Nur al-Cubicle

A blog on the current crises in the Middle East and news accounts unpublished by the US press. Daily timeline of events in Iraq as collected from stories and dispatches in the French and Italian media: Le Monde (Paris), Il Corriere della Sera (Milan), La Repubblica (Rome), L'Orient-Le Jour (Beirut) and occasionally from El Mundo (Madrid).

Thursday, May 24, 2007

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...

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Blogger sdh said...

The unraveling continues.

With the dollar no longer the sole petro-currency, expect inflation pressures on the American economy.

7:40 AM  
Blogger Daniel Nexon said...

And the beginning of the end continues....

9:18 AM  
Blogger Shutter said...

...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$.

3:46 AM  
Anonymous sam_m said...

Wasn't it changing oil pricing from dollars to euros that cooked Saddam Husseins goose??

10:24 AM  

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