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Old 29th Jan 2012, 16:16
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Milo Minderbinder
 
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the Iranian and other press has reported several times in recent weeks of oil (and other) commodities being brokered in currencies other than dollars
A few that come to mind
Russia - Iran
China - Japan
Iran - India
Russia - India
I think I saw some China / Iran - South American agreements as well
Essentialy they are putting into place bank financing that it linked to one or other of the priniple's currencies, not the Dollar or Euro, so avoiding any exposure to US or European finance pressures - or exchange rates.
It could be the beginningof the end for the dollar as the universal trade currency.
If a major proportion of the oil market is no longer tied to the dollar, then the USA becomes exposed to some very interesting inflationary risks
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