Tying currency to oil? Think past BRIC to Iran

Posted: December 17, 2009 in Iran
Tags: , , ,

The decline of the almighty dollar
Armstrong Williams, The Hill 15 Dec 2009

… the recklessness of our current fiscal policy is causing other sophisticated global players to get fed up…

BRIC countries (Brazil, Russia, India and China), let me introduce BRIC-plus-1 and rename it CRIBS, (adding South Africa) is already looking to create the next largest world currency — one that will be pegged to oil.

This will be an extreme threat to the dollar, because trading oil in dollars is one thing that gives that currency much of its value.



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