Useless Themes and the End of Burning Man

[cowboyangel]

Useless Themes and the End of Burning Man as We Know It.
Today, 6:04 PM
OPEC Interested in Non-Dollar Currency
Sunday November 18, 6:46 pm ET
By Sebastian Abbot, Associated Press Writer
Ahmadinejad: OPEC Members Interested in Converting Cash Reserves Into Non-Dollar Currency

RIYADH, Saudi Arabia (AP) -- Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."

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His comments at the end of a rare summit of OPEC heads of state exposed fissures within the 13-member cartel -- especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit's final declaration.

The hardline Iranian leader's comments also highlighted the growing challenge that Saudi Arabia, the world's largest oil producer, faces from Iran and its ally Venezuela within the Organization of Petroleum Exporting Countries.

"They get our oil and give us a worthless piece of paper," Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush's policies for the decline of the dollar and its negative effect on other countries.

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned oil producers because it has contributed to rising crude prices and has eroded the value of their dollar reserves.

"All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency," Ahmadinejad said. "Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade."

Venezuelan President Hugo Chavez echoed this sentiment Sunday on the sidelines of the summit, saying "the empire of the dollar has to end."

"Don't you see how the dollar has been in free-fall without a parachute?" Chavez said, calling the euro a better option.

Saudi Arabia's King Abdullah had tried to direct the focus of the summit toward studying the effect of the oil industry on the environment, but he continuously faced challenges from Ahmadinejad and Chavez.

Iran and Venezuela have proposed trading oil in a basket of currencies to replace the historic link to the dollar, but they had not been able to generate support from enough fellow OPEC members -- many of whom, including Saudi Arabia, are staunch U.S. allies.

Both Iran and Venezuela have antagonistic relationships with the U.S., suggesting their proposals may have a political motivation as well. While Tehran has been in a standoff with Washington over its nuclear program, left-wing Chavez is a bitter antagonist of Bush. U.S. sanctions on Iran also have made it increasingly difficult for the country to do business in dollars.

During Chavez's opening address to the summit on Saturday, the Venezuelan leader said OPEC should "assert itself as an active political agent." But Abdullah appeared to distance himself from Chavez's comments, saying OPEC always acted moderately and wisely.

A day earlier, Saudi Arabia opposed a move by Iran on Friday to have OPEC include concerns over the falling dollar included in the summit's closing statement after the weekend meeting. Saudi Arabia's foreign minister even warned that even talking publicly about the currency's decline could further hurt its value.

But by Sunday, it appeared that Saudi Arabia had compromised. Though the final declaration delivered Sunday did not specifically mention concern over the weak dollar, the organization directed its finance ministers to study the issue.

OPEC will "study ways and means of enhancing financial cooperation among OPEC ... including proposals by some of the heads of state and governments in their statements to the summit," OPEC Secretary General Abdalla Salem el-Badri said, reading the statement.

Iran's oil minister went a step further and said OPEC will form a committee to study the dollar's affect on oil prices and investigate the possibility of a currency basket.

"We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices," Gholam Hussein Nozari told Dow Jones Newswires.

Iraqi Oil Minister Hussein al-Shahristani said the committee would "submit to OPEC its recommendation on a basket of currencies that OPEC members will deal with." He did not give a timeline for the recommendation.

The meeting in Riyadh, with heads of states and delegates from 13 of the world's biggest oil-producing nations, was the third full OPEC summit since the organization was created in 1960.

Abdullah tried to take the focus off the dollar debate, announcing the donation of $300 million to set up a program to study the effect of the oil industry on the environment. Kuwait, Qatar and the United Arab Emirates also agreed to donate $150 million each to the fund, Prince Saud Al-Faisal, Saudi Arabia's foreign minister, said Sunday.

The run-up to the meeting was dominated by speculation over whether OPEC would raise production following recent oil price increases that have approached $100. But cartel officials have resisted pressure to increase oil production and said they will hold off any decision until the group meets next month in Abu Dhabi, United Arab Emirates.

They have also cast doubt on the effect any output hike would have on oil prices, saying the recent rise has been driven by the falling dollar and financial speculation by investment funds rather than any supply shortage.

During his final remarks, el-Badri stressed he was committed to supply -- but did not mention changing oil outputs.

"We affirm our commitment ... to continue providing adequate, timely, efficient, economic and reliable petroleum supplies to the world market," he said.





Monday, the 19th of November should be an interesting day on Wall St.
The writing is on the wall folks. The dollar may very well slide big time and spark a recession that may see $5.00 a gallon gas or more. Other US financial woes are complex and headed for more troubles. The GreenMan theme ought to be extended as a matter of fact. Discard this idiotic 'patriotism' theme. The US is in trouble. BIG trouble. We ought to find ways of bussing to the Man in 08. Having an extended theme of the Green Man will drive an important point home to the world folks. Imagine the news buzz when Burning Man announces a theme change to Green Man extended. Something as important as alternative energy and energy conservation can't be relegated to one event alone. People have made the comment that the energy consumption spent for 50 thousand people to make it to Burning Man negates the good work of the thought and action poured into green Man. Let's reverse this and make an earth shattering eco-statement that will inspire the world. Are we up to the challenge or is it business as usual? Or will next August come too late?

[Apollonaris Zeus]

"Operation Desert Storm"
The retaking of Burning Man and the world currency.

Here's a good question, What happens to Burning Man if Larry dies?

Since he is the sole owner of LLC, who ever inherits it can do what ever with the name and ownership. What could you assume the value of BM is today? I would think in the millions if not hundreds of millions. Low assests, low overhead and use of public property? Should we prepare for hostile takeover or...

Keep larry's head alive just like they do on Futurama. I'm sure larry can see the sense in this and will fully comply in this small request on the behalf of our community.

AIIZ

PS- or we can just call it: Burning Man, The Theme!

[Ugly Dougly]

NEW YORK, United States (AP) - End of the world declared.

[theCryptofishist]

Larry shares ownership with the other LLC members. I'm guessing that there is some sort of provision for a transfer of power in the contract.

[mdmf007]

Reading their text - LLC members can colllect a 20K payout if they decide to die, or quit as BM LLC members. Ownership also dies with you - not transferrable either.

LLC members can aslo add new members as needed desired so it lives on without the hat.

BMAN worth? current setup without commercialization id guess 12-20 million cash.

Commercialize it and you make considerably more.

[Remark]

Larry shares ownership with the other LLC members. I'm guessing that there is some sort of provision for a transfer of power in the contract.

Like in the movie Highlander?

[mereth]

I was going to guess more like Hudsucker Proxy...

Oh no! A BLUE letter!

[oneeyeddick]

You should try to say that with crackers in your mouth !!!

[Apollonaris Zeus]

Reading their text - LLC members can colllect a 20K payout if they decide to die, or quit as BM LLC members. Ownership also dies with you - not transferrable either.

LLC members can aslo add new members as needed desired so it lives on without the hat.

So the last hat standing wins. That is if they decide not to replace anyone!

Does it say anything about who gets the "Power" to decide the "Themes"?

Who gets the "Ring"?

[theCryptofishist]

If the themes were chosen by committee would they be worse?

[Toolmaker]

If the themes were chosen by committee would they be worse?

Maybe not worse, but we wouldn't get the theme announcement until June.