It began with a thinly sourced but highly explosive report Monday in a British newspaper: Arab oil sheiks are conspiring with the Russians and Chinese to quit using the dollar to set the value of oil trades — a direct threat to the global supremacy of the greenback.
When I read this story I knew it was laughable because tanking the dollar would decimate the Chinese economy because they hold trillions of dollars in their central banks. The Chinese have been diversifying their holdings so it might be a fear in the future some time. Actually when you dig a little deeper this Robert Fisk character becomes kind of shady:
Around the world, traders turned to Wikipedia to find out more about Fisk himself. There, they learned that Fisk is a legendary British foreign correspondent who has been based in Beirut for more than 30 years and has won a slew of journalism awards. They also learned that he is one of only a few journalists to have interviewed Osama bin Laden (three times) and that he has expressed doubts that the United States has told the full story about the Sept. 11 attacks.
Yup this guy interviewed Osama bin Laden a bunch of times and is a lousy "truther" to boot. In other words he might have an axe to grind with America and could have helped some of his cronies who were long gold and short the dollar make a few million. I think the SEC needs to subpoena this guy to see who profited from his poorly sourced article.
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