Monday, November 19, 2007

OPEC mull over the Dollar Exchange Rate

An accidental broadcast reveals worry amongst OPEC members regarding the US Dollar. Interestingly, they at least seem more "media-savvy" than those dealing with the ongoing Northern Rock situation, and understand that merely reporting a potential problem may, in fact, lead to the problem coming about faster than a jet-propelled cruise liner:
[Saud Al-Faisal, Saudi foreign affairs minister] said a reference to the US currency in the declaration could cause the dollar to "collapse".
More Stuff of Note at another FT article which kind of show that (conspiracy?) fears centered on Iran opening a Euro-based Oil Bourse are probably more moot now - a symbol, perhaps, of how transparently thin the US economy is. Or, as Iran's president put it:
“They get our oil and give us a worthless piece of paper,” he said. “We all know that the US dollar has no economic value.”
Of course, "leaked" discussions and high-end circumspect are still "unofficial" - in which case, there's no need to worry. Just as the Home Office said.

They'll let us know when to panic, right?

[Addendum] The BBC reports that the US rapper Jay-Z has already made the switch to Euros. Here's hoping street krewz will all adopt a generally more Euro-friendly position. maybe hang some lovely French brie round your neck? Or b-b-brrrakk people in the face with some good ol' Salami?

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