Gulf States about to un-peg currencies to the dollar
Kuwait decided Saturday to stop pegging its currency to the dollar and will replace it with a basket of currencies in which the euro figures prominently. Apparently the Gulf Cooperation Council is about to follow suit, with local investors to follow. With the Chinese so heavily invested in the NYSE, this could constitute a buffer. But...
Labels: Iraq, Unravelling
posted by Nur-al-Cubicle | 1:05 AM
4 Comments:
The unraveling continues.
With the dollar no longer the sole petro-currency, expect inflation pressures on the American economy.
And the beginning of the end continues....
...and the Brazilians and Argentinians have agreed to denominate their bilateral trade in an as yet un-named currency from October and will stop using the US$.
Wasn't it changing oil pricing from dollars to euros that cooked Saddam Husseins goose??
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