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Weak dollar conspiracy theories are moot

Business Times - 13 Oct 2009


Weak dollar conspiracy theories are moot

There may be very good reasons why the Arabs, Chinese and Russians should meet

By LEON HADAR
WASHINGTON CORRESPONDENT

NEWS reports about the ups and down and the US dollar tend to be buried in the business sections of American daily newspapers and heated discussion about this somewhat technical and esoteric subject are usually confined to a relatively small circle of investors and financial analysts.

Last week, however, the greenback ignited excitement - and not only among currency traders - after The Independent, a London daily, came out with an explosive scoop on Monday suggesting that officials from the Arab oil sheikdoms, Russia and China were working together to find ways to stop using the US currency in order to set the value of oil deals.

The report by veteran Middle East correspondent Robert Fisk had all the making of a espionage thriller in which shadowy conspirators - Arab sheiks, ex-KGB agents, communist …