? I remembr the gist of what happened because it was so astonishing.
What difference does it make in the analysis you are trying to make in your mind?
If I remember correctly it was not against any specific currency but in value against all currencies in general.
Loss of dollar value is not dependent on a single opposing money like the Euro, it is how it relates to a basket of currencies.
Thanks for the ping!
For a 10% drop, yes.
I remembr the gist of what happened because it was so astonishing.
You remember the gist, you misremember the magnitude.
What difference does it make in the analysis you are trying to make in your mind?
A 10% drop would have had world shaking ramifications. I'd have remembered a 10% drop. I don't. Apparently, you don't either.
If I remember correctly it was not against any specific currency but in value against all currencies in general.
If that were the case, there would be some chart that showed the drop. I haven't seen one. Have you?
Come on, 1%, 3%, 10%, what's the difference? You can't expect him to remember every little thing.
Tongue in cheek comment: unless you are God and are omniscient and omnipotent and see everything, everywhere, everytime - at all times, then you clearly missed it.
Sorry, old chap, your not seeing it does not mean it was not so. In fact it WAS so. Alan Peters wrote it up at the time and it is part of one of his articles on http://www.antimullah.com if you wish to do a search and find it.
Be well.
Sorry, old chap, your saying it happened does not mean it did.
Please note the 50 bucks would be an outright sell off - as I emphasised - by a Central Bank diversifying foreign exchange holdings, not a trade. Not earth shakingbut enough to prime the pump for follow up by other Central Banks.
Has nothing to do with currency preferences. That's trading not what is being looked at here.
Misleading headline.
The accurate headline is "OPEC reduces dollar INVESTIMENTS."
The yellow journalism fake headline implies the dollar is not the reserve currency any more.
SHAME ON NEWSMAX.
Not if it accomplishes our demise. Which is really, demonstrably, what the Communists want. Since they are communist, they can always survive a Great Depression.
We can't. And this generation won't have a clue how to survive one.
It's more likely to accomplish their demise.
As Clint Eastwood said "Make my day."
The Chinese are learning a lot about capitalism, but they have a lot to learn, too, and I suspect that this is a lesson they are going to learn the hard way.
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