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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 04:07 PM
Original message
Saudi minister warns of dollar collapse

Saudi minister warns of dollar collapse
Saturday, 17th November 2007

The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned.

Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference.

In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries. "There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for Opec."

After around 40 minutes press officials cut off the feed, which had been accidentally broadcast to the press room.

Prince Al-Faisal added: "This is not new. We have done this in the past: decide to study something without putting down on paper that we are going to study it so that we avoid any implication that will bring adverse effects on our countries' finances."

more...

http://www.thebusiness.co.uk/news-and-analysis/358346/s...
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Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 04:11 PM
Response to Original message
1. Because we rely on foreign-made goods, a large devaluation would mean higher prices at home.
For a country that used to manufacturer the bulk of its own products, this is something as yet unexperienced even during the darkest years of the Great Depression.
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Islander Expat Donating Member (180 posts) Send PM | Profile | Ignore Sat Nov-17-07 04:42 PM
Response to Reply #1
2. Theres no easy way to recover from the upcoming crash
I saw this coming years ago in the Merchant Marine, for so many years we'd bring all these imports over, and the containers all go back empty. Everybody hid the fact, and ignored it.

Theres no manufacturing base left anymore, this is going to be ugly and disastrous for poor people in US cities.
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Flatulo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 05:10 PM
Response to Reply #1
3. Our savings are also in $$$. If the currency our savings are in becomes
de-valued, then our savings (401K, IRA) become worthless.

This is unprecedented.
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Reno.Muse Donating Member (307 posts) Send PM | Profile | Ignore Sat Nov-17-07 07:51 PM
Response to Original message
4. what did America do the last time a leader of a foreign country said he wanted
oil to be priced with euros or something else besides the dollar? We invaded his country in the name of terrorism and killed him and his family. Iraq, RIP.
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AntiFascist Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:17 PM
Response to Original message
5. Hmm, will that be when the US decides to attack SA?

when they decide to no longer support the dollar?
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:18 PM
Response to Original message
6. In an embarrassing blunder ...
"embarrassing blunder" my ass!

This was done intentionally.

They can piss off too and hang with the Chinese for all I care.

:kick:

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RainDog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:41 PM
Response to Reply #6
7. Agreed. Done intentionally
sending a message to George and the boys. I assume it's maybe a little blackmail to keep the U.S. busy in Iraq to protect S.A. Sunni wahabbists (and OBL/ Al Queda, also Sunni) from Iranian Shi'ites. Not to mention keeping Turkey out of northern Iraq.. and Syria is also Sunni, so maybe they want to send a little message to the U.S. as well.

If the U.S. invades Iran, the currency will most definitely crash. I would bet on it (sorry, it would have to be in dollars.)

As it stands, it seems to only be a matter of time before Europe takes over as the world's stable currency holder. It is really and truly absolutely amazing how thoroughly Dubya has destroyed this nation.
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Didereaux Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:45 PM
Response to Original message
8. China, Japan, and Russia hold the key...NOT Saudi, nor OPEC(yet) n/t
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roamer65 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 10:16 PM
Response to Original message
9. Our massive printing of currency to fund the wars...
Edited on Sat Nov-17-07 10:17 PM by roamer65
is what is killing the dollar. OPEC is doing the smart thing if they price oil via a more stable currency. China would also be smart to float the yuan.
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Flatulo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-18-07 12:17 AM
Response to Reply #9
11. I know next to nothing about economics, but isn't it the case that
we are not printing money, but rather borrowing it?

I thought printing money resulted in rampant inflation.
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-18-07 12:25 AM
Response to Reply #11
12. We're doing both
Borrowing against the future to pay for Bush**'s tax cuts and wars.

Printing gobs of money to "shrink" our trade deficit. Estimates put it at 14% over what was printed last year.

Real inflation is running somewhere in the 7-12% range.
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Generic Brad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 11:16 PM
Response to Original message
10. I have a hard time believing this broadcast was an "accident"
Time to put on my tinfoil hat.
:tinfoilhat:
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-18-07 09:37 AM
Response to Original message
13. Petroleum's gone from $20 to $100 per barrel. Mission Effing Accomplished.
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-18-07 09:38 AM
Response to Original message
14. this will probably occur just as junior leaves office
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