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.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
...Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East...
...Our story on the dollar has had a satisfyingly positive response; denials from all the official sources, as you might expect, but confirmation from the markets, where the dollar has tanked.
In other words, the markets have spoken, and they can see the writing is on the wall for the dollar, long-term. Maybe the only surprise in all this that it has taken the world so long to wake up to the changed economic realities...
http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html (English)
http://seanogrady.independentminds.livejournal.com/14289.html (English)
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