Oil Not Priced In Dollars by 2018?

[blazerboy30]

Is this for real?

I admit I don't know what the implications of this would be, but it sounds like it would be a blow to our economy and the value of our dollar.

Has our insane amounts of spending had anything to do with it?

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, 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.

The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank.

Link

 

[BLAZER PROPHET]

I'm surprised they don't use gold.

 

[yakbladder]

That's not real surprising because of two reasons:

1) No one values the dollar anymore when the Euro kicks it's ass. Remember that was one reason for the fear of NBA players jumping ship because they could get essentially more lucrative contracts over there.
2) I've also heard/read recently about governments around the world wanting to distance themselves from the dollar to show they have more clout. However, I'm not sure why China really cares as they do their best to maintain a quasi-peg to the dollar anyways. Bastards.