How then, do we move backwards? How does a society, with most of the people having no clue of future events, move from being dependent on a vast and intertwined network of goods and services produced by the indigenous people of whereever, to a local resource and renewable energy based society, and do so in the timeframe available (20-30 years using the most liberal extimates, 10-20 with resonable estimates, 5-10 with worst case scenarios), all the while prices on everything increasing, world politics getting more militaristic, governments continuously reducing civil liberties, shortages of goods on the market and weather patterns resembling bad Hollywood movies?
A private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel's third meeting in its 47-year history, had just been broadcast to the world's media for more than half an hour after a technician had mistakenly plugged the TV feed into the wrong socket. The facade of unity that the cartel so carefully cultivates to a world spooked by soaring oil prices was shattered.
Sometimes, such innocent mistakes can have far-reaching economic and political consequences. Commodity and currency traders said this weekend that oil prices would surge again tomorrow - possibly breaking the $101 per barrel record set in the late 1970s - while the already battered dollar would fall further on the back of the unintentional broadcast.
Joined: Dec 28, 2005 Posts: 294 Location: Toronto, Ontario
Posted: Sun Nov 18, 2007 5:04 pm Post subject: Re: Oil leaders' private debate televised by mistake = $100
What an absolute gem of a find!
And to think that back when the Iranian oil bourse was being proposed, that would be priced in Euros, the mainstream media went out of its way to poo-poo the petrodollar phenomenon, trying to make it out to be a lunatic fringe theory.
Should be an interesting day for the dollar, gold, and oil tomorrow!
RIYADH, Saudi Arabia (AP) -- Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
_________________ "There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
Joined: Oct 23, 2004 Posts: 5348 Location: New Jersey
Posted: Sun Nov 18, 2007 7:03 pm Post subject: Re: Oil leaders' private debate televised by mistake = $100
There have been at least two other threads on this subject already.
I don't think OPEC as a group will formally move to price in something other than dollars just yet. However if the dollar does collapse, a potential problem which was specifically mentioned to be on the mind of the Saudis, OPEC will move completely off the dollar standard.
Meanwhile, individual countries are free to price oil as they please anyway. _________________ It's already over, now it's just a matter of adjusting.
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