DRUDGE REPORT 2009®


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

via DRUDGE REPORT 2009®

This is what you would call a coffin nail into our existence as a world power.  As soon as I get a link other than the Drudge headline I will post it.

Again, predicted by us.  Ignored by many.   The Arab states see the pile of debt Obama is building.  Nobody wants the dollar.  Hold on to your ass.

What does it mean?  See below, copied from this site.

Countries are growing weary of losing money on the falling dollar. Many of them want to protect their financial interests, and a number of them want to end the US oversight that comes with using the dollar. Although it’s not clear how many of these countries will actually follow through on an abandonment of the dollar, it is clear that its status as a world currency is in trouble.

Obviously, an abandonment of the dollar is bad news for the currency. Simply put, as demand lessens, its value drops. Additionally, the revenue generated from the use of the dollar will be sorely missed if it’s lost. The dollar’s status as a cheaply-produced US export is a vital part of our economy. Losing this status could rock the financial lives of both Americans and the worldwide economy.

I am sure the Olympics were more important. 

Update: Link added.

  1. No comments yet.
  1. No trackbacks yet.

Thanks. If you have never commented on this blog, it will appear once approved.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: