Archive for September 14th, 2012

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Dollar no longer primary oil currency

September 14, 2012

Courtesy of TIME, Facts Global Energy

Dollar no longer primary oil currency as China begins to sell oil using Yuan

On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S. dollar since its inception as a currency. For the first time since the 1970’s, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency.

This announcement by China is one of the most significant sea changes in the global economic and monetary systems, but was barely reported on due to its announcement taking place during the Democratic convention last week. The ramifications of this new action are vast, and could very well be the catalyst that brings down the dollar as the global reserve currency, and change the entire landscape of how the world purchases energy.

Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on the index to today’s price of 79.73. While analysts will focus on actions taking place in the Eurozone, and expected easing signals from the Federal Reserve on Thursday regarding the fall of the dollar, it is not coincidence that the dollar began to lose strength on the very day of China’s announcement.

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Calling out Barroso on the euro

September 14, 2012

Daniel Hannan

Uploaded by DanHannanMEP

*CALL FOR UNITED NATIONS OF EUROPE SPARKS FURY

CHIEF Eurocrat Jose Barroso ignited fury yesterday by calling for the EU to become a “federation of nation states” run from Brussels.
In his most ambitious rallying cry yet for political and economic unity, the European Commission President said “shared sovereignty” was the only solution to the debt crisis in the eurozone.

Mr Barroso also demanded “absolute loyalty” from member states.

“Let’s not be afraid of the words: We will need to move towards a federation of nation states,” he said.

Mr Barroso promised a new treaty to effectively establish an elected Europe-wide government and denounced opponents of his dream as “populists and nationalists”.

His plea came yesterday in his annual “State of the Union” speech to the European Parliament in Strasbourg.

Last night critics condemned the Portuguese politician’s astonishing ambitions as “out of touch with reality”. Downing Street officials urged EU chiefs to concentrate on the economic crisis.

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