[Marxism] A worthless piece of paper

[David Walters]

I'd like to see more discussion on this. My local news station did a 4 
minute segment on this. The analysists talking about it said that this 
could have a profound impact on just about anything and everything 
economic. I tend to agree. We're talking about Finance Capital here 
folks, this is big time.

Like the article posted by Louis, the people pushing this were Iran and 
Venezuela. It's very risky, more for Venezuela than Iran since all of 
Venezuela's foreign reserves are in USD and not Euros. As China has 
found in trying to dump them, driving the value of their remaining, very 
large reserves, downward.

The 'right wing' of OPEC opposed any such move since they have reserves 
in USD bigger than Venezuela and don't want to see a world-wide 
recession that could result from such move.

One idea, very plausible, is that many countries will start to move, 
slowly, toward a "Petro-Euro", accepting both currencies as payment 
(Iran actually does this now). This could result in massive *spending* 
of reserves on capital infrastructure investments that dollars would 
have an immediate effect on, temporarily boosting anyone still attached 
to a dollar economy. A sort of international Keynsian economic boost.

David