Arab States launch secret move to stop using dollar for oil trading

Drudge ^

[DonaldC]

So imports become insanely expensive. Will this bring jobs back?

[omega4179]

Why do you think we get to screw our allies with worthless dollars?

[Parmenio]

A currency can be the world’s reserve currency while not being the currency in which oil is priced. The biggest example of this is sterling before World War 2. The dollar has always been the world’s oil pricing currency, even when it was not the reserve currency.

[TheRiverNile]

The sky is falling!

Only if there is a severe and immediate plan to get off the dollar. If this is a 20-year scheme or a gradual plan to get out of petrodollars, the impact will be much less and not create a huge panic.

[Liberty Tree Surgeon]

You may have seen an advertisement. There is no such item on Drudge at the moment.

[Dallas59]

Wonderful news! Now the US will pay for decades of abuse! The Rich will leave the US and we will become a workers paradise! Now if only there was a country that could prevent WWIII from taking place....

[dragnet2]

Is Saudia Arabia one of the arab states? If so, why do many FReepers here still believe it’s an ally?

Are you kidding?

Half the people here think Communist China is our ally.

[Liberty Tree Surgeon]

Scratch that! I see it now.

[DonaldC]

It is at the very top.

[Freddd]

Just what Obama wanted.....

[TheRiverNile]

So imports become insanely expensive. Will this bring jobs back?

It would except basic staples our owned by multinationals who will sell to the highest bidder.

Take food, for example. Back in the '50s, there were tons of small farmers. Now, big agribusiness owns most of the land and they will sell to the highest bidder (if you think they are ruthless).

If that happens, America becomes more of a wasteland than anything else with the few jobs in existence being those that outsource our resources.

I'm certainly not predicting that will happen, but you can see the danger in letting big business marry big government. Nothing can be taken off the table completely.

[Parmenio]

I’m not sure that oil trading “soaks up” that many dollars. They are rolled over very quickly into other transactions. It’s not like they’re sitting under some Arab sheik’s mattress.

[Las Vegas Ron]

ARAB STATES LAUNCH SECRET MOVES WITH CHINA, RUSSIA, FRANCE TO STOP USING DOLLAR FOR OIL TRADING... DEVELOPING...

It's there, go look again

[Las Vegas Ron]

Scratch that!

Ditto my last post to you

[dragnet2]

If this is true expect to pay $20 for a loaf of bread

I guess that'll mean a new quality pickup truck will go for $165,000 instead of $50,000.

lol...With little or no pay raises like the past 10 years, that means nobody will be buying anything...

[XenaLee]

Well, let’s see now. If we didn’t have a commie Muslim Saudi-king-bowing traitor in the WH, we could immediately announce the open drilling offshore, in ANWAR and all other places in the US that have oil. That would flood the market with US oil cheaper than arab oil. That would back the SOBs off real quick.

Unfortunately, that bow to the king was Zero’s sign that he’s in compliance with the foreign takeover and destruction of the US of A.

How’s that hopey changey thingey workin for ya now, idiot lefties???

[dragnet2]

It should be interesting exchanging canned food this Christmas...

I prefer Chef Boyardee...I'll jump over 20 cases of spam for their ravioli...

[XenaLee]

That also translates into an even “”Greater”” Depression. Maybe even....the “GreatEST Depression Ever.

[La.daddyrabbit]

Not sure if it’s true, but I have read some plausible information about dollar dominance and it’s status as a reserve currency worldwide due to oil price traded in dollars. Iran has been threatening to establish an oil trading bourse for years. They may be behind this as well.
Having petro traded in another unit of currency would drastically devalue the dollar, according to the article.

[autumnraine]

Check again, it’s in red.