The demise of the dollar - Business News, Business - The Independent - The Diigo Meta page

• 12 Oct 09
  

  Naoya Makino

  globalEconomy China america finance

• 

  Takuya Homma

  • 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.
    

• 09 Oct 09
  

  rawsouthpaw
• 07 Oct 09
  

  Earl MacMillan
• 

  douggraves Graves

  us dollar currency france basket

• 06 Oct 09
  

  ciberamerica blog

  dólar US China Oriente Medio

• 

  Aaron Fanley

  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

  middle east history gulf arabs unified currency china russia chinese yuan euro gold demise of the dollar japanese yen currencies japan

• 

  Connell McShane

  China Dollar Europe

• 

  Amr Soliman
• 

  Benjamin Brewer

  academic teaching development finance 348

• 

  wretchard the cat

  "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. "

  Belmont obama

  • 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.
    

• 

  andrewpaz
• 

  rhyme55

  Dollar; oil

• 

  Arabica Robusta

  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.

  petroleum industry china oil dollar currency

  • 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.
• 

  dan maertens

  tegen 2018: olie niet langer in USD

• 

  Mike Runge

  Currency&Money Petrodollar

• 

  Chuck Brands
• 

  Mary Pitt

  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.

• 

  C. Davis

  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.

  oil America.bankrupt dollar.hegemony

• 

  NC
  • Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

  • The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.

  • 2 more annotations...

  • • The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar."

      Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.

    • "These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."
• 

  Barry Summers

  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.

  bric china russia britain euro yuan

• 

  Ed Webb

  oil currency China USA EU Iran KSA UAE GCC gold dollar Euro Yuan Japan Yen Russia IR energy politics foreignpolicy

  • 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.
  • a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."
  • 4 more annotations...
  • • World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations,"
    • In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.
    • The current deadline for the currency transition is 2018.
    • Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.
• 05 Oct 09
  

  Manny C

  fx us saudi_arabia oil china russia france japan

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