In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘reserve currencies’

Death of Petro-Dollar, Told You So

Posted by seumasach on October 10, 2009

Jim Willie

Market Oracle

8th October, 2009
The story hit like a thief in the night, even bearing Biblical proportions. The end of the exlusive sale of MidEast oil in USDollars, the rise of Russian and Chinese influence in the Persian Gulf, the rise in importance for the Intl Monetary Fund basket of currencies, the final clarion call for the free ride by Americans on the Dollar Credit Card, and hidden implications that the Saudis must shop for a new security lord in the region with broad military might, these are revolutionary steps with profound geopolitical implications.

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