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Hot: The Plot to End Global Dollar Dominance

• Economic Policy Journal
 Respected journalist Robert Fisk is reporting for UK's The Independent:

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar. 

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years. 

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1 Comments in Response to

Comment by William Klepzig
Entered on:

 The way to destroy the very idea of a global currency is for the American government, industry and people to declare that we are going into space. (well that is sure enough a strange statement!)  Consider!!!!!  If America declared a space race, a conquest of the moon, a new space station and ships to Mars it would force China to funnel huge amounts of income into a space race.  Europe would try to compete...the entire idea of the economic bottom would be forgotten as American manufacturing geared up to build the new space planes.  New mining would be demanded because it would be American steel to the moon.  Millions of new jobs created...with out a dime to China.....

Yep!  The way to save America is to go into space........

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