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.
“We will run these huge deficits as long as we allow the politicians to buy votes with monies out of the public treasury. There is no ore addictive substance in any self governing system than that of politicians pushing the financial opiate of O.P.M. (Other Peoples Money) on the electorate”
To do that, we would need to elect a government that follows the Constitution, which even most people on this board are not willing to do.
“Ding ding ding... we have a winner.
And lets also add in an American population that went from being very fearful of debt, to thinking it is their ticket to prosperity. And a banking system that stopped lending based upon the prospects of getting paid in full at some future date.”
Just this week I talked to someone that told me I was stupid for paying off my home. I could earn more in the market, he said I speculate in commodities for a living, so I know that returns in the market are no guarantee, I’d rather have no debt so I can afford to speculate.
What I meant is the the SMR process is a transitional process to go to hydrogen. In other words, we can start producing hydrogen and build hydrogen cars sooner, while at the same time ramping up the electrical grid to produce more electricity (to produce hydrogen) or other ways to produce hydrogen.
A number of problems can be solved if the energy is available -- if we had the hydrogen to fuel cars, we could switch to that.
We could also try to speed up research on Breeder Reactors. On they more promising than current reactors?
We have huge coal reserves. Just build cleaner coal fired electrical plants.
Also, there is a need for either desalination or a way to get water from one part of the country to another. The drought in the Southeast may become critical in the next year, for example.
It has been a long time since the United States invested in its infrastructure -- Interstate Highways were built from the 1950s into the late 1960s (though some might have been completed about 1975 or later).
It has been decades since there has been any investment in the rail system.
California is the only state to put significant resources into aquaducts and other water transportation systems...
It is a solid. So getting huge quantities out of the ground maybe a problem.
Additionally, ice methane, in a natural gas or oil field may cause catastropic results if someone tries to extract it.
“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.”
This switch occurred years ago. The Euro pricing of OPEC crude is a fact, and has been for quite a while. Hmm, I posted here somewhere, can’t find it right now. I’ll keep looking.
Meanwhile, a quick look back, four years’ worth:
EU upset because US upset plans
to replace dollar with euro in oil trade (anti-dollar alert)
EV World | march 6, 2003 | W. Clark
Posted on 03/18/2003 2:20:57 AM EST by longtermmemmory
http://www.freerepublic.com/focus/f-news/867427/posts
German Sources Say Russia Might Price Its Oil in Euros
themoscowtimes.com | Thursday, Oct. 9, 2003 | staff
Posted on 10/08/2003 8:00:39 PM EDT by zacyak
http://www.freerepublic.com/focus/f-news/997747/posts
Putin: Why Not Price Oil in Euros?
moscow times | Oct. 10, 2003 | Catherine Belton
Posted on 10/11/2003 1:01:54 AM EDT by zacyak
http://www.freerepublic.com/focus/f-news/999266/posts
US Dollar plunge could lead to full-blown financial crisis
The Straits Times | 01.17.04 | William Choong
Posted on 01/18/2004 3:45:18 PM EST by Beck_isright
http://www.freerepublic.com/focus/f-news/1060474/posts
OPEC considers ditching the dollar
Business Report | 9/10/04 (Asia)
Posted on 02/09/2004 5:28:19 PM EST by Rams82
http://www.freerepublic.com/focus/f-news/1074714/posts
OPEC signals it wants high oil prices
Sify | Sunday, 27 February , 2005,
Posted on 02/27/2005 5:55:34 AM EST by M. Espinola
http://www.freerepublic.com/focus/f-news/1352006/posts
Iranian Alert - August 26, 2005 -
Heads Up!! The worst is about to happen
Regime Change Iran | 8.26.2005 | DoctorZin
Posted on 08/27/2005 3:43:32 PM EDT by DoctorZIn
http://www.freerepublic.com/focus/f-news/1471959/posts
Iran to replace dollar with euro in foreign deals
Breitbart.com | December 18, 2006
Posted on 12/18/2006 3:44:29 PM EST by TheTruthAintPretty
http://www.freerepublic.com/focus/f-news/1755344/posts
Venezuela may follow Iran on euro oil sales
rte | 12/24/06 | rte
Posted on 12/24/2006 7:38:20 AM EST by Flavius
http://www.freerepublic.com/focus/f-news/1758013/posts
Falling Dollar Puts Pressure on OPEC
Financial Times | July 23 2007 | Javier Blas
Posted on 07/23/2007 7:51:51 PM EDT by kellynla
http://www.freerepublic.com/focus/f-news/1870497/posts
Slippery Slope [$60 oil?]
