from Larry Johnson
http://noquarterusa.net/blog/2007/11/07/7-countries-considering-abandoning-the-us-dollar/Stocks Tumble on Weak Dollar and Oil Prices, New York Times: By MICHAEL M. GRYNBAUM 6 minutes ago || “Stocks dropped sharply today as investors grew skittish on a weak dollar, record-breaking oil prices and warning signs from the corporate sector.
http://www.nytimes.com/2007/11/08/business/07cnd-stox.html?hp(2) China Remarks Drive Dollar Lower, New York Times: “Currency traders gave the dollar a thorough pounding today after a Chinese official suggested that the country could begin to diversify its huge foreign-exchange reserves. The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar.
http://www.nytimes.com/2007/11/08/business/worldbusiness/07cnd-dollar.html?_r=1&hp&oref=sloginORIGINAL: Very worrisome. Leslie just e-mailed this to me, and I thought I’d better toss this up for your evaluations and discussions. From CurrencyTrading.net:
http://www.currencytrading.net/2007/7-countries-considering-abandoning-the-us-dollar-and-what-it-means/It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy. …
The seven countries: 1) Saudi Arabia, 2) South Korea, 3) China, 4) Venezuela, 5) Sudan, 6) Iran, and 7) Russia. The article gives details on each country’s reasoning and concerns, followed by a discussion of the implications.
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Saudi Arabia, South Korea, China, Venezula, Sudan, Iran, and Russia....which of these would we like to bomb and who of these are out friends?