October 05, 2009

Can they do that?

First a disclaimer, the only thing I know about high finance, low finance or medium finance is that you can be overdrawn if you have checks left.

Via Drudge we see that a nefarious group is planning on stopping to use the dollar for oil trading. They're going to use
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.

So that's gold, which can be volatile.
The Japanese Yen, which is probably the most stable currency there.
The Euro, which is slated for change soon now that the Irish finally voted in EUroland.
And two corrupt-gov't controlled currencies.

My question:
Can they do that?
Rather, will we all be screwed if they do it?

They use the dollar because it's relatively stable and reliable. I realize Obama is screwing things up, but is it really bad enough for them to do what they've probably wanted to do for years?

Or will things go absolutely crazy if they do this? You know the Chinese will try to lower the price of oil while the Arabs will try to raise it and they'll both be manipulating their currencies to do that.
The EUnuchs and Japan might try to do that too.

Hopefully before the full effects of it are felt President Palin will be drilling all along the coast, in ANWR and on the freaking beaches at Malibu.

Posted by: Veeshir at 07:47 PM | Comments (5) | Add Comment
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