Putin: Why Not Price Oil in Euros?

[Dover]

Putin: Why Not Price Oil In Euros?

10-10-03

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....cont'd

http://www.globalpolicy.org/socecon/crisis/2003/1010oilpriceeuro.htm

[aquart]

1. Pootie Poot just screwed Georgie to the wall.

Oh, and the rest of us, too.

Thus begins the marginalization of the insane, untrustworthy United States whose signature on a treaty is abrogated on whim.

We will pay forever for costly George.

[Old and In the Way]

4. I'd like to thank the Republican Party, starting with Reagan/Bush

for giving us "Morning in America". Instead of following Carter's lead in conservation and development of alternative/renewable energy, they decided to dump the Dept of Energy as a cabinet level post. We all know how well the Roilists made out in the past 25 years, but it's time to pay the bill. Oooops, look at that, nothing left in the Treasury, but a big IOU.

'Tis a shame that we need to worry about the Supreme Court because I'd much prefer to have the Bush family held accountable when the economy implodes.

[Spinzonner]

2. Oh that Pooty, what a kidder

he wouldn't do that to his soul mate Shrubby.

Well, for a few days anyway.

[ClintonTyree]

3. That would send the old stock market...........

into a nose dive. I mean a DIVE too folks, not some 200 point loss, I mean a CURBS kicking in nose dive. 500 points or more in a single day. The plunge protection team would be working overtime. (or they would have to take commensurate time off with Bush's policy)

[jimshoes]

5. Story is dated 10-10-2003

but still... it would still shock the system pretty good if they did that.

[Dover]

6. I should have included that.........so I edited my post.

Thanks.

[Dover]

7. Might also explain the whole Yukos Oil issue too.

I'm assuming the fact that the U.S. oil brotherhood was very cozy with Yukos owners, might mean that they were attempting to influence the Euro/Dollar situation as well. Or maybe their Russian counterparts were U.S. spys attempting to work from the inside....