Forbes | 11/3/2007 | Daniel Fisher
Posted on 11/03/2007 6:54:36 PM EDT by bruinbirdman
http://www.freerepublic.com/focus/f-news/1920613/posts
Oil Drops on Surprise Inventory Jump
(”There’s plenty of crude”)
YeeHow!/ApeHee | Thursday November 15, 2:04 pm ET
By John Wilen, AP Business Writer
Posted on 11/15/2007 3:12:06 PM EST by rightinthemiddle
http://www.freerepublic.com/focus/f-news/1926310/posts
his name is Soros....and probably that great middle American Buffet..
from Pitchfork Pat, three years apart:
Goodbye, Dollar - and Empire
The American Conservative | November 2004 | Pat Buchanan
Posted on 11/13/2004 2:40:59 PM EST by RedOhio
http://www.freerepublic.com/focus/f-news/1279227/posts
Sinking Currency, Sinking Country
World Net Daily | 11/02/07 | Pat Buchanan
Posted on 11/02/2007 8:23:12 AM EDT by Thorin
http://www.freerepublic.com/focus/f-news/1919962/posts
Time to boycott Iran
Yedioth Internet | 12-16-05 | Guy Bechor
Posted on 12/16/2005 4:51:35 AM EST by M. Espinola
http://www.freerepublic.com/focus/news/1541586/posts
Iran bank chief warns Ahmadinejad on money supply
Iran Focus | November 1 2007 | AFP
Posted on 11/01/2007 6:48:33 PM EDT by knighthawk
http://www.freerepublic.com/focus/f-news/1919744/posts
Here’s something which will help Iran — after all, Iran has to import most of its gasoline...
Oil Prices Drop on Demand Forecast
AyPee/YeeHoo! | Tuesday November 13, 12:25 pm ET
John Wilen, AP Business Writer
Posted on 11/13/2007 1:56:53 PM EST by rightinthemiddle
http://www.freerepublic.com/focus/f-news/1925171/posts
from almost a year ago:
Saudi king cancels planned 25% fuel price rise
(even oil countries are paying high gas prices)
bahrain | December 24, 2006 | reutuers
Posted on 12/24/2006 10:45:45 AM EST by Flavius
http://www.freerepublic.com/focus/f-news/1758066/posts
[snip] Saudi Arabia cancelled yesterday a planned 25 per cent rise in regular petrol prices on King Abdullah’s orders, a move seen as aimed at alleviating the impact of rising inflation and following a stock market crash... In April, the king also issued a decree slashing petrol and diesel prices by around 30 per cent in the world’s largest oil exporter. The move came during the stock market crash which wiped out more than half the value of the biggest Arab bourse and hit large numbers of small investors. SPA said the price of 95-octane petrol would remain at 0.60 riyal ($0.16) per litre, and would not be raised to 0.75 riyal as earlier announced by state oil company Aramco which planned to introduce the increase on Jan. 1. The new 91-octane petrol would be sold at 0.45 riyal per litre, instead of the earlier announced 0.60 riyal, SPA said. The Shura Council voted earlier this month against the price rise, a member of the consultative body said. [end]
Ever begin to wonder if one of the signs of the End Times will be constant iteration of the same doom and gloom predictions for years on end? Heh...
