Oil Countries to stop using US Dollar, is this the end of US Economic domination?

http://www.independent.co.uk/news/busine鈥?/a>





Russia, China, France, Brazil and Gulf oil states Abu Dhabi, Kuwait and Qatar have held secret meetings to phase out the use of the US dollar for a basket of currencies including euros and gold to purchase oil.





The dollar domination is over, mainly due to the Financial Crisis that swept the world in Sept 2008. The reliance on dollars and bad US economic policies that led to the crisis, hurt economies worldwide. The move is an effort to insulate themselves from future US economic crisis.





Does this spell the end of US Economic domination?Oil Countries to stop using US Dollar, is this the end of US Economic domination?
';Pigeon-carcass hairpiece'; is exactly right. The first answerer couldn't be more wrong. This is NOT a partly line problem. This is built up from years and years. Obama did not cause this.


Bluchristy is right, we better get our act together!!!!Oil Countries to stop using US Dollar, is this the end of US Economic domination?
Texas Parrot = Moron.





Spending does not inflate the dollar.





Wasted spending DOES.





Printing money to deal with economic crises, DOES; like the kind that was done by the Fed all last year.





There are two solutions: 1) avoid avoidable economic crises 2) Dispense with the poor CONTARD investments (tax cuts for the rich, wasting surpluses, and pointless nation-building wars)





@TBHR = None of the oil in the United States is economical to extract. FACT.
'US economic domination' has been dead for years. Whilst the US economy is crumbles China grows ever stronger %26amp; the European Union continue to retain the 1# spot comfortably. The United States will eventually recover from this massive downturn, but it will have to settle for a distant 3rd place, not helped by the $12 trillion national debt.
Our domination was already in question. Our economy is no longer one that produces anything, we just shuffle money around until the bubble bursts. All our manufacturing is out sourced. Once the world decides to no longer finance our debt it is all over with.
This is why, the collapse of the US dollar under Bush--





Chart of the declining value of the US dollar against the Euro:


http://www.urbandigs.com/us-dollar-vs-eu鈥?/a>





In 2002 the US dollar was worth E1.10, by the middle of last year it had dropped to about 65 cents, and its still hovering around the level right now.





So other countries no longer view it as very stable currency in which to invest.
The empire is collapsing.
That will certainly destabilize prices!





Maybe SOMEBODY should wake up and start producing our own! We have more oil in or around the U.S. than all of the middle east, but not enough brains to use it!!
Nope. It means we need to make oil obsolete and then who sives a shi4.
Yup. And it means higher gas prices for us.
I think we here in the USA need to get our act together and start making alternative energy a lot cheaper .
It sure does. Obama has made the dollar so weak with his uncontrolled spending and the fact that he is printing money faster than they can cut down the trees to do it. Pretty soon they will only be printing money on one side.