I Called It!
Not that its anything too original, but yesterday I noted that the continued hegemony of the US dollar was far from assured, and not long afterwards, this little gem pops up.
On Friday night, during what the participants thought were private talks, Venezuela's oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel.
They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world's largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.
Well, its been mentioned, though I expect most of the big players will try to pretend it wasn't to keep the whole system from collapsing. They'll probably succeed this time, but eventually it's going to fail, and then it will be a rush to the exits to see who can get out before they lose too much.
Update:
The Dollar's Decline
