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Dollar Exchange and Oil-Who Cares?

October 6, 2009

There is a plan to replace the US currency as the currency for oil trading and to get around the dollar there will be a basket of currencies, the Yen, Yuan and Euro.

If the plan comes to reality , the move would be a severe blow to the US/dollar’s position as the premier world currency and would threaten America’s position as the world’s leading economy.

Gold could be used as an interim replacement for the dollar while the new currency basket was devised.

Chinese government sources think President Barack Obama is too busy  the American economy to concentrate on the  implications of the potential transition from the dollar in ten years’ time.

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