Monday, October 5, 2009

How Will Oil Be Traded? Maybe Not in U.S. Dollars

A growing number of nations are negotiating to drop the use of the U.S. dollar as the currency used to trade oil, which originally would be replaced by a basketfull of currencies, and over the long haul an as yet undetermined currency.

Inluded in the countries currently negotiating are France, the Arab states, Japan, China, Russia, and Brazil. India may eventually get on board as well, making it a considerable force in the future. Goals are to make the change from trading oil in U.S. dollars to a basket of currencies by 2018.

Nations understand the extraordinary and misguided practices and policies of the U.S. government and the way it has spent money to bailout the numerous industries they refuse to allow to fail, and the amazing size of the debt incurred to do it.

All this means the U.S. dollar will continue to fall in value as the printing of money continues from the Federal Reserve.

America will find itself struggling to maintain its economic dominance as a result, and there's literally nothing that can be done about it unless the horrid economic policies are abandoned and the political will is there to make it happen.

It's doubtful that will happen any time soon, and so we'll probably have to go through a lot more pain before America and its politicians abandon the economic path they're traveling and return to financial sanity.

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