ALMIGHTY EMPIRE BEGINNING TO UNRAVEL?

 

OPEC urged to scrap the dollar

 

OPEC urged to end use of dollar
Assorted News Agencies Monday, 19 November 2007

RIYADH — Mahmoud Ahmadinejad, the Iranian president,
has called on OPEC members to stop pricing oil in "worthless"
US dollars.

"They get our oil and give us a worthless piece of paper," he told
reporters at the close of a two-day meeting of the Organization
of Petroleum Exporting Countries in Saudi Arabia.

The fall in the value of the dollar has weakened the purchasing
power of OPEC members and helped push oil prices to nearly $100
a barrel.

Ahmadinejad is to meet Hugo Chavez, the Venezuelan president,
later on Monday to discuss the issue.

RATTLING THE CAGE: Iran's Mahmoud Ahmadinejad
and Venezuela's Hugo Chavez with Saudi King Faisal

Chavez echoed Ahmadinejad's sentiment, saying "the empire
of the dollar has to end."

OPEC's summit in Riyadh ended on Sunday with leaders divided over whether to dump the dollar as a currency to price and sell oil.

Both Iran and Venezuela have proposed trading oil in a basket of
currencies to replace the falling dollar, but a final statement from
OPEC after the meeting did not include any reference to the
weakening dollar.