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View Full Version : Time for a Change


Chief
11-18-2007, 06:59 PM
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.

America needs to start looking towards the future.

Farmer Ted
11-18-2007, 07:02 PM
Back in 03 when I was stationed in Germany I heard someone talk about oil being indexed to the Euro instead of the dollar.

Probably why it's not hurting the Europeans as much as it is us, since the Euro has been kicking the dollars @ss for the past 4-5 years or longer and they're used to paying a $hitload of taxes on their gas

Jorski
11-19-2007, 10:07 AM
It's not just the Euro, the USD has fallen versus every major currency in the world. It is a function of massive fiscal defecits, which are getting increasingly large due to Iraq; record total debt, and massive trade defecits.

As long as the Fed tries to put off or delay recession (which is inevitable anyhow) by printing money, the value of the dollar will continue to fall - no way around it.

Capital surpluses have been the only thing supporting the USD for years and if the trend continues that foreign countries are less interested in holding USD then look out below.

bcampbe7
11-19-2007, 10:10 AM
If anyone has USD's that they want to get rid of, I'll take them!

bcampbe7
11-20-2007, 12:24 PM
If anyone has USD's that they want to get rid of, I'll take them!

That's what I thought! ;) :D

TMCNo1
11-20-2007, 01:23 PM
That's what I thought! ;) :D


Won't be long before we'll be using Chinese money from the looks of it!

captain planet
11-20-2007, 01:30 PM
Scary times my friends, scary times.:(