Connecticut Commentary: Red Notes from a Blue State

Our friends the Russians, the Chinese, the Japanese, France and Saudi Arabia have here entered into an agreement to marginalize the dollar as a world currency, according to an important article in the The Independent . “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.” Does anyone recall  how Ronald Reagan of blessed memory marginalized the Soviet Union. Here’s how: He made arrangements with our friends the Saudis to lower the price of oil. This plunged the Soviet Union into near bankruptcy. Why? Because Russia was then and is now rich in oil. Russia now controls the oil pipeline to Europe. China – drinking oil as if it w...