ISSUES....
Inside, confidential, off the record

 

The embarrassment

Regarding the OPEC "summit" meeting, much will be made of what the President of Iran, Mr. Ahmadinejad, had to say regarding the dollar. We shall simply note what he said, noting further that Ahmadinejad is considered a buffoon... a sore-point... and embarrassment.... to the other OPEC heads of government. His ranting does them little good, and does them much ill, but they tolerate his outbursts, as they tolerate those of Venezuela's Chavez. He is, after all, an elected head of state and as such is granted his stage upon which to rant. To that end he said regarding the need to steer away from dollar pricing of crude to that of some other single currency "peg" or multi-currency " basket," that They [the US] get our oil and give us a worthless piece of paper...All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency...Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade.


Commentary from Dennis Garthman /11 19 07

For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone 757 238 9346, Fax 757 238 9346 or dennis@thegartmanletter.com

Petroleumworld 11 19 07

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
and Off The Record Information, its views are not necessarily those of Petroleumworld

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