I originally typed energy policies, but then thought to myself, it is deeper than that. It is about what all of us believe, or at least a vast majority.
The report is in the UK Independent, one of the larger UK dailies.
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.Nine years? That is plenty of time for us to do some serious work on our part.
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.
I assert that after several decades of talking about getting serious, we now have a deadline of sorts and we need to actually get serious about reducing our dependence on foreign oil. As a bumper sticker I have seen in Lowell says, it is a national security issue.♠
This will not be a painless experience, but if we don't accept a little pain now a lot of pain will be imposed on us a decade from now.
My own opinion is that we need to get serious about wind and nuclear energy and about rebuilding our electrical transmission infrastructure. We have to be serious about coal and how we can exploit our vast quantities of that resource for cleaner energy.
One of the secrets about the environment is that we here in the US are not going to be able to turn the whole world around, notwithstanding large chunk of global energy consumption. Not even with the Europeans, Canada, Japan and Australia and New Zealand. The so called BRIC states♥ are going to be big players over the long run.
Sure, we can aspire to be like Canada and not be out meddling in the affairs of others, but part of the reason Canada can be Canada is the United States is the United States. The world will change is we roll over, or we get rolled.
Regards — Cliff
♠ Actually the car of one of the bloggers at Left in Lowell (one of the three bloggers, not one of the many named and unnamed commenters).
♥ Brazil, Russia, India and China.