Page added on November 29, 2004
(W Joseph Stroupe is editor in chief of Global Events Magazine, an online geopolitical magazine specializing in strategic analysis and forecasting.)
…a number of oil-exporting countries have already gone on public record as to their preference to make an exit from petro-dollars in favor of petro-euros. They have indicated that if Russia begins such a move to petro-euros, they will rapidly follow Russia’s lead. The net effect would be a rapid international abandonment of the dollar as the international currency, which would in turn “bring down the towers” of the heavily debt-ridden US economy.
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