Conspiracy Theories Abond on US Dollar

We are now getting reports that, "Gulf Arabs are planning – along with China, Russia, Japan and France are planning to start trading oil using a basket of currencies," rather than the US dollar, over the next decade.

The source is The Independent, which has a pretty good reputation as a newspaper, even if it publishes in tabloid (excuse me, "compact"), and it is cast as one involving much in the way of cloak and dagger secrecy, which is a bit much.

Additionally, they cast the invasion of Iraq as being driven by Saddam Hussein's decision to Euro denominate his oil sales driving the invasion of Iraq, when this is clearly not the case.

There are any number of reasons for such a discussion to take place, most notably greater stability in oil prices for the rest of the world, though there might also be a desire to re-balance the unipolar world that allowed the United States to invade Iraq with impunity in the first place.