Saudi minister warns of dollar collapse

Saudi minister warns of dollar collapse
Saturday, 17th November 2007

The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned.

Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference.

In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries. "There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for Opec."

After around 40 minutes press officials cut off the feed, which had been accidentally broadcast to the press room.

Prince Al-Faisal added: "This is not new. We have done this in the past: decide to study something without putting down on paper that we are going to study it so that we avoid any implication that will bring adverse effects on our countries' finances."

more...

http://www.thebusiness.co.uk/news-and-analysis/358346/saudi-minister-warns-of-dollar-collapse.thtml

For a country that used to manufacturer the bulk of its own products, this is something as yet unexperienced even during the darkest years of the Great Depression.

I saw this coming years ago in the Merchant Marine, for so many years we'd bring all these imports over, and the containers all go back empty. Everybody hid the fact, and ignored it.

Theres no manufacturing base left anymore, this is going to be ugly and disastrous for poor people in US cities.

de-valued, then our savings (401K, IRA) become worthless.

This is unprecedented.

oil to be priced with euros or something else besides the dollar? We invaded his country in the name of terrorism and killed him and his family. Iraq, RIP.

when they decide to no longer support the dollar?

"embarrassing blunder" my ass!

This was done intentionally.

They can piss off too and hang with the Chinese for all I care.

:kick:

sending a message to George and the boys. I assume it's maybe a little blackmail to keep the U.S. busy in Iraq to protect S.A. Sunni wahabbists (and OBL/ Al Queda, also Sunni) from Iranian Shi'ites. Not to mention keeping Turkey out of northern Iraq.. and Syria is also Sunni, so maybe they want to send a little message to the U.S. as well.

If the U.S. invades Iran, the currency will most definitely crash. I would bet on it (sorry, it would have to be in dollars.)

As it stands, it seems to only be a matter of time before Europe takes over as the world's stable currency holder. It is really and truly absolutely amazing how thoroughly Dubya has destroyed this nation.

is what is killing the dollar. OPEC is doing the smart thing if they price oil via a more stable currency. China would also be smart to float the yuan.

we are not printing money, but rather borrowing it?

I thought printing money resulted in rampant inflation.

Borrowing against the future to pay for Bush**'s tax cuts and wars.

Printing gobs of money to "shrink" our trade deficit. Estimates put it at 14% over what was printed last year.

Real inflation is running somewhere in the 7-12% range.

Time to put on my tinfoil hat.
:tinfoilhat: