In a move that many have been predicting for quite some time, it appears that some of our global competitors have finally caught wind of the fact that we are printing money like its toilet paper around here. They have realized that stimulus one, two, three, four, and beyond are likely to make the American dollar worth next to nothing and in response they are turning to new sources. It may be purely economic, but the power leverage that comes along with the move is certainly also worth keeping an eye on.
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.
