USD = second rate currency?

Friday, November 16th, 2007 @ 8:22 pm | Economy, Energy

Saudi Foreign Minister Saud al-Faisal said today that talk of decoupling OPEC from the US dollar should not be talked about in public as it could lead to a currency crash:

“As for the monetary aspect and the dollar I would like to ask his Excellency, the minister of Iran, to leave this question to the appropriate party, the ministers of finance, without mentioning that we gave them this task so that there won’t be negative impact from OPEC,” Al-Faisal said, speaking in reaction to an Iranian proposal to discuss the currency…

“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,” Al-Faisal said.

Yeah…that’s how bad it’s gotten. Ten years ago, people wouldn’t have bothered laughing if you had suggested that OPEC adopt the euro as it’s default currency.

Update: And here we’ve got Jay-Z flaunting euro’s in his videos instead of $’s


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