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Over the past year there has been talk of replacing the U.S. dollar for oil transactions. On Tuesday, Britain's The Independent newspaper reported that secret talks were being held with Russia, China, Japan, and France to replace the dollar with a basket of currencies.
You are probably wondering: "When will this happen?" and "Which currencies will be included in the basket? In answer to first question the changeover would take place over nine years. The currencies to be included in the basket include the Japanese yen, the Chinese yuan, the euro, gold and a new unified currency planned for nations in the Gulf Cooperation Council, including Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar.
What this means is that oil will no longer priced in dollars.The article in The Independent claimed the U.S. is aware of the talks and is "sure to fight this international cabal."
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