OPEC interested in non-dollar currency

OPEC interested in non-dollar currency

By SEBASTIAN ABBOT
Associated Press Writer


RIYADH, Saudi Arabia (AP) -- 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 13-member cartel - especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit's final declaration.

The hardline Iranian leader's comments also highlighted the growing challenge that Saudi Arabia, the world's largest oil producer, faces from Iran and its ally Venezuela within the Organization of Petroleum Exporting Countries.

"They get our oil and give us a worthless piece of paper," Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush's policies for the decline of the dollar and its negative effect on other countries.

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned oil producers because it has contributed to rising crude prices and has eroded the value of their dollar reserves.

"All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency," Ahmadinejad said. "Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade."

more...

http://hosted.ap.org/dynamic/stories/O/OPEC?SITE=DCSAS&SECTION=HOME&TEMPLATE=DEFAULT

The dollar "rally" will certainly be dead.

I don't know how many people understand what a vitally important story this is.

But this notion of a change of the world default currency to some other currency has been in play for three years. No nations have moved on it, but now that China is "liberating" its U.S. dollar holdings, it probably is only a matter of time before the world currency rotates to (most likely) Euros or possibly something else.

protection?? Who will finance the next blood stained blunder by the boy wonder?? Methinks we will have to switch to Geico before we can afford another disaster. Just my 2 cents worth. :)

We simply can't.

We have to spend the next decade making ammends for what Bush has done.

It's just terrifying; I'm not even sure we can accomplish what needs to be done. In fact, I don't believe we can. That reality is destroying a lot of people from the inside out.

What in the world are we going to do to get out of these messes, including the biggest mess of all--Climate change and the death of our planet???

the dems will HAVE TO take up energy policy, like it or not. I hope they like it.

we have to catch up to European nations that are already in the process of converting at least a third of their energy consumption to alternative forms.

I think we are going to move from being a "global" economy to being a nation that operates under regional initiatives. small scale sustainable is the future. except, apparently the old a-bomb testing grounds could be the site for solar energy farms that could produce enough energy for just about all current uses, if what I read on this site is correct.

America needs to recognize the total failure of the Bush administration -- how anyone doesn't it beyond me, frankly. This is the only way we'll be able to get past this time in history.

our money is worth shit cuz of your cowboy antics, I hope you're proud asshole.

corrupt crooks that continue to steal hundreds of millions out of the middle-class and working-class day in and day out, and manage to get away with it scot-free just because they know all the loopholes in laws (or have enuf stolen money to "buy" their way out: lawyers, judges, and, yes... politicians...).

It's the entire "actual" system THEY'VE managed to ... ummmm... build for themselves and their very "small" inner-circle.

And, it seems they don't need to worry, because Paris Hilton, or Britney, or O.J., or NASCAR, or the N.F.L. (etc.) are so much more important.

*** (sigh) ***

that's gonna be a huge financial blow

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

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."

~snip~


On edit, babylonsister -- here's your related thread from earlier, for others to see:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=2304180