Dumping of US dollar could trigger ‘economic September 11’
The Australian | August 29, 2005
Posted on 08/31/2005 3:38:24 AM EDT by Travis McGee
http://www.freerepublic.com/focus/f-news/1473921/posts
UAE Turns Back on Dollar in Foreign Reserves Shake-up
Telegraph.uk | 3/14/2006 | Ambrose Evans-Pritchard
Posted on 03/18/2006 7:01:21 AM EST by ex-Texan
http://www.freerepublic.com/focus/f-news/1598648/posts
[snip] The United Arab Emirates is planning to switch 10pc of its foreign reserves from dollars to euros in the first sign of fall-out from Washington’s snub to Dubai Ports World last week... [end]
Dangers in a Dollar on the Edge
Washington Post | 12/08/06 | Robert J. Samuelson
Posted on 12/08/2006 7:08:32 AM EST by TigerLikesRooster
http://www.freerepublic.com/focus/f-news/1750333/posts
Dollar’s double blow from Vietnam and Qatar
Telegraph (UK) | 12:12am BST 04/10/2007 | By Ambrose Evans-Pritchard
Posted on 10/03/2007 10:09:00 PM EDT by DeaconBenjamin
http://www.freerepublic.com/focus/f-news/1906271/posts
The Death Of The Dollar ...
(Global anti-Americanism is a sign of sophistication)
The Global Guru | Nov 14, 2007 | Nicholas Vardy
Posted on 11/14/2007 11:50:39 AM EST by IrishMike
http://www.freerepublic.com/focus/f-news/1925654/posts
bttt
oh, btw, China is going to destroy the US dollar. Watch for it.
A China Trade Primer (The Sky Isn’t Falling! The Sky Isn’t Falling!)
WSJ.com | 8/19/03 | Wall Street Journal
Posted on 08/19/2003 7:02:40 AM EDT by Texas_Dawg
Edited on 04/23/2004 2:49:41 AM EDT by Jim Robinson
http://www.freerepublic.com/focus/f-news/966499/posts
Asian debt withdrawal threat to US deficit
Financial Times UK | 09-07-03
Posted on 09/07/2003 7:14:26 PM EDT by Brian S
http://www.freerepublic.com/focus/f-news/977792/posts
Will China Lead A Stampede Out Of The US Dollar?
(Very informative charts!)
FinacialSense | November 29, 2006 | Gary Dorsch
Posted on 11/29/2006 8:30:58 PM EST by GodGunsGuts
http://www.freerepublic.com/focus/f-news/1746128/posts
U.S. Dollar Facing Imminent Collapse?
(Paulsen, Bernanke head to China with hats in hand...)
World Net Daily | December 10, 2006 | Jerome R. Corsi
Posted on 12/11/2006 10:14:32 AM EST by kellynla
http://www.freerepublic.com/focus/f-news/1751682/posts
China Says Major Shift on Dollar Policy Coming
MoneyNews.com email (Newsmax) | January 22, 2007 | John Browne
Posted on 01/23/2007 12:18:46 PM EST by Tolerance Sucks Rocks
http://www.freerepublic.com/focus/f-news/1772305/posts
China forming company to invest huge reserves
(reducing U.S. treasury bond holdings?)
China Daily | 03/10/07
Posted on 03/10/2007 3:20:26 AM EST by TigerLikesRooster
http://www.freerepublic.com/focus/f-news/1798492/posts
How China Could Crash the US Dollar on a Whim
Currency Trading.net | October 15th, 2007 | Adam Kritzer
Posted on 10/17/2007 6:02:52 PM EDT by Navydog
http://www.freerepublic.com/focus/f-news/1912688/posts
Here is some interesting trivia about China
Seeking Alpha.com | 31 October 2007 | Staff
Posted on 11/04/2007 5:02:22 PM EST by shrinkermd
http://www.freerepublic.com/focus/f-news/1920908/posts
Dollar falls to record low versus euro on China report in Asian trading
AP | November 7, 2007 | staff
Posted on 11/07/2007 7:26:23 AM EST by DeaconBenjamin
http://www.freerepublic.com/focus/f-news/1922164/posts
Risk of securities fire sale mounts
The Financial Times | 11/6/2007
David Wighton, Saskia Scholtes and Gillian Tett
Posted on 11/07/2007 4:58:52 AM EST by bruinbirdman
http://www.freerepublic.com/focus/f-news/1922128/posts
Dump the Dollar, China State TV Tells Viewers
CNBC | Nov. 16, 2007 | CNBC
Posted on 11/16/2007 4:57:35 PM EST by republicpictures
http://www.freerepublic.com/focus/f-news/1926898/posts
Dollar at mercy of central banks
Financial Times | 1/24/05 | Chris Giles
Posted on 01/24/2005 10:24:45 AM EST by 1LongTimeLurker
http://www.freerepublic.com/focus/f-news/1327239/posts
Talk in Japan Shakes Dollar and Treasuries (Japan to shift out of dollars)
nytimes.com | March 11, 2005 | JONATHAN FUERBRINGER
Posted on 03/11/2005 1:44:54 AM EST by Destro
http://www.freerepublic.com/focus/f-news/1360579/posts
Fears Of Dollar Collapse As Saudis Take Fright
The Telegraph (UK) | 9-19-2007 | Ambrose Evans-Pritchard
Posted on 09/19/2007 4:43:56 PM EDT by blam
http://www.freerepublic.com/focus/f-news/1899155/posts
Is China Quietly Dumping US Treasuries?
The Telegraph (UK) | 9-5-2007 | Ambrose Evans-Pritchard
Posted on 09/05/2007 4:34:50 PM EDT by blam
http://www.freerepublic.com/focus/f-news/1891633/posts
China Freezes Oil And Some Other Commodities
Reuters | 19 September 2007 | Staff
Posted on 09/19/2007 7:19:16 PM EDT by shrinkermd
http://www.freerepublic.com/focus/f-news/1899216/posts
7 Countries Considering Abandoning the US Dollar (and what it means)
CurrencyTrading.Net | November 6, 2007 | Jessica Hupp
Posted on 11/07/2007 9:11:54 AM EST by america4vr
http://www.freerepublic.com/focus/f-news/1922213/posts
[snip] 1. Saudi Arabia: The Telegraph reports that for the first time, Saudi Arabia has refused to cut interest rates along with the US Federal Reserve. This is seen as a signal that a break from the dollar currency peg is imminent... Saudi Arabia alone has management of $800 billion. Experts fear that a break from the dollar in Saudi Arabia could set off a “stampede” from the dollar in the Middle East, a region that manages $3,500 billion. [end]
Brilliant, MUST READ! The Poisoned Well of Arab Oil
The New York Times | October 17, 2003 | Fouad Ajami
Posted on 10/17/2003 11:35:58 AM EDT by the_greatest_country_ever
http://www.freerepublic.com/focus/f-news/1003008/posts
Analysis: Mideast oil will be more important
COMTEX | Feb 17, 2005 | Martin Sieff, UPI Senior News Analyst
Posted on 02/18/2005 2:11:43 AM EST by M. Espinola
http://www.freerepublic.com/focus/f-news/1345821/posts
Unmentioned Energy Fix: A 55 M.P.H. Speed Limit
The New York Times | May 1, 2005 | Jad Mouawad and Simon Romero
Posted on 05/01/2005 9:19:00 AM EDT by MississippiMasterpiece
http://www.freerepublic.com/focus/f-news/1394648/posts
Surging Diesel Demand A Factor In US Refinery Plans
Dow Jones Newswires via CattleNetwork.com | 3/19/2007 | Beth Heinsohn
Posted on 03/19/2007 6:22:41 PM EDT by thackney
Edited on 03/19/2007 6:41:43 PM EDT by Admin Moderator
http://www.freerepublic.com/focus/f-news/1803420/posts
Big Oil vs. Little Scooter (Reinhard)
The Oregonian | June 10, 2007 | David Reinhard
Posted on 06/10/2007 12:49:18 PM EDT by jazusamo
http://www.freerepublic.com/focus/f-news/1847939/posts
guffaw.
