Dallas, TX -- (ReleaseWire) -- 07/01/2008 -- TwinTrader.com announces the publication of ‘Opportunities in the Failure of the Oil Backed U.S. Dollar’
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Opportunities in the Failure of the Oil Backed U.S. Dollar
”June 27, 2008, Bloomberg interviewed the chairman of Libya’s National Oil Corporation, Shokri Ghanem, who said there are many factors behind the skyrocketing price in oil. He sites speculation, fear of war in Middle East, lack of investment and U.S. aggression in the region. Ghanem also accuses the United States of threatening Libya with freezing its bank accounts if they don’t raise production…
”What Ghanem didn’t say - and good thing he didn’t - is that the Middle East really doesn’t want to accommodate the United States with more precious oil when in return they’ll get more U.S. dollars that Libya will have a hard time getting rid of…
”If the OPEC nations, China, Russia and Hong Kong all decided to convert their dollars into, say, the Euro, the dollar would fall off a cliff, creating steep losses in dollar reserves that never made it out the door before the other guy. This scenario is feared by every central banker from Washington to Beijing…”
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