13.10.2009, 16:45
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Zitat:Oct 9, 2009
Dollar exit for oil trade?
By F William Engdahl
Arab oil-producing nations and some of the world's largest oil consumers including China and Japan are reliably reported to be planning a long-term exit from pricing their oil trade in US dollars. If true, it would spell the death knell for the dollar as the world's reserve currency and for the United States as global economic power.
Ever since Washington tore up the Bretton Woods treaty in August 1971 and went onto a "dollar paper reserve system" instead of a dollar backed by gold, the United States, as the world's most powerful military power, has been able to dictate financial terms to the world. Nations like Japan and later China, dependent on US export markets, would dutifully invest their trade surplus dollars into US government debt, in effect financing wars
such as Iraq and Afghanistan, which they opposed. They saw no choice.
Arab oil-producing countries, under US military pressure, were forced to sell oil only in dollars, a direct prop to the dollar when the US economy was in terminal decline. That may be rapidly about to come to an end.
According to a leaked report from Arab Gulf oil producers, there have been a series of secret meetings in recent months between the major Arab oil producers, including Saudi Arabia, and reportedly also Russia, together with the leading oil consumer countries including two of the three largest oil import countries - China and Japan.
Their project is to quietly create the basis to end a 65-year-long "iron rule" of selling oil only in US dollars.
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