Oil countries already in Euros??? Looks like both Venezuela and Iran are holding more than 80% of their reserves in Euros. Bad for us? Not necessarily because all oil futures are valued and traded in dollars and there is no way to change that; there is no such place as Euro; there's an England, a France, a Germany----but no Euro. Nothing backs the currency. If, as many are now saying, the dollar suddenly reverses and the Euro slumps---because the EU wants it to slump---these dictators will be eating shit.

BTW, Chavez would most probably lose an honest election in Venezuela were it held today. Dissatisfaction with the economy is rampant. There are widespread shortages of basic staples, inflation is almost out of control, and the aggressive style by the Government is causing citizen unrest. Many people are getting fed up with the unrealized promises of the revolution, whatever they were. Nobody has the right to bear arms other than the government and the army so don't look for shooting to start unless the army revolts. In addition Chavez has scared other Latin American leaders and many no longer support him. Bolivia and Columbia are both challenging him. Couldn't happen to a nicer guy. Then there is Brazil, and they are super pissed off.

1)US and Saudi authorities were mad at Chavez partnering with Iran to ask that the dollar no longer be used as the currency of choice for a barrel of oil.

2) The King Of Saudi Arabia opposes using OPEC for political activism as suggested by Chavez.

3) Chavez is demanding an apology from the King of Spain, which he will not get as opposition party Popular is saying the Spanish Government has been weak so far with Chavez.

4) Chavez violated Saudi law when he crossed himself during the Summit as well as naming Christ a few times. In the translation, Christ became the "prophet"

5) In Brazil, opposition groups not only are criticizing President Lula Da Silva for his support of Chavez, but are preparing a motion backing the King of Spain in the spat.

6) Colombian President Uribe reminded Chavez that he should not confuse saving the hostages in the hands of the FARC with a peace treaty with the FARC and warns he will have FARC leader Marulanda killed if he comes out of hiding

Karma.