China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades…can you say Collaspe of the Dollar?

The Independent, under the front-page headline “The Demise of the Dollar”, reported last Tuesday that Gulf states, together with China, Russia, Japan and France, were considering replacing the dollar as the currency for oil deals. “In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil,” wrote The Independent’s Middle East correspondent Robert Fisk.

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