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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (248958)	11/19/2007 10:19:22 PM
From: Sun Tzu	Read Replies (2) \| Respond to of 281500

Iran just announced that they have zero oil trade denominated in USD. Russia cares nothing for USD as well. In fact there was an interesting article that discussed at length how Russia is unraveling the traditional US (Western?) centric oil markets by debasing the whole oil contract issue with reciprocal contracts. China announced a few months ago that if the US doesn't want its currency to fall, it should start taking it back in exchange for high tech exports (they phrased it along the lines of "the trade deficit would narrow if the US was to sell to us the goods that we want.") and has since hinted that they will start dumping the USD. Even the US puppet regimes in the Persian Gulf are now wondering if they should dump the dollar. The problem with the "controlled prolonged decline" theory that even the Bush administration has tacitly approved of, is that nobody wants to be the last guy holding the bag. Once the motion starts, it will snow ball no matter how many people don't want it to. It is not unlike a market crash that hardly anyone profits from but just the same nobody can stop it once the right conditions are set in motion.