Society

The dollar could slide still further, in spite of hitting an all-time low against the euro last week in the wake of George W. Bush’s re-election, currency traders have said.

The observers said they had less access to polls than in Kazakhstan, that the electronic voting had fewer fail-safes than in Venezuela, that the ballots were not so simple as in the Republic of Georgia and that no other country had such a complex national election system.

In a move that would have massive repercussions in the global balance of power, last week Russian President Vladimir Putin said Russia could switch its trade in oil from US dollars to euros.

The Green Festival, a two-day party intended to accelerate the emergence of a new economic paradigm that values life, will be host to an unofficial peak oil mini summit. The official program for Saturday November 6th features Peter Camejo, Richard Heinberg, and Julian Darley speaking about oil depletion and the implications.

Petrodollars (huge financial surpluses accumulated among oil exporters due to high oil prices) were a major feature of global capital markets in the 1970s and 1980s. Are the western banks and financial markets in for another period similar to the 1970s and mid-80s in terms of flows?

Petrodollars (huge financial surpluses accumulated among oil exporters due to high oil prices) were a major feature of global capital markets in the 1970s and 1980s. Are the western banks and financial markets in for another period similar to the 1970s and mid-80s in terms of flows?

In the same time period during which the price of oil has gone up in terms of the dollar, it has remained stable in terms of the EURO. This has prompted speculation that OPEC will change from denominating all sales of oil in the dollar to other, more attractive currencies, like the EURO, which would be disastrous for the US economy and the dollar as world reserve currency.