Tuesday, Nov 20, 2007
Posted on Sun, Nov. 18, 2007
By SEBASTIAN ABBOT
Associated Press Writer
OPEC will study the weak U.S. dollar's effect on the oil cartel's earnings and investigate the possibility of a currency basket, Iran's oil minister said Sunday.
"We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices," Gholam Hussein Nozari told Dow Jones Newswires at a rare heads-of-state OPEC summit.
Iraqi Oil Minister Hussein al-Shahristani also confirmed that the Organization of Petroleum Exporting Countries was forming the committee, which would "submit to OPEC its recommendation on a basket of currencies that OPEC members will deal with." He did not give a timeline for the recommendation.
Though a final statement issued Sunday at the end of the summit did not specifically mention the dollar or a committee, it did say the oil-producing group would look into ways of improving financial cooperation.
OPEC will "study ways and means of enhancing financial cooperation among OPEC ... including proposals by some of the heads of state and governments in their statements to the summit," OPEC Secretary General Abdalla Salem el-Badri said, reading ...   more »

Bilderberg author who 1st exposed plot in 1996 sees EU replication as imminent 
WASHINGTON – The next giant step toward world government will be integration of the U.S., Canada and Mexico in European Union-style merger in the next few years, says the author of a best-selling book on the power of shadowy international organizations promoting the move.
"I would say [it's just] a couple of years away," reports Daniel Estulin, author of "The True Story of the Bilderberg Group."
Estulin, a Canadian now living in Europe, says the original plans for a North American Union involved the U.S. and Canada as the prime participants. It was motivated primarily by the desire to harvest Canada's abundant natural resources.
In his new book, Estulin reveals the first efforts in this plan date back to 1996 when the elite Bilderberg Group first discussed plans for the dismantlement of Canada as an independent nation and proposed its merger – minus Quebec – with the United States into a Greater North America.
"Actually, the North American Union, or rather a Canada-U.S. merger, was initially discussed shortly after the Reagan-Bush candidacy won the White House," he says in an interview with WND. "Upon taking over the ...   more »

In joint press conference with Ahmadinejad, Venezuelan president says, 'Soon we will not talk about dollars because it is falling in value'
Reuters
Venezuelan President Hugo Chavez said on Monday the "empire of the dollar is crashing," a day after his country and anti-US ally Iran advocated action over the weakening US currency during an OPEC summit in Riyadh.
Black Gold  
Venezuelan president tells OPEC summit in Riyadh, 'If the United States is crazy enough to attack Iran or commit aggression against Venezuela ... Oil would not be $100 but $200'      
Chavez, who on Saturday said oil prices could double to $200 per barrel if the United States attacks Iran over its disputed atomic ambitions, spoke to reporters after talks with his Iranian counterpart Mahmoud Ahmadinejad.  
"Soon we will not talk about dollars because the dollar is falling in value and the empire of the dollar is crashing," Chavez said in comments translated into Farsi from Spanish.  
"Naturally, by the crash of the dollar, America's empire will crash," Chavez said at a joint news conference with Ahmadinejad. The two presidents share the same viewpoint in denouncing US influence in the world.  
'Worthless piece of paper'...   more »

By Min Zeng
 Nov. 20 (Bloomberg) -- The dollar fell to a record low against the euro and Swiss franc on concern credit-market losses will slow economic growth, prompting the Federal Reserve to lower interest rates again this year.
Currencies in New Zealand, the U.K., Australia and Norway gained on speculation a group of six Arab nations will change their fixed exchange rates from the U.S. currency. Freddie Mac, the second-biggest buyer of U.S. mortgages, posted its largest- ever quarterly loss and said it may cut its dividend to weather ``significant deterioration'' in the housing market.
``There are lots of forces working against the dollar,'' said Robert Fullem, vice president of U.S. corporate currency sales at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. ``The market sentiment toward the dollar is very negative. You are going to see further declines in the dollar.''
The dollar fell 0.9 percent to $1.4789 per euro at 10 a.m. in New York, and touched $1.4814, the cheapest level since the 13-nation currency started trading in January 1999. The U.S. currency weakened 0.5 percent to 1.1093 versus the Swiss franc and reached an all-time low of 1.1070. The dollar gained 0.4 percent to 110.19 yen. ...   more »

Jerusalem Watchman
We tiptoe around battles when we should be charging into them with our swords high, our voices strong, our faith unshakeable in the One who sits on the Throne.
We admire, or fear, men and women in positions of power, when we should know that it is God - not man - who has the final authority to make the ultimate decisions on this earth; in whose hands the hearts of kings are turned like watercourses in the desert.
We are forever making apologetic noises or offering explanations - almost excusing ourselves before this secular world - when we should be bold about who we are and in Whom we believe.
Where is our faith? Where is our resolve? Where is our courage? Where is our strength?
Original Source
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