Shadow Government of The United States and the Decline of America
Source: InfoKill Datafeed
Published: November 12, 1998 Author: Unknown
Posted on 10/01/1999 22:07:00 PDT by Uncle Bill
http://www.freerepublic.com/forum/a37f592f42625.htm
The most devastating move will be when Iran — with whom we have little or no trade, due to sanctions etc — destroys the US economy by pricing its crude in Euros.
Preparatory measures taken to sell oil in euros
MEHR NEWS | Dec 2, 2005 | MEHR News
Posted on 12/04/2005 8:48:01 AM EST by RaceBannon
Edited on 12/04/2005 10:15:55 AM EST by Admin Moderator
http://www.freerepublic.com/focus/f-news/1533723/posts
Oil question
03/02/2006 | chuckles
Posted on 03/02/2006 3:14:39 AM EST by chuckles
http://www.freerepublic.com/focus/f-news/1588350/posts
Iran: Euro to replace dollar as oil currency
Middle East Forex
Posted on 05/10/2006 11:26:30 AM EDT by Grendel9
http://www.freerepublic.com/focus/f-news/1629845/posts
Iran replaces dollar with euro in most oil dealings
mehr | 2006/12/06 | mehr
Posted on 12/06/2006 3:58:58 AM EST by Flavius
http://www.freerepublic.com/focus/f-news/1749143/posts
Iran Switching From Dollars To Euros For Reserve Currency
AFP via translation | December 18, 2006
Posted on 12/18/2006 3:39:15 AM EST by HAL9000
http://www.freerepublic.com/focus/f-news/1755088/posts
Iran Slashes Oil Transactions in Dollars
Al Sharq al Awsat via Laura Mansfield | October 2, 2007
Posted on 10/02/2007 10:14:16 AM EDT by Calpernia
http://www.freerepublic.com/focus/f-news/1905346/posts
Russia ends de facto dollar peg and moves to align rouble with euro
ft.com | February 5 2005 02:00 | Steve Johnson
Posted on 02/05/2005 2:06:52 PM EST by Destro
http://www.freerepublic.com/focus/f-news/1336767/posts
Putin: Why Not Price Oil in Euros?:
Catostrophe for the US? The REAL reason we went to war?
Global Policy Forum | October 10, 2003 | By Catherine Belton
Posted on 05/15/2005 8:14:47 AM EDT by RaceBannon
http://www.freerepublic.com/focus/f-news/1403491/posts
The Shadow War: Euro vs. Dollar
The Hindu | April 22, 2003 | N.S. RAJARAM
Posted on 09/18/2003 4:07:36 AM EDT by KMAJ2
http://www.freerepublic.com/focus/f-news/984746/posts
US Dollar Takes a Pounding over Deficit
MSNBC | 5/12/06 | Steve Johnson & John Authers
Posted on 05/13/2006 3:52:27 AM EDT by wotan
http://www.freerepublic.com/focus/f-news/1631558/posts
Coming Week: Dollar Drama
thestreet.com | 9/23/2007 | Liz Rappaport
Posted on 09/23/2007 2:01:25 PM EDT by oblomov
http://www.freerepublic.com/focus/f-news/1901045/posts
US Will Retake Economic Superpower Crown
Telegraph UK | Ambrose Evans-Pritchard
Posted on 11/13/2007 10:48:43 AM EST by madvlad
http://www.freerepublic.com/focus/f-news/1925075/posts
[from Ron Paul]
The End of Dollar Hegemony
Ron Paul’s Speeches and Statements | February 15, 2006 | Ron Paul R-TX
Posted on 02/17/2006 10:28:59 AM EST by Irontank
http://www.freerepublic.com/focus/f-news/1580468/posts
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