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The Demise of the Dollar

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"Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to 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," according to The Independent. "Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme," the newspaper reports, "which will mean that oil will no longer be priced in dollars."

That's one way to look at it. Mike "Mish" Shedlock, however, says don't believe the hype.
SOURCE:   The Independent