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This posting is provided "AS IS" with no warranties, and confers no rights. The opinions expressed within are my own and should not be attributed to any other Individual, Company or the one I work for. I just happen to be a classic techie who is passionate about getting things to work as they should do (and are sometimes advertised and marketed as being able to?) and when I can I drop notes here to help others falling in to the same traps that I have fallen in to. If this has helped then please pass it on - if you feel that I have commented in error or disagree then please feel free to discuss with me either publically or privately? Cheers, Dave
Thin Clients, VDI and Linux integration from the front lines.... Raw and sometimes unedited notes based on my experiences with VMware, Thin Clients, Linux etc.

Well for those of us that are interested and have been following the US Dollars performance this is hardly a surprise? Is this the beginning of the end for the US Dollar? is it past it's use by date?

Weak US Dollar May Lead OPEC to Price Oil in Basket of Currencies

Posted by Dan Denning on Nov 19th, 2007

Well it finally happened. Behind closed doors, at a meeting closed to the public, OPEC’s ministers discussed whether to price oil in a basket of currencies instead of the late, great US dollar.

The conversation was supposed to be private. But audio and video from the conference room were left on. The media had a chance to hear Saudi foreign minister Saudi Al Faisal say, “Just indicating that we have charged finance ministers with studying this issue … would mean a decision taken by OPEC would have the opposite effect and the media would pick up on this point.”

Boy was he right. The media had a field day reporting about the feud between OPEC’s largest producer (Saudi Arabia) and OPEC’s largest provocateurs (Hugo Chavez of Venezuela and Mahmoud Adhmadinejad for Iran). This is better than reality TV. And there’s a lot more at stake!

Al Faisal, according to the Reuters’ translation, said that making public OPEC’s concerns about a weak dollar would have a negative affect. “And then perhaps we would find that the dollar had collapsed, instead of us having done something in the interest of our countries.”

“They get our oil and give us a worthless piece of paper,’” said Iranian President Mahmoud Ahmadinejad in public. “The dollar has no economic value.” And his sidekick Hugo Chavez, the lumbering socialist buffoon from Venezuela who’s expertly monopolised his country’s oil wealth and turned it into a political war chest added that OPEC should, “set itself up as an active geopolitical agent”.

Note to Chavez: OPEC has always been an active geopolitical agent, you moron. Oil wealth has turned the nomadic tribes of the desert in Saudi Arabia into accumulators of massive wealth and leverage over the global economy. Saudi King Abdullah realizes that what is good for global growth is good for OPEC. And that US$200 oil would not be good for global growth, thus, not good for OPEC.

Weak US Dollar May Lead OPEC to Price Oil in Basket of Currencies

Posted on Monday, November 19, 2007 3:28 PM | Back to top

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