Posted on 11/17/2007 3:16:53 AM PST by SkyPilot
The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned.
Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference.
In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries. "There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for Opec."
After around 40 minutes press officials cut off the feed, which had been accidentally broadcast to the press room.
Prince Al-Faisal added: "This is not new. We have done this in the past: decide to study something without putting down on paper that we are going to study it so that we avoid any implication that will bring adverse effects on our countries' finances."
Iran and Venezuela have argued that the meeting's final communique should voice concern about the level of the dollar, which has recently fallen to new record lows against the euro. They are pushing for oil to be denominated against a basket of currencies.
The greenback also weakened slightly against the pound, although sterling's own recent weakness has pushed it down from $2.10 to $2.0457 during the week.
Nigerian finance minister Shamsuddeen Usman said that Opec could declare in the communique that: "While underlining our concern for the continued depreciation of the dollar and its adverse impact on our revenues, we instruct our finance ministers to study the issue exhaustively and advise us on ways to safeguard the purchasing power of our revenues, of our members' revenues."
Chancellor Alistair Darling will today urge his fellow finance ministers at a major G20 summit to increase investment in oil production and refinement.
The weak dollar will at least allow U.S. countries to open up more markets overseas. Even as the dollar rises, U.S. companies will be selling more than before.
Bttt
What they REALLY hate is the slightest diversion of the Yankee Dollar away from their Socialistic Pograms and toward stamping out their buddys that praise moongod allah, er whatever his name is and thrill to kill unarmed civilians in sneak attacks in civilian planes!!!
The liberals are already owned. They sold their collective souls long ago.
Count me as hilariously happy as well.
The Amero would not survive any better than the Dollar.
Maybe postpone the inevitable for a few weeks or months while chaos ensued. End result - it crashes like every other currency.
The Saudi open mike comment may come up occasionally but it stands closer to reality with the current situation than at any time before we went into Iraq to prevent EXACTLY just this happening.
:’)
America’s Trade Debts Lead to a Likely Gold Confiscation
GoldSeek.com | 2 December 2007 | Lawrence Patterson
Posted on 12/04/2007 11:14:34 PM EST by E. Pluribus Unum
http://www.freerepublic.com/focus/f-news/1934874/posts
The only thing we have to fear is fear-mongering (No Oil Shortage)
The Republican-American.com | December 3, 2007 | Gene Guilford
Posted on 12/03/2007 4:25:18 PM EST by Man50D
http://www.freerepublic.com/focus/f-news/1934124/posts
Bioethanol Boondoggle - Political viability is more important than commercial viability
Reason | December 4, 2007 | Ronald Bailey
Posted on 12/04/2007 8:46:54 PM EST by neverdem
http://www.freerepublic.com/focus/f-news/1934805/posts
D.C. Tax Scandal At $44.3 Million, Analysis Finds (Largest Corruption Scandal in DC History)
The Washington Post | December 2, 2007 | Carol D. Leonnig and Dan Keating
Posted on 12/05/2007 12:10:24 AM EST by khnyny
http://www.freerepublic.com/focus/f-news/1934883/posts
;’) The question is, does our civilization exist right now? :’D
Not here they read what they want into it.
Stopping the Economic Time Bomb
All Right Magazine | 2007-11-23 | By MICHAEL JAY DEAN
Posted on 11/23/2007 9:10:20 PM EST by upsdriver
http://www.freerepublic.com/focus/f-bloggers/1929812/posts
Protectionist Rhetoric Will Accelerate the Dollar’s Slide
Ludwig von Mises Institute | 11/20/2007 | David Leo Veksler
Posted on 11/29/2007 10:11:00 PM EST by LowCountryJoe
http://www.freerepublic.com/focus/f-news/1932592/posts
Stocks Jump As Rate Cut Hopes Increase
(Dow up 335, NASD up 80)
AP?YodleWho! | Wednesday November 28, 2:57 pm ET
By Madlen Read, AP Business Writer
Posted on 11/28/2007 3:14:44 PM EST by rightinthemiddle
http://www.freerepublic.com/focus/f-news/1931860/posts
NTSA of the day:
Iran Stops Selling Oil in Dollars
worldnetdaily.com | December 8, 2007 | Jerome R. Corsi
Posted on 12/09/2007 5:17:23 PM EST by kellynla
http://www.freerepublic.com/focus/f-news/1937098/posts
Oil Min: Iran Has Halted Oil Transactions In Dollars -AFP
nasdaq.com | 12-08-07 0440ET | staff
Posted on 12/10/2007 11:46:25 AM EST by kellynla
http://www.freerepublic.com/focus/f-news/1937410/posts
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