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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
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