Robert Fisk, writing on Tuesday for The Independent UK, has reported that a number of Arab states, along with several major world powers, have been holding secret meetings to formulate a plan that would eliminate the US dollar as the main form of currency in international oil transactions (by 2018).It was denied by all the usual suspects, of course.
Many of the nations involved in the plan hold vast dollar reserves - $2.1 trillion in Saudi Arabia and Qatar alone - and believe the plummeting value of the dollar has become a threat to their financial stability.
Fisk reports that China is the most enthusiastic participant in the plan because of its massive financial investments in the Middle East. Some 60 percent of China's oil imports come from that region, and at least 10 percent of all imports to the Middle East - a wide range of products that include weapons, automobiles, food and children's toys - come from China.
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