Barack Obama is fiddling on his grand plans to remake the U.S. health care and energy systems, while our economy and our position in the world burn. The most recent evidence of the harm being caused by our fiddler-in-chief is the move internationally to abandon the dollar as the international exchange currency for oil transactions, as reported in The Independent newspaper in Britain:
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar….
Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years’ time. The current deadline for the currency transition is 2018.
I would like to think someone in the Obama administration would be concerned, but honest reflection leads only to the conclusion that the lowering of U.S. international power will be music to Obama’s ears. He never misses an opportunity to lecture the world about the evils of domination by any one country, by which he means the United States.
A fiddler who is not oblivious to the fire, by any means.
UPDATE: Following the report by The Independent, there have been denials about the plans to drop the dollar for oil trading. But replacing the dollar as the currency for oil trading would be consistent with other proposals by China, made in the presence of U.S. officials, to create a new international reserve currency consisting of a basket of currencies, as I reported a prior post. Other international groups recently have pushed similar ideas for replacing the dollar, as well.