This Robert Fisk article has caught a lot of attention today. In the article, titled “The Demise of The Dollar”, he argues that the Gulf Arabs along with China, Russia, Japan, and France, are planning to end dollar-denominated oil contracts. And instead move to a basket of currencies.
The article first caught attention in Asia’s early morning trading and the dollar weakened as a result against the major currencies. It plays to longstanding fears that the dollar’s credibility as a global reserve currency is fading as a result of the economic crisis.
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