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RIYADH, Saudi Arabia (AP) - AP Video Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
His comments at the end of a rare summit of OPEC heads of state exposed fissures within the 12-member cartel—especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit's final declaration.
It isn't just OPEC who are dumping their US dollar holdings it is large segments of Europe and Asia as well. While the Saudi's are resisting Ahmadinejad's call to dump all their US dollar holdings it is largely dependent upon how far the dollar does actually fall. Even our Saudi friends are not stupid enough to exchange their sole livelihood for something that is so unstable as its value depreciates in a progressive manner.
Of course, with the fall of the US dollar and the federal reserve injecting more liquidity into the stock market to save those who helped formulate the current mess, the dollar will continue to drop and even places like China will start to worry about getting out of the dollar.
This is exactly why I hate the oil-dependence. We're of the top purchasers of oil, if US demand plummeted so would their fortunes. Our currency may be a 'worthless piece of paper', but I bet our economy will last longer than their oil
This is exactly why I hate the oil-dependence. We're of the top purchasers of oil, if US demand plummeted so would their fortunes. Our currency may be a 'worthless piece of paper', but I bet our economy will last longer than their oil
One would think from a national security standpoint that such a great dependence on a single resource would be a larger issue. Then again it isn't ever the dealer who suffers as it is the user, just ask any addict.
One would think from a national security standpoint that such a great dependence on a single resource would be a larger issue. Then again it isn't ever the dealer who suffers as it is the user, just ask any addict.
It isn't just OPEC who are dumping their US dollar holdings it is large segments of Europe and Asia as well. While the Saudi's are resisting Ahmadinejad's call to dump all their US dollar holdings it is largely dependent upon how far the dollar does actually fall. Even our Saudi friends are not stupid enough to exchange their sole livelihood for something that is so unstable as its value depreciates in a progressive manner.
Of course, with the fall of the US dollar and the federal reserve injecting more liquidity into the stock market to save those who helped formulate the current mess, the dollar will continue to drop and even places like China will start to worry about getting out of the dollar.
Spare a dime brother?
Agreed however China "is" dumping the dollar - they are just not admiting it, yet
Yikes... I just googled this term, "China dumping dollar" and the results were not too thrilling and I hope are not entirely a sign of things to come.
Yes, I've been watching for awhile now since the dollar started declining. They're not ready to admit it yet, I think they're doing a "slow motion/wait and see". I think it's going to get a lot worse before it gets better
Yes, I've been watching for awhile now since the dollar started declining. They're not ready to admit it yet, I think they're doing a "slow motion/wait and see". I think it's going to get a lot worse before it gets better
While watching a bit of CNBC this afternoon I did notice that any and I mean any news one way or the other right now sets the market plunging upwards or downwards as the volatility is so great at the moment. I also noticed for the first time a commercial advertising a new site like E-Trade where you can buy and sell solely in a currency exchange.
Thankfully the ole barter system still works in these hills.
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