Russia emerges as top Crude Oil producer ahead of Saudi Arabia in 2012 | www.commodityonline.com | 3

Russia emerges as top Crude Oil producer ahead of Saudi Arabia in 2012 | www.commodityonline.com | 3

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The USD "petro-dollar" is coming to an end. They had a good run at it but the game is over. With no gold backing and the BRICS nations moving out of the USD as a reserve currency, means the end for the dominant USD. No wonder the FED is monetizing debt with QE, no one else will buy it.   BK

Petro Dollar Changing Hands

On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S.dollar since its inception as a currency. For the first time since the 1970's, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency.   LINK...
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As we explained on Gold Radio Cafe last Friday, the value of the USD is built on the relationship with Saudi Arabia and their oil. It seems that relationship is no longer as important as it has been. This directly affects the confidence of the USD as the world's reserve currency.   BK
"Paper money eventually returns to its intrinsic value---zero."  Voltaire  (1694-1778)