OPEC official says OPEC considering another currency, urged to create OPEC currency

[Bill]

Iranian president (is he still president? guess so) Achmeddinajad met with teh General Secretary of OPEC recently, urging OPEC to create it's own unified currency, and it's own central bank, in a move that would have huge implications for the organization of petroleum exporting countries.

The most striking news from this meeting was a statement from the secretary general that OPEC was studying and considering a move to another currency, due to the dollar's volatility.

http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=1897250&Language=en

Mahmoud Ahmedinejad Sunday called for a joint bank and currency for member states of the Organization of Petroleum Exporting Countries' (OPEC).

This came during Ahmedinejad's meeting with OPEC's Secretary General Abdullah Al-Badri who is on a current visit to Tehran.

The Iranian President pointed out that the current situation in the global oil market called for such unification, noting that oil importing states were achieving more financial gain than those exporting the vital energy source.

Al-Badri said on his part that the current price of oil was unreasonable and added that OPEC was currently studying plans to consider other currencies rather than the US dollar.

He lauded Iran's efforts in OPEC, affirming the significance of OPEC's unity.

[Moby]

It's just amazing how in just a few years The PNAC, Bush and Cheney can take us so far down the drain. :( 19% of Americans still don't get it. Many people would gladly continue to vote for another 8 years of the same thing too.

I just don't get it.

[Bill]

I just don't get it.

It's all about the brainstem.

The primitive levels of the brain are easy to program, and once activated, only disaster and severe pain will cancel out the released imperatives.

Territorial hate, arising from the bran stem, trumps common sense.

And it completely kills the forebrains ability to model the future and predict the actions and reactions of others.

[disrupter]

Interesting, an oil backed currency.

[barring some unexpected market shift from oil]
Until oil reserves start to seriously dwindle it could actually be about as close to 'hard currency' as you could get.

[Moby]

Since Bush has destroyed the value of the dollar the world is looking at gold and oil for hard currency.

[AVG_JOE]

If it would thwart the plans of His Majesty Bernake & Co. from completely controlling the world economy, that is...

-Joe

[Bill]

OPEC already has the precursor to a currency - the opec "basket", which is a commodity measure, a commodity basket of 13 varieties and grades of crude oil - it's priced usually about $10 less than light sweet crude.

A lot of economists say that "baskets" represent the currency of the future - a currency tied to a real value, rather than a fiat currency backed by military force, like the dollar.

We could be approaching the age of the OPEC Dinar.

[Cat slave]

Think maybe its time now to muzzle the dirt people and drill on our land???
Theres enough wasteland in the frozen reaches of the north to share with
the wildlife. Theres enough ocean over the continental shelf to have some
rigs out there and Kennedy can just cram it over not waning to see windmills
in "his" ocean...clean coal for electricty, tidal and geothermal energy is plentiful..why keep playing victim to the men in sheets?

[disrupter]

Have you taken any efforts to reduce your consumption of fossil fuels [energy] cat slave?

I agree Ted Kennedy can have that wind farm forcefully shoved up his alley.
Personally i think wind farms are very graceful & not at all unattractive.
The 'danger to birds' argument doesn't hold water with me either.

But tearing up natural environments to drill for oil, when we haven't done any serious measures to make buildings & vehicles much more energy efficient is just out of the question.

[bigfootzx]

President Mahmoud IamANutJob is forgetting one thing, only countries are allowed to create a currency, last time I checked OPEC is a cartel. Now if all those countries merged into one, maybe, but that will never happen.

This spawn of satans diarrhea wants to manipulate currency to push the dollar even lower and drive up energy prices faster. Should terrorists attack the US again, we'd see a $1.50 raise at the pump in weeks with an OPEC currency.

[Moby]

If we drill that oil now then what will we have 10 years from now when all the oil in current wells has dried up, our economy is shot from over spending and China has our nuts in a vice?

Right now we need to invest $Billions in alternative fuels. Focusing only on one is short sided and slow and certain death.

[Bill]

OPEC's talking about becoming a union, like the US or EU.

And frankly, I don't think anyone could stop them if they decided to create an oil dinar, so I think your comment about "only a country can create currency" is irrelevant.

I like the idea of a currency based on something of value, as opposed to fiat currencies. I'd buy oil dinars, if they were available.

Better than holding dollars. My savings are worth a lot less today, under this "weak dollar" policy.

[bigfootzx]

OPEC's talking about becoming a union, like the US or EU.

And frankly, I don't think anyone could stop them if they decided to create an oil dinar, so I think your comment about "only a country can create currency" is irrelevant.

I like the idea of a currency based on something of value, as opposed to fiat currencies. I'd buy oil dinars, if they were available.

Better than holding dollars. My savings are worth a lot less today, under this "weak dollar" policy.

Europe is a group of countries under a common union, opec countries would have to form a similar treay, which might work assuming the countries formed a union. Now image all these arabs agreeing on currency terms and whose face would be on the dinar. Many of these countries hate each other, oil is all they have in common. The president is just pontificating himself again. A dangerous idea and that's why he likes it. Thinking this would work is a fantasy in IamANutJob"s mind.

[stefan segal]

I didn't see any mention of the most disasterous effect of an opec currency switch...we have billions of dollars printed...called petro dollars which remain on their pallets outside of the market.

If petro dollars were to suddenly be exchanged for whatever...then the globe will be ass deep in USD and a $50. loaf of bread will not be uncommon for you and me.

Save your Confederate dollars...the South will rise again...not!

Stefan

[Bill]

Well, if they do start issueing oil dinars, I think I'll be in a very, very, very long line to buy them.

I'd transfer a big chunk of my retirement accounts into oil dinars.

I've been wondering how I can invest in the OPEC basket.

Figuring out where to put retirement money is a hassle these days.

[Cat slave]

I dont think terms matter anymore to this bunch of clowns. Who would stop
them from calling all the shots with currency or whatever?

[AVG_JOE]

I'm sure that most of you have seen at least one of those e-mail chains telling people to buy fuel from companies like BP / Arco who supposedly don't buy or push Mid-East oil...

Would that kind of action really help?

I'm with Cat and Moby - how can we use less overall and use a lot less that lines the pockets of OPEC?

-Joe

[Moby]

This spawn of satans diarrhea wants to manipulate currency to push the dollar even lower and drive up energy prices faster. Should terrorists attack the US again, we'd see a $1.50 raise at the pump in weeks with an OPEC currency.
You're talking about The PNAC right? Two things that they believe need to be done in the USA are:

1. Get a cheap labor force (undocumented Mexican workers)
2. Lower the value of the dollar

[bigfootzx]

You're talking about The PNAC right? Two things that they believe need to be done in the USA are:

1. Get a cheap labor force (undocumented Mexican workers)
2. Lower the value of the dollar


Lol, well some of them may fit the description too, Irans's President for sure.

Looks like they may lose Sen. Vitter, someone wants to cook his goose, year later, we'll see what the hearing do for his career vs other John's.

[Moby]

Lol, well some of them may fit the description too, Irans's President for sure.

Looks like they may lose Sen. Vitter, someone wants to cook his goose, year later, we'll see what the hearing do for his career vs other John's.
He was allowed to stay around a lot longer then New York state employee Spitzer.