The global reign of the dollar may be on its way out. Russia, the world's second-largest oil exporter, is considering trading its petroleum in Euros rather than dollars, a decision that could have major implications for the long-term power and stability of the dollar internationally, reports The Black Commentator, an online publication dedicated to social commentary, analysis and investigation for African Americans interested in social reform.. 'Even more important than the huge and immediate boost that a Russian oil-Euro arrangement would provide to the European Union, the move would signal the definitive end of America's artificial dollar-domination of the planet, a privileged status the U.S. has enjoyed since the end of World War II.'
If Russia -- which trades more than half of its oil with Europe -- switches to the Euro, OPEC nations may follow suit. Saudi Arabia, the world's leading exporter of oil, recently severed their military alliance with the U.S., and if the financial benefits are there, they might be persuaded to go Euro. Other OPEC nations like Iran and Venezuela may be influenced to switch as well. For that matter, once U.S. occupation of Iraq ends, Iraqis bitter about the corporate-driven reconstruction plan currently foisted on them, may want to recommence selling their oil for Euros, as well.
No country is interested in a total upheaval of the 'global
currency regime,' The Black Commentator asserts, but if
Bush and his cronies continue their aggressive 'either you're with
us, or against us' international politics, countries may be less
inclined to be faithful to the dollar, and the U.S. will be faced
with a kind of 'international redlining.'
-- Erica Wetter
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