According to a November 6 article in Currency Trading.net, seven major countries are considering abandoning the US dollar as the currency with which to conduct oil trade, as has been the case up to this point.
These countries are: Saudi Arabia, South Korea, China, Venezuela, Sudan, Iran and Russia. If these countries follow through with their plans, the status of the US dollar as a world currency is in BIG trouble!
As the dollars' demand lessens so does its' value. The article describes the dollar as a cheaply produced US export vital to the US economy, and losing this status will rock the financial lives of Anericans!!
You can read the entire article here:
CurrencyTrading.net
Monday, November 19, 2007
More bad news for the US dollar!
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