Chavez is still hoping for a currency backed by oil. Even though it will wreck havoc on the dollar, the new currency basket will take up to nine years to complete. Too bad Venezuela was not mentioned as a participant, too bad Chavez does not have nine more years to continue dicking around with us..........
"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years."
