Vinny’s Blog

To all who celebrate Diwali or the festival of lights.

We wish all of you a very happy DIWALI and a prosperous new year. May goddess of wealth shower you with money and all your wishes come true.

-Regards

So, there has been a burning news in the media recently. Whether Gulf states would be using USD or not for Oil Trades going forward. This is a devastating news for USD and as you can see markets reacted almost immediately Gold shot up to 1050.00 USD/Oz. right away. Even though this is not going to happen over night and the most optimistic indications are that it would take at least 8-9 years to accomplish moving away from settling oil trades in USD. Anyway..here are all aspects of that discussion.

Here is that Article.

Dollar’s demise plotted by oil producers, China and France, report says

The world’s oil producers, as well as China and France, are planning to end using the dollar as the currency to buy and sell oil, the Independent newspaper reported.

The move would see oil priced not in dollars but in a unit based on a basket of currencies including the Chinese yuan, the Japanese yen, and a new currency intended for use by the Gulf emirates, according to a report in Tuesday’s Independent newspaper. The paper added that the transition from the dollar to a new currency will take almost a decade.

This is video coverage of that news and describes what it means.

As you also know right after the news broke out media started damage control and started to spit out information that previous news flash was false.

Saudi Central Bank Chief Backs Dollar, Cites Its ‘Convenience’

By Camilla Hall

Oct. 7 (Bloomberg) — Saudi Arabia’s central bank chief denied holding talks on dropping the dollar as the currency for pricing oil, and said his country’s foreign-exchange peg to the dollar is a matter of national economic interest.

• OCTOBER 6, 2009, 8:09 A.M. ET

3rdUPDATE:Arab Gulf Officials Deny Plan To Ditch USD Oil Trade

(this is Wall Street Journal)

France dismisses talk of replacing dollar in oil

Robert Fisk

on the Gulf ‘ditching the dollar’ in oil trade

Here is another journalist on this report…….Mark Keiser is known for speaking his mind, truth, what he believes in and he is a straight talker leaves no confusion about what he is saying and why. You be the judge. Here is his interview.

Here is Gerald Celente on the same topic. Gerald needs no introduction, he is called modern day naustadamus.

But then again how do you REALLY confirm that $$ is down ? this is how you do that.

Here is an article I wrote earlier on USD or currencies. Click here. << Read at your own risk >>

If you liked what you have read here..and want to read more about currencies please click on the currencies under categories on you right those are some hard facts that you may want to read.

Disclaimer¹

1. Thankyou! [↩]

Thank God it’s Friday….or you could think this is definitely stupid. Click on the link below….

http://www.acetj.com/videos/player.php?mediaID=3045

If that’s not all..wait till to get towards the end of this one. Click Here

New Discovery

After having dug to a depth of 10 feet last year, New York archeologists found traces of copper wire dating back 100 years and  came to the conclusion that their ancestors already had a telephone  network more than 100 years ago.

Not to be outdone by the New Yorkers, in the weeks that followed, a
California archaeologist dug to a depth of 20 feet, and shortly after, a story in the LA Times read: “California  archaeologists, finding traces of  200 year old copper wire, have concluded that their ancestors already had  an advanced high-tech communications network a hundred years earlier than the New Yorkers.”

One week later, The Jersey Journal, a local newspaper in New Jersey, reported the following:
“After digging as deep as 30 feet  in his back yard , Jersey Joe, a self-taught archaeologist, reported that he found absolutely nothing.

Joe has therefore concluded that 300 years ago, New Jersey had already gone wireless.”

Just  makes you proud to be from New Jersey.