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FOXNews.com - Chavez Seeks Arab Support for Oil-Backed Currency to Challenge U.S. Dollar - International News | News of the World | Middle East News | Europe News

DOHA, Qatar --  Venezuelan President Hugo Chavez sought Arab support Tuesday for a proposed oil-backed currency to challenge the U.S. dollar in his latest swipe at Washington's dominance in global financial affairs.

It's highly unlikely Chavez will gain any serious momentum for his "petro-currency" proposal at a summit of South American and Arab League leaders, but it represented another attempt to undercut the dollar's standing as the world's leading commercial currency.



"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Apr 2nd, 2009 at 06:12:31 PM EST
[ Parent ]
I kinda wonder if elevating a consumable to a store of value is the most sustainable standard imaginable.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Fri Apr 3rd, 2009 at 03:52:03 AM EST
[ Parent ]
At least it has value in consumption.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Fri Apr 3rd, 2009 at 04:10:45 AM EST
[ Parent ]

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