Oil, Oil, OY!

OK, so here's some news. Russia is going to add commodities to their bourse, trading oil in rubles. They made the announcement after Mr. Cheney, that King of Diplomacy, went to Russia and pissed off Putin.

The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency.

Our friends in Iran are going to open their own bourse and trade oil in Euros. Venezuela is considering doing the same.

We are in trouble. The dollar could collapse. The Fed will have to raise interest rates to tighten the supply of dollars and that will bring on inflation (which high fuel prices are already doing).

Gold is under $700. You may want to buy some.