We recently asked if phase three of the currency wars had taken place.
There have been a series of events that show the world is in fact aligning against us since we became overpowered by idiot warmongers and idiot economists.
Now it looks like we have moved on to the fourth phase:
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.(Independent). The damage that was done to the U.S. reputation and economy during the Bush II years is breath taking, and may have done us in for real as an empire.
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.
This issue is still around, the congress in a strange state of "mind":
So why the revival now? One obvious answer is the fleecing of American manufacturing jobs, which the supporters of the bill seem to agree is largely caused by China engaging in unfair trade practices -- such as currency manipulation -- at the expense of U.S. workers' livelihoods.(The Atlantic). Hurry up and don't do anything.