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What the buck!

Here's the deal.

The dollar ain't the deal.

Or soon might not be.

Because even though a lot of countries were rushing to dampen a rumor, they didn't entirely deny it.

That rumor?

The buck is bucked.

Gulf Arabs don't like it. Don't want it. And want to put a stop to pricing oil with it ...Never mind that Saudi Arabia’s central banker tells the IMF today that he expects oil to remain priced in dollars.

Swapping it not with a single currency, but actually a basket of them...Including the Japanese yen and Chinese yuan, and the Euro.

Ring a bell?

It should. Reports that secret meetings have already been held by finance ministers and bank governors in China, Russia, Japan and France...

All eager to end dollar dealings for oil.

I think we're far passed the debate "whether" this will happen...Just "when."

I think soon, because things are just moving too fast.

And the latest tee-up was that Olympic diss to the president...Flies half way around the world to get Chicago an Olympic bid and "as" the guy's traveling back home, he's informed Chicago’s the first city knocked "out" of contention.

Then look at what's been happening with gold prices.

Reaching a record high today of close to $1,039 an ounce.

Soaring as the U.K. newspaper, The Independent, continues reporting on mysterious meetings in Hong Kong involving gulf Arab and Chinese banking types.

No wonder why the dollar's swooning.

Because this is about more than a currency on the line. It's about a country on the line.

And it not only involves folks like China and Russia, who don't flip over us.

But Japan and France, who presumably like us.

Presume nothing of the sort.

This ain't personal. This is business.

And this ain't chump change.

This is serious change.

Try more than two trillion bucks in serious change...That's the dollar reserves of Abu Dhabi, Saudi Arabia, Kuwait and Qatar.

Talk about cash.

Talk about cabal.

And you thought losing the Olympics was tough.

I think we're losing something bigger.

Much bigger.