OPEC Dumps the Dollar

time for us to figure out a new power source and get off of oil and gas altogether...

Amen! And it wouldn't be that hard to do, if the environmentalist whackos would just get out of the way.

The difference between the euro-zone and the US is that the euro-zone has a more or less balanced current account. For the Euro to gain against the Dollar we don't have to do anything. The same is true for most other important currencies. The there is the issue of the central banks. The ECB follows a far less expensive monetary policy. Its only job is to keep the inflation low.

About the OPEC: Can you blame them? Except for Venezuela they do more business with the EU than with the USA. If the Dollar falls they loose purchasing power.
It really doesn't make that much of a difference whether the oil is traded in dollar or euro. Maybe your fuel prices will become a little more volatile and ours a little more stable, but that's about it. it doesn't change anything. Besides, i seriously doubt they are going to dumb the dollar completely, they are just going to use more than one currency.

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