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  1. #1
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    President Vladimir Putin said Thursday Russia could switch its trade in oil from dollars to euros, a move that could have far-reaching repercussions for the global balance of power -- potentially hurting the U.S. dollar and economy and providing a massive boost to the euro zone. "We do not rule out that it is possible. That would be interesting for our European partners," Putin said at a joint news conference with German Chancellor Gerhard Schroeder in the Urals town of Yekaterinburg, where the two leaders conducted two-day talks. "But this does not depend solely on us. We do not want to hurt prices on the market," he said.

    "Putin's putting a big card on the table," said Youssef Ibrahim, managing director of the Strategic Energy Investment Group in Dubai and a member of the U.S. Council on Foreign Relations, an influential body of leading world thinkers thought to help set the United States' foreign policy agenda. "In the context of what is happening worldwide, this statement is very important," he said.

    Putin's words come in the wake of a protracted drive by the EU to attract more countries' trade and currency reserves into euros, in a bid to chip away at U.S. hegemony over the global economy and money supply.

    A move by Russia, as the world's second largest oil exporter, to trade oil in euros, could provoke a chain reaction among other oil producers currently mulling a switch and would further boost the euro's gradually growing share of global currency reserves. That would be a huge boon to the euro zone economy and potentially catastrophic for the United States.

    Dollar-based global oil trade now gives the United States carte blanche to print dollars without sparking inflation -- to fund huge expenses on wars, military build-ups, and consumer spending, as well as cut taxes and run up huge trade deficits.

    Almost two-thirds of the world's currency reserves are kept in dollars, since oil importers pay in dollars and oil exporters keep their reserves in the currency they are paid in. This effectively provides the U.S. economy with an interest-free loan, as these dollars can be invested back into the U.S. economy with zero currency risk.

    If a Russian move to the euro were to prompt other oil producers to do the same, it could be a "catastrophe" for the United States, Ibrahim said. "There are already a number of countries within OPEC that would prefer to trade in euros." Iran, the world's No. 5 oil exporter, has also openly mulled a move into euros. And after the war in Iraq, there is growing debate in the United States' traditional ally Saudi Arabia on a switch too, though its government has not come down firmly on one side, Ibrahim said. "There is a revision going on of its strategic relationship with the United States. Already, they're buying more [French-made] Airbuses," he said. "The Saudi Crown Prince [Abdullah Bin Abdul Aziz Al-Saud]'s visit to Russia was of great significance and the regime is talking about closer cooperation with LUKoil and other Russian companies."

    Under Saddam Hussein, Iraqi oil was traded in euros. "This was another reason [why the U.S. attacked]," Ibrahim said. "There is a great political dimension to this.

    Slowly more power and muscle is moving from the United States to the EU, and that's mainly because of what happened in Iraq," he said.

    Putin had previously brought up the proposal to switch to euros as prime minister in October 1999, at a meeting of EU leaders in Helsinki. Then, in an attempt to forge a new bloc to counterbalance the United States, he made the proposal alongside calling for closer cooperation between Russia and the EU, including on security issues. Since then, however, Russia's ties with the United States have warmed considerably -- and it is unclear whether Putin would risk damaging that relationship by going ahead with the euro move, analysts said.

    "Putin is very much interested in changing the structure of OPEC and he cannot do that without the United States," said Alexander Rahr, an expert on Russia at the German Council on Foreign Relations. "He can only get a foothold for Russia in the Middle East with [U.S. help]. And, he wants to get contracts for the Russian oil industry in Iraq -- for this, too, he needs the United States."

    SNIP...

    But there will be great opposition to this from the United States." He said that while a switch would have no direct impact on the Russian economy, it would give a great boost to the euro zone. Lukoil vice president Leonid Fedun said Thursday that he saw no problem in the euro switch and that payments for such transactions would be minimal, at just 0.08 percent. "There is no problem ... If the state decides to do this, then we will support this initiative. From the point of view of the economy, there's no difference," Interfax quoted him as saying. But even Fedun could not help putting a political price tag on the move. "We are ready to move to the euro if the country will be included in a visa-free regime with Europe," he said. Rahr agreed that the timing of the statement seemed calculated to extract political concessions from the EU. "It's a bargaining chip," he said. Gavrilenkov suggested Putin was also angling for EU concessions on other issues discussed in Yekaterinburg, such as terms for Russia's WTO accession.

    Complete Article:
    http://www.globalpolicy.org/socecon/...lpriceeuro.htm





  2. #2
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    Of course it's about money.

    How much is your life worth? How much is your freedom worth? How much is your child's life worth? How much is your child's freedom worth?

    Of course it's about money.
    No reserve. No retreat. No regrets.

    For those who have fought for it, freedom has a sweetness the protected will never know.

    http://www.airwarvietnam.com/16thSOSGunners2.jpg

    Proud member of KA Club

  3. #3
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    Originally posted by bootlen
    Of course it's about money.

    How much is your life worth? How much is your freedom worth? How much is your child's life worth? How much is your child's freedom worth?

    Of course it's about money.
    How much is 1109 plus soldiers lives worth? One Sadaam? Billions for Halliburton? One soldiers life is too many! I just hate it that all our troops are dying for a nonexistant threat. I can't understand how you can think that Iraqnam is worth the price.

  4. #4
    Join Date
    Dec 2002
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    motorboy and the rest

    Keep demeameaning the lives of these who gave their lives for our freedoms. Their blind hate for Bush keeps them from seeing that the military actions going on have much more likely than not have saved us the destruction of 1 if not more of our cities and possibly a million people. As I see it, they are nothing more than treasonist cowards just like their pop idol "john hanoi kerry". Motor and the his kind would be happy if the US existed as a puppet state of the UN. They need to get potty trained and grow up!!

