Is the US Dollar to be Removed as Official Oil Trading Currency?

October 6, 2009

(ChattahBox)— An article in today’s UK newspaper The Independent, discusses the potential demise of the U.S. dollar, as the official currency used for oil trading. The paper claims that secret meetings have taken place between the Arab states and the countries of China, Russia, France and Brazil to supplant U.S. currency with gold or a mix of other world currencies when pricing oil in the near future.

The Independent claims the plans to cease pricing oil in U.S. dollars were confirmed “…by both Gulf Arab and Chinese banking sources in Hong Kong,” and serves as stark evidence of “…a new world order.”

The secret meetings held by finance ministers and central bank governors in Russia, China, Japan and Brazil are apparently considering the use of such currencies, as Japanese yen, Chinese yuan, the euro, gold and a new unified Gulf Arab currency.

Quoting “Chinese banking sources, The Independent claims that the transitional currency to replace U.S. dollars “…may well be gold.” China, with its huge oil trade with the Middle East is apparently pushing for non-dollar oil payments.

Chinese bankers are predicting that Britain will soon adopt the euro as its official currency and participate in the new transitional currency for trading in oil.

“The Russians will eventually bring in the rouble to the basket of currencies. 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,” said an unnamed Hong Kong broker to the paper.

Another unnamed Chinese banker sounded a more ominous warning: “These plans will change the face of international financial transactions. America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.”

The current deadline for any currency transition is nine years away in 2018.


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