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Should Americans be worried that other countries are talking about post-U.S. dollar based economics?
Seems like the rest of the world is planning for a post-American super power world. While American politicians are still trying to convince themselves that America still has lots of financial and military weight to throw around at will without consequences.
So do you think Obama has any plans to deal with the very weak U.S. dollar that would result if Middle Eastern countries stopped trading oil in dollars??
http://news.yahoo.com/s/afp/20091006/bs_afp/commod...
Barclays Capital precious metals analyst Suki Cooper said dollar weakness appeared to be related to reported secret talks about oil being priced in a basket of currencies including gold rather than the dollar,
This "has added to concerns about the future role of the dollar in international financial markets," Cooper said.
The dollar's future as the world's top currency was thrown into doubt on Tuesday as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.
Arab states have launched steps with China, Russia, Japan and France to stop using the dollar for oil trades, British daily The Independent reported on Tuesday, but the report was denied by Kuwait and Qatar and reportedly by other nations.
The Independent's Middle East correspondent Robert Fisk wrote in his paper: "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."
12 Answers
- Really?Lv 61 decade ago
Now France is in on it? I'd read stories about China, Russia, Japan and India and now it seems that France has thrown in? That doesn't really sound right does it? I don't know what's going to happen to the future of the dollar and I'm not an economist but it seems like it wouldn't be a very smart move for China. Since they hold so much of our debt and so many dollar assets, it seems to me (again, not an economist) that it would be in their best interest to keep the dollar as strong as possible and a move like this could, potentially, lead to it's collapse which would make our debts virtually worthless, right?
- boobooLv 71 decade ago
They're all just feeling their Wheaties right now, and we need to get our act together, they probably don't realize it really wouldn't be a good thing.
It's in part because of the likes of China massively manipulating their currency that we have the situation we do now, I wonder where these other countries are regarding things like that because China is in on the debate. I wonder if any of these financial geniuses; the ones that brought us this mess in the first place because of their lack of foresight have given things like that any thought at all, or is just pile on America business as usual.
- PfoLv 71 decade ago
We do still have a lot of financial and military weight to throw around though.
The top rated countries in the world don't use dollars, and the weakening of the dollar should not be surprised when we continually print more and devalue them.
- MathsorcererLv 71 decade ago
I wouldn't suggest that we *worry* about it; rather, we should be trying to figure out
1) how to stop ourselves from becoming downgraded to a second-class nation...or
2) if we can't stop ourselves from being downgraded then we need to figure out how we are going to live with the situation
Right now, I suspect we are like England just after WWI--still a world power but whose influence is just beginning to fade.
That truly is a shame, too.
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- ?Lv 45 years ago
Amazing how those political views come into play in the wake of the Paris Massacre perpetrated by ISIS on a largely disarmed population now, isn't it? Looks like we were right, huh?
- ?Lv 61 decade ago
After the past eight years of irresponsible economic policies from Washington and the Feds Greenspan tutelage, the US has declined as a world economic power. The other countries are trying to cover their butt.
- Anonymous1 decade ago
I think that we ought to start getting used to the fact that much of the world wants a single currency.
How that will affect us if we resist it...I have no idea.
- Anonymous1 decade ago
Hm, maybe the banks should have thought about this kind of repercussion BEFORE their greed screwed up the global economy...a little too late now.
- Anonymous1 decade ago
YEs we should worry! Liberals dont realize that when the TRILLIONS of oil dollars come back home they will be worthless. it will make the great depression look like a 10% cut in their welfare checks!
- Clatty MaryLv 71 decade ago
no, don't worry about what "others" are saying however, I would say you should be worried about what your own Government are doing.
Powerful people within the U.S. Government are actively seeking the destruction of not only the economy but the Constitution and the Nation as a whole in order to form a North American Union.
Smells like Fascism to me.