This article from the the UK is really making the rounds. I have seen it on a number of blogs and newsletter in the last 24 hours and it has caused the price of gold to jump significantly. If what it says is true, China, Brazil, Russia and a number of Middle Eastern countries are going to come up with a currency so they don't have to trade in dollars. They also mention Gold and silver as a part of the basket of backing for the new currency.
Excerpts from The Independent UK:
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
Recent Comments