Tuesday, October 6, 2009
The demise of the dollar
In the most profound financial change in recent Middle East history, Gulf Arabs are planning — along with China, Russia, Japan and France— to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
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