Dangers Of Oil Prices Being Measured In Euros And Not US Dollars

Thursday, 8. October 2009

For those that like to worry I have some great news that may cause more problems for the US finances than the collapse of Lehman Brothers. Apparently the oil states are considering dumping the dollar as its currency against which to measure oil prices. Favourite to replace the dollar is the Euro, a bit of a bugger for those who have always fought against the single currency, followed by the Chinese currency which we all know is the Yuan. Other currencies are being bandied about but imagine what would happen to the US dollar if this were to happen? Iran has already said that it is to hold foreign currency reserves in Euros rather than dollars so the ball is rolling. The Americans are starting to worry – and so should we! By Graham Hill