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New OPEC accidentally slams the dollar

On Friday night, during what the participants thought were private talks, Venezuela's oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel.

They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world's largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.

Unfortunately his words and those of everyone at the meeting were being broadcast via a live television feed to a group of astonished reporters. 'I couldn't believe it,' said one who was there. 'When I realised they didn't know they were being broadcast live, I frantically started taking notes.'
Odoru aho ni miru aho!
Onaji aho nara odoranya son son!
New Ow.

Is it enough to love
Is it enough to breathe
Somebody rip my heart out
And leave me here to bleed
Is it enough to die
Somebody save my life
I'd rather be Anything but Ordinary

-- "Anything but Ordinary" by Avril Lavigne.

· my ·
· [link|http://staticsan.livejournal.com/|blog] ·
· [link|http://yceran.org/|website] ·

New Dollar taking a hit from another direction as well
Pay attention as you watch the catchy new music video from the mega-star rapster Jay-Z, "Blue Magic", and see if you can't spot the product placement. It is not a fancy car that he is endorsing \ufffd although both his rides, a Rolls- Royce and soft-top Bentley, are plenty spiffy \ufffd but rather a currency \ufffd and it is not the dollar.

Like so many in the hip-hop genre, the song is a celebration of ostentatious wealth. But capturing the attention of commentators in this clip, shot in the glimmering, neon-lit canyons of New York City, are the repeated glimpses of flickering wads of \ufffd500 notes. Jay-Z has thus performed a currency defection: the dollar is not just down, it is out. The euro is the new bling.

-- [link|http://news.independent.co.uk/world/americas/article3169653.ece|http://news.independ...rticle3169653.ece]

Chris Altmann
New The reason Euro is bling . . .
. . is that the U.S. government made any denomination beyond $100 scarce and hard to get specifically to make drug transactions less convenient. Drug traffickers consequently turned to the Euro where 500 and 1000 denominations and even higher are easily available. This happened years ago.

So this isn't a "value of the dollar" thing, it's a drug thing. Where do you think that hip-hop "ostentatious wealth" comes from?
New This is true.
I read somewhere (prolly here) that the anti-counterfeiting measures being taken have hurt the dollar more than helped because of the drug trade. The euro became the currency of choice and now we are seeing the fallout.

Pretty damned ironic.

Pretty damned staggering how much illegal drugs plays a role in a nation's economy.
     OPEC accidentally slams the dollar - (inthane-chan) - (4)
         Ow. -NT - (static)
         Dollar taking a hit from another direction as well - (altmann) - (2)
             The reason Euro is bling . . . - (Andrew Grygus) - (1)
                 This is true. - (imqwerky)

Ben "I make grown men want to slit their wrists" Tilly.
56 ms