Starting several years ago, Iran began to settle most of its crude oil exports in non-dollar currencies.  In October, the Arab states in the Persian Gulf: Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar, were in secret talks with Russia, China, Japan, and France to replace the U.S. dollar in the trading of oil. [...]

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In the G20 (Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, and USA) Summit at Pittsburgh (24-25 September 2009), the 20 largest economies’ leaders finally made one crucial decision – replacing G7, the anachronistic system. More than four months ago, my [...]

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On October 10, 2008, G7 (the world’s leading powers) including Japan met in Washington addressing five points to stabilize the financial chaos. George W. Bush tried to convince members of the G-20 countries including China, which collectively account for 85 percent of the global economy, to help the US. Without significant achievements from these meetings, [...]

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