  5. #5
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    Originally posted by motorboy1
    Originally posted by bootlen
    Of course it's about money.

    How much is your life worth? How much is your freedom worth? How much is your child's life worth? How much is your child's freedom worth?

    Of course it's about money.
    How much is 1109 plus soldiers lives worth? One Sadaam? Billions for Halliburton? One soldiers life is too many! I just hate it that all our troops are dying for a nonexistant threat. I can't understand how you can think that Iraqnam is worth the price.
    ================================================== ==========

    OUR freedom is at risk and you're worried about IRAQ? Besides, since when was freedom free? Or even inexpensive?

    You are clueless, motor. Haven't made that trip to Wal-Mart yet, have you?
    No reserve. No retreat. No regrets.

    For those who have fought for it, freedom has a sweetness the protected will never know.

    http://www.airwarvietnam.com/16thSOSGunners2.jpg

    Proud member of KA Club

  6. #6
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    Feb 2002
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    maybe motormouth was getting a cut of the oil for food scandel money and wants saddam back.

    motormouth is the kind of guy that would get hit upside the head with a baseball bat and wonder why he has a headache.

  7. #7
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    34,902
    Originally posted by motorboy1

    How much is 1109 plus soldiers lives worth? One Sadaam? Billions for Halliburton? One soldiers life is too many! I just hate it that all our troops are dying for a nonexistant threat. I can't understand how you can think that Iraqnam is worth the price.
    There has been a exaggeration..John Kerry on terrorism
    Proof that idiots think alike

  8. #8
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    southeast
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    good post

    this really is a threat to our way of life.

    what is funny is that these knee-jerk republicans haven't been told what to think yet by rush or fox, so they don't know what to make of it.


    and if you are worried about you freedom, get bush and his cronies out of office.(and don't let kerry in, because they will do the same thing.erode our freedom)

    osama killed people.

    the right.left wing establishment that runs the country are the ones taking away the freedoms enjoyed here , that many have died for.using security as a pretext.


    but the US global hegemony could be being set-up here by others like :russia,china,europe(old).all that have aspirations of their own and would like nothing more than to see the great america bogged down with a war against islam.while they grow their economies and move into a position to dominate while ours grows weaker, by overburdening with the costs of neverending wars and staggering deficits and debts.don't forget, these countries have their investments in our country, federal reserve and stockmarket. our bond rating is in jepordy. if we get too close to the edge(energy crunch,credit problems,war on terror that can't be won and may never end)these "friends" could push us over. than america will really be in jepordy.

    and we will have gotten there, by being diverted away from the real problems of the world,by "good cop/bad cop" "right/left",partisan gridlock,used to keep the people ineffectual by the group that has investments in these other countries too.the wealthy elites. the two percent that owns fifty percent of everything and controls another thirty percent of the wealth.


    anybody notice the "council on foreign relations" mention?
    who are they, what are they?who created them? why? when? who are they now?

    what other organizations have been spawned by them?

    I say that the sheer coincidence of "who" they are and who created them,deserves peoples attention.

    propaganda and the formation of peoples attitudes.over decades of being "educated",shaping our cultural biases.

    does anybody out there have any ideas?

  9. #9
    Join Date
    Jun 2001
    Posts
    3,910
    Originally posted by remember
    good post

    this really is a threat to our way of life.

    what is funny is that these knee-jerk republicans haven't been told what to think yet by rush or fox, so they don't know what to make of it.


    and if you are worried about you freedom, get bush and his cronies out of office.(and don't let kerry in, because they will do the same thing.erode our freedom)

    osama killed people.

    the right.left wing establishment that runs the country are the ones taking away the freedoms enjoyed here , that many have died for.using security as a pretext.

    Would you be so kind as to provide some examples?


    but the US global hegemony could be being set-up here by others like :russia,china,europe(old).all that have aspirations of their own and would like nothing more than to see the great america bogged down with a war against islam.while they grow their economies and move into a position to dominate while ours grows weaker, by overburdening with the costs of neverending wars and staggering deficits and debts.don't forget, these countries have their investments in our country, federal reserve and stockmarket. our bond rating is in jepordy. if we get too close to the edge(energy crunch,credit problems,war on terror that can't be won and may never end)these "friends" could push us over. than america will really be in jepordy.

    If many more 9-11's happen crushing the economy, our country will be in jeopardy. It's your fault for building China's economy by shopping at Wal-Mart. If your unions wouldn't drive our jobs out of the country we would all be better off also.

    and we will have gotten there, by being diverted away from the real problems of the world,by "good cop/bad cop" "right/left",partisan gridlock,used to keep the people ineffectual by the group that has investments in these other countries too.the wealthy elites. the two percent that owns fifty percent of everything and controls another thirty percent of the wealth.

    Are those real problems of the world the one's like in Sudan?

    Would you like to know what the U.N. is doing about it ?

    http://www.iol.co.za/index.php?set_i...5932839C322124

    "Two rounds of peace talks have failed. A third round is due to take place in late October. UN demands for Sudan to disarm the Arab militia have not been met. Relief workers say the conflict and a meagre rainy season will mean a greatly reduced harvest, threatening food and pasture shortages for all sides."

    Please will you stop, pretty please, pretty pretty please ! Geesh !


    anybody notice the "council on foreign relations" mention?
    who are they, what are they?who created them? why? when? who are they now?

    what other organizations have been spawned by them?

    I say that the sheer coincidence of "who" they are and who created them,deserves peoples attention.

    propaganda and the formation of peoples attitudes.over decades of being "educated",shaping our cultural biases.

    We all know your a master at propaganda, so don't go blowing your own horn.

    does anybody out there have any ideas?

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