Changes

==Libya under Gaddafi ==

==Libya under Gaddafi ==

===Petrodollars and oil===

===Petrodollars and oil===

According to a Russian article titled ''Bombing of Lybia - Punishment for Qaddafi for His Attempt to Refuse US Dollar,'' Gaddafi initiated a movement to refuse the dollar and the [[euro]] as payment for crude oil shipments, and called on [[Arab]] and African nations to use a new currency instead, the gold dinar. Gaddafi proposed establishing a united African continent, with its 200 million people using this single currency.  The initiative was viewed negatively by the United States and the [[European Union]], with French president Nicolas Sarkozy calling Libya a threat to the financial security of mankind; but Gaddafi continued his push for the creation of a united Africa.

According to a Russian article titled ''Bombing of Libya - Punishment for Qaddafi for His Attempt to Refuse US Dollar,'' Gaddafi initiated a movement to refuse the dollar and the [[Euro]] as payment for crude oil shipments, and called on [[Arab]] and African nations to use a new currency instead, the gold dinar. Gaddafi proposed establishing a united African continent, with its 200 million people using this single currency.  The initiative was viewed negatively by the United States and the [[European Union]], with French president Nicolas Sarkozy calling Libya a threat to the financial security of mankind; but Gaddafi continued his push for the creation of a united Africa. Indeed, on September 9, 1999, the first steps towards the formation of the [[African Union]] were taken by the Heads of State of the then [[Organisation of African Unity]].<ref>[http://www.africa-union.org/root/au/aboutau/au_in_a_nutshell_en.htm The AU in a nutshell]</ref>

In the wake of the global [[financial crisis of 2008]], which forced the US economy into [[recession]], both China and Russia have called for the dollar’s role in the financial system to be diluted.  In September 2010 ''Bloomberg News'' reported China and Russia plan to start trading in each other’s currencies as the world’s second-biggest energy consumer and the largest energy supplier seek to diminish the dollar’s role in global trade.  Bhanu Baweja commented,

In the wake of the global [[financial crisis of 2008]], which forced the US economy into [[recession]], both China and Russia have called for the dollar’s role in the financial system to be diluted.  In September 2010 ''Bloomberg News'' reported China and Russia plan to start trading in each other’s currencies as the world’s second-biggest energy consumer and the largest energy supplier seek to diminish the dollar’s role in global trade.  Bhanu Baweja commented,