Oil to be Priced In Currency Outside the Dollar

Commodity News Center ^ | 10/20/09 | Julian Phillips

[h20skier66]

China, Russia, Japan & France are working with oil producers in the Middle East to permit currencies other than the U.S. $ to be used to pay for oil. This basket of currencies will include the Japanese Yen, the Chinese Yuan, and the €. It is reported in leading U.K. newspapers that this payment may be in a ‘new' currency that is made up of these currencies. It is also reported that a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar would form part of this ‘basket' While we wait for confirmation from the countries involved, the news is in the market place and affecting gold strongly now. The most likely candidate for the ‘new' money is the old Special Drawing Right of the International Monetary Fund. With the Chinese Yuan heading for one of the component parts of the Special Drawing Right in its next review by the I.M.F., the move would also incorporate the U.S. $, but break the link between oil and the $ a feature of the monetary world that has persisted for around 40 years now."

Russia and Saudi Arabia have denied this news already and it is likely that if there is any truth to the story it will not be publicized this way. However, it remains expected by the market eventually and because of this the gold price is moving through overhead resistance! It is as if to say we expect it, so it is time to discount it now!

Once proved true and if true now, the era of uncertainty and monetary instability will be exacerbated by this break, taking the $'s prime support away from it and exposing it to the criteria that measures all other global currencies.

[NonValueAdded]

Is that why gasoline is up 15 cents / gal in the last week? BOHICA

[La Lydia]

Thanks Obama.

[Freedom_Is_Not_Free]

The chickens are coming home to roost as fraud and government mismanagement finally kill the goose that laid the golden eggs. We had a good run for a long time. Too bad it has to end. Massive condemnation upon those destroying our once fine and noble nation financially, morally and culturally.

[BP2]

If true ...

... whose watch did it happen under and who did NOTHING to stop it from happening?

[gathersnomoss]

Who is Barry Sorento, The Marxist!

[ClearCase_guy]

Darn that Bush!

[USFRIENDINVICTORIA]

If this had happened under Bush’s watch; the MSM would be screaming about what a huge blow it was to the U.S. economy (including the long term), and prestige.

And, they’d be right.

Expect silence.

[Cyclone59]

Drill here, drill now! That is the only way to wean ourselves off the “saudi teat of oil”. Use of our own oil would hit them in the right spot and harder than expected. Their oil price would plummet, then we could swoop in and buy a ton of it, then stop when it got too expensive - repeat as often as neccessary.

[ex-Texan]

Look for pump prices to hit $ 4.50 per gallon soon in state like Californicated.

If Iran keeps threatening Israel -- and Syria, in fact, delivers Scuds to Hezbollah -- there will be a real war in the Middle East. We could see fighting and $ 10 pump prices by this time next year. All bets are off if that happens. Obama wants to cut back on border security. With all the illegal invaders walking over our borders, I expect major terror attacks in the US by 2010.

Steve Quayle posted a red alert last week. Serious Times are upon us. Zero Obama wants to abrogate the US Constitution for a World Communist Government. Insanity prevails in D.C. And he will sign the Bovine Squat 'Global Warming Treaty' in December. Even though temperatures have been falling for over ten years.

'Nuff said here on FR . . .

[thinking]

As the Q-Files crew has warned previously on air and in various alerts and Hawk Talon reports on this web site, there exists a strong probability of Dollar collapse, market lock-ups, and potential for Bank Holidays based upon numerous other Financial, Economic, and Intelligence prognosticators such as Harry Schultz, Gerald Celente, Bob Chapman, Jim Sinclair, the Web Bots of Halfpasthuman and Urban Survival websites, and others. The Web Bots have specifically indicated that on 10/25/2009 a seizing up of U.S. and world markets due to collapse of the Dollar and resulting Banking collapses is highly probable. Interesting timing on that and of course when the U.S. stock markets have traditionally had their “black days” of huge sell offs October is usually the month in question.

[humble and shy]

I agree. We need to drill and drill now. We have enough oil and natural gas to sustain this country for a long time without relying on other countries. This isn't the problem. We have enemies within this country who want to see it fall. This is not an Obama issue. Don't get me wrong. I can't stand the man and he's moving us rapidly toward Marxism; however, this has been a chess game in the works for a very long time. The leaders of this nation have been carefully placing their strategic pieces all over and through our government offices. It's taken the progressive movement over a hundred years to position us just where they want us. Now with all the pawns in place, Obama included, they, the New World Order) are going to strike. First thing - bring down the currency. Without the currency we have no sovereignty. Think about it folks. Obama has not had time to position everyone to do what is unraveling now. This has been years in the works. This goes back to NAFTA and CAFTA and even further back. In my opinion, we haven't had anyone in office in the last 40 - 50 years who gave a damn about this country except for maybe Kennedy and Reagan. I firmly believe it is why Kennedy was assassinated and an attempt was made on Reagan. Everyone else has been a puppet of the New World Order - banking elites who want to rule the world. The dollar is falling and we are rapidly approaching hyperinflation and our own treasury czar is calling for the demise of the dollar. The new Global government is beginning to show it's s ugly face. If the dollar falls into oblivion, you can expect your savings to be worth nothing. The conversion rate is expected to be at least 6 - 1. If you have six million dollar now, after the conversion, you will only have 1 million. They are setting us up, folks. Check out the UN's Global Climate Treaty that Obama will vote on in Copenhagen. My God!

Folks, we have to come out yelling and screaming. While this site is awesome and we learn a lot and it's great to share ideas and information (we'll see for how long of Obama gets his way to bring down the internet), we need to be calling and writing our representatives. We've got to stand brave and strong. Sure, there are going to be some battle we'll lose but we have to focus on winning this intellectual and monetary war. Vote them all out in 2010 and 2012. Start over with new faces and new ideas. We need to get back to our Constitution. If these people who are running do not run on that platform, out they go. It is the ONLY way to save this country.

Sorry. I'll get off my soap box now. PS - check out the film "The Fall of the Republic". You can check out the trailer on YouTube. It's scary stuff, guys. We have to be prepared.

[USFRIENDINVICTORIA]

I have to agree with you — even though Canada is the biggest exporter of oil to the U.S. Instead, your government seems determined to shut down the Alberta oil sands — leaving you even more vulnerable to the politics of mid-east oil.

The whole issue of loss of “reserve currency status” is far more serious, than even the price of oil. You don't know how good you've had it — and you're about to find out. (I'm not gloating.)

[M. Espinola]

Relating to Iran's Islamic dictatorship, Israel's conservative Likud Party leaders are cognizant they can not count on the Obama crowd to do anything meaningful concerning the ongoing Iranian nuclear weapons threats to wipe Israel off the map, nor Iran's Muslim tyrants training and arming terrorists in Iraq, Lebanon, Afghanistan and beyond.

Once Israel acts to protect herself from the continued national extermination threats from the Tehran's Shi'ite madmen, many in the world will foolishly blame Israel for far higher resulting energy prices, instead of the collection of terrorist thugs controlling OPEC's Iran for triggering the war in the first place.

Once the hot war begins in the midst of the Persian Gulf's oil shipping lanes, energy prices will skyrocket to astronomically levels, due to market panic. The U$D shall sink to further record all time lows. Stock indexes will react in reverse of the ultra-bullish energies and precious metals markets. In retrospect, $80 a barrel will look cheap!