I heard OPEC was moving their pricing to McDonald's dollar menu items, insofar as they heard they make the dollar look strong. In fact they make the dollar look GOOD. VERY GOOD. Light sweet crude to 105 double c-burgers/barrel.
You seriously need to drop this line; you’ve overused it on everyone on this board, it makes you sound like an immature teenager, rather than the oil market expert you’ve self-proclaimed yourself to be. Even though I’ve been critical of the U.S (the current government to be exact), that does not me a hater.... Also funny how you start off by saying that nobody in here understands the industry, what exactly makes you the expert, I don’t think anyone has heard of what you do....
he also likes to think dollar weakness only marginally effects oil prices even when shown evidence to the contrary.
Its been up for a few days actually. The fed really can't cut rates anymore, and if they do they should be fired on the spot.
If switching currencies could destroy America, they would have done this a long time ago. Might be a good time to buy the dollar. Buy when everyone else is selling!
Sooner or later everyone will be trading oil in euros or the yen. I am not that concerned about this move long-term, I think it's inevitable that oil won't be traded in dollars in the not so distant future. Oh yeah, and I am so itching for bombing the living sh** out of Iran. Let's do it Greek style: kill all the men and children, and enslave all the hot Persian women. On the other hand, I've made an absolute killing on the Visa stock. I can't believe how lucrative a move that proved to be (pats himself on the back). Oh yeah, and I'm loading up on dollars, other currencies are relatively overvalued right now. Oh yeah, and I just bought an Oakley pair of sunglasses and it's Made in the U.S.A...
Won't happen in my or your lifetime - China's economy is not mature enough, and in particular the financial markets and their regulators don't have the necessary transparency or accountability. WHen it comes to choosing a global reserve currency - having a massive labor force simply doesn't count for that much. If it switches off the dollar, it would switch to the Euro or the pound decades before it would ever switch to the yuan - which the government doesn't even allow to float anyway to protect its exports. It's simply beyond the realm of possibility in the near term.
I think TM1 means loaded satire. Iran's move won't matter unless other OPEC countries follow. It would take a huge event in foreign relations for that to happen. The Euro itself is overvalued, and it doesn't have the capacity to cope with it right now. Their export industry is getting killed by higher less competitive prices. If the Euro really were that better than the dollar, commodities prices wouldn't be as unstable as it is right now. The blatant weak dollar policy by the Bush admin is exposing the fiat system right now. There will be consequences, though everyone is scrambling to make it the way it used to be.
China is currently moving towards a currency partially-backed by gold bullion. Should there be a panic out of all fiat currencies (such as the euro and pound) in the future, it is not only possible but in fact anticipated by many these days that the Chinese currency will then obtain global reserve status.
