Petroleos de Venezuela to Convert Accounts to Euros

[phantom power]

another nail in the coffin of the petrodollar?

Sept. 16 (Bloomberg) -- Venezuelan President Hugo Chavez instructed Petroleos de Venezuela SA, the state oil company, to convert its investment accounts from dollars to euros and Asian currencies to reduce risk.

Chavez, speaking in his weekly address on national television, said the U.S. has bought goods from around the world, paying with paper that is ``a bubble.''

Chavez said he instructed Energy and Oil Minister Rafael Ramirez to change currencies because of concerns sparked in August when the Federal Reserve increased the U.S. money supply after lending declined over concerns about debt backed by sub- prime mortgages.

The world's oil trading system has primarily used dollars for decades, helping to make the dollar into a global currency. Iran in July requested yen rather than dollars for all shipments to Japan, boosting that currency.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZ62iRNzmRo0

[GliderGuider]

1. Methinks the Axis of Eeeevil just got a new member...

Time to bring democracy to Venezuela. Again.

[phantom power]

2. Cue the reports of unauthorized uranium centrifuges...

[HereSince1628]

3. Nah, they are already ramping up the illegal drugs stories.

One offense against the empire is as good as another. Venezuala represents about a 1% risk to the US which puts it on Cheney's hit list.

[phantom power]

4. I forgot... Always match the propaganda with the correct racial stereotype.

that's the kind of attention to detail that makes them such professionals.

[paparush]

5. The Invasion will be Televised.

I, for one, hope to hell the DO THIS.