Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
His comments at the end of a rare summit of OPEC heads of state exposed fissures within the 13-member cartel — especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit's final declaration.
The hardline Iranian leader's comments also highlighted the growing challenge that Saudi Arabia, the world's largest oil producer, faces from Iran and its ally Venezuela within the Organization of Petroleum Exporting Countries.
"They get our oil and give us a worthless piece of paper," Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush's policies for the decline of the dollar and its negative effect on other countries.
Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned oil producers because it has contributed to rising crude prices and has eroded the value of their dollar reserves.More on the story.
4 comments:
True comment. Now the dollar isn't worth a dime thanks to Bush/Cheney. Now I understand why the oil prices are so high and going higher. Gone are the days when the US was trusted and every American could dream of having a better life. Now when the idiot is out of office the new President will have repair the damage done by the Gerbil. Iran was treated with disrespect and lied about. For years Cheney tried to push the lie that Iran was building a Nuke but they weren't. Now that the truth is out the World sees Bush/Cheney for the liars they are. As for Israel I noticed they celebrating their 60th anniversary. Which explains Ahmadinejad's comment about how Israel didn't own the land their own they stole it as in 1947 after Hitler the Jewish people settled on Palestinian land.
it's always been the neocon stated plan to bankrupt the treasury.
Yep. Save your money in Euros or Chinese Yuan, or Swiss Francs.
"it's always been the neocon stated plan to bankrupt the treasury."
Yup, that has been the plan from the Gerbil and co. from the get go. With an idiot that failed in 3 businesses that had to get his daddy to him out, he is doing a heckava job ruining this country financially. One has to wonder how much percentage of this country does the Saudis, China, and other countries own.
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