Will OPEC dump the dollar?

[simuvac]

http://www.huffingtonpost.com/hale-s...r_b_73181.html

From the 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."

The hardline Iranian leader's comments also highlighted the growing challenge that Saudi Arabia, the world's largest oil producer, faces from Iran and its ally Venezuela within the Organization of Petroleum Exporting Countries.


"They get our oil and give us a worthless piece of paper," Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush's policies for the decline of the dollar and its negative effect on other countries.

"All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency," Ahmadinejad said. "Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade."

Earlier this week there was a story that Saudi Arabia had rejected a proposal to dump the dollar at OPEC's latest meeting.

I can't speak to the various political games being played within the OPEC meeting. However, Iran and Venezuela are OPEC members and neither like the US. In addition, there is a strong argument for OPEC to dump the dollar. Here is a yearly chart of the dollar.



This is a bear chart, no doubt about it. Notice the following.

1.) The dollar has been dropping in value for the last two years.

2.) The simple moving averages (SMAs) are all heading lower.

3.) The shorter SMAs are below the longer SMAs

4.) Prices are below all the SMAs.

In short, this chart says sell me.

OPEC is getting paid in a continually devaluing currency, which no one wants. In addition, as the dollar has dropped, oil has risen over about the last month partially as an inflation hedge. That means oil has been rising because the dollar is falling.

In short, OPEC has a damn good point in getting rid of the dollar. The only reason to keep the dollar is Saudi Arabia will prevent the move, not out of economic interest but out of political will.

[AuGmENTor]

Move over Dollar, the neocons introduce the AMERO!!!!

[dMole]

I found the Amero link a while back, but does anyone know about this Hal Turner guy? I've never heard of him.

http://www.halturnershow.com/AmeroCoinArrives.html

Snopes seems to think he's full of mierda...

I know firsthand that DIA (the airport) was a pretty F'd up place some years ago, but it has been redecorated from what I could tell (with obvious recent construction). Looks like Denver is HQ of FEMA Region VIII.

http://www.fema.gov/about/regions/regionviii/

[simuvac]

I found the Amero link a while back, but does anyone know about this Hal Turner guy? I've never heard of him.

Hal Turner is a racist wingnut:

http://en.wikipedia.org/wiki/Hal_Turner

Harold "Hal" Turner is an American, self-described white nationalist Internet radio talk show host from North Bergen, New Jersey. His program, The Hal Turner Show, is webcast from his home. Turner also operates a website called halturnershow.com, which features his views on racial and political issues.

Identifying himself as "Hal from North Bergen", he achieved notoriety in local conservative circles as a frequent caller to the WABC-AM radio talk show hosted by Bob Grant.[1] Turner parlayed this fame into a role as the northern New Jersey coordinator for Patrick J. Buchanan's 1992 presidential campaign. He went on to serve as campaign manager for Libertarian Murray Sabrin in a number of campaigns in New Jersey in the 1990s, including a 1997 gubernatorial campaign.[2][3]

After Bob Grant's program was taken off the air for racist content, Turner established a friendship with his replacement, Sean Hannity, on whose program he was a frequent presence. Turner then became a talk radio host himself, joining fellow regular callers Frank from Queens and John from Staten Island to form "The Right Perspective;" Turner left the program in 2002 citing "artistic differences." In 2002, Turner became a solo host, purchasing a time slot on a shortwave radio station called WBCQ, over which he broadcast for approximately four years. He gave up this show, he has said, after seeing Mel Gibson's film The Passion of the Christ, stating that the station was owned by a Jew and he "would no longer do business with Jews".

In 2000, Turner sought, and failed to receive, the Republican Party nomination for election to the United States Congress from New Jersey's 13th congressional district, losing to Theresa de Leon.[4] [5] Turner has identified himself as the "Chairman of the Republican Party of Hudson County, NJ Corp," a group which has no connection to the official Hudson County Republican Party recognized by the state and national GOP. According to news reports, Hudson County Republican officials have stated that Turner's party is a "paper corporation with little or no membership".[6]

Turner's website and radio program is largely devoted to a digest of news concerning crimes committed by minorities, which Turner describes using racist epithets. He supports strict limits on immigration; advocates the hunting and killing of illegal immigrants [7]; promotes anti-Semitism including rounding up and killing Jews; and opposes the existence of the State of Israel. [8] He also authors and promotes Holocaust denial material.[9] Turner advocates political assassination and overthrowing the government, because, he says, the current United States government is corrupt beyond repair. However, he has also endorsed Ron Paul for president in 2008.[10] His website serves as a virtual meeting place for fellow white supremacists, via its comment pages.

[dMole]

I didn't even know they had that kind in NJ- I thought they were all down south hanging out with David Duke or something. He sounds like a real piece of "work"...

[dMole]

CNBC London was talking about the Amero around April 2007. MSM credibility= you do your own math...

http://www.livevideo.com/video/9DB0A...astvcid=427925

[PhilosophyGenius]

Donald Trump made an intersting point, that without the US they're nothing because America is protecting them.

And aside from Saddam and now Adminajad, they're all pretty friendly with the US establishment.