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Gulf petro-powers to launch currency in latest threat to dollar hegemony
Posted By admin On December 16, 2009 @ 5:13 am In Featured Stories,Money Watch | Comments Disabled
London Telegraph 
Wednesday, Dec 16th, 2009
The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.
“The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.
The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China.
Saudi Arabia, Kuwait, Bahrain, and Qatar are to launch the first phase next year, creating a Gulf Monetary Council that will evolve quickly into a full-fledged central bank.
“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here 
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URLs in this post:
 London Telegraph : http://www.telegraph.co.uk/finance/economics/6819136/Gulf-petro-powers-to-launch-currency-in-latest-threat-to-dollar-hegemony.html
 Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html
 Gulf single currency not imminent: Kuwait minister: http://www.prisonplanet.com/gulf-single-currency-not-imminent-kuwait-minister.html
 Saudi central bank to head new Gulf monetary union: http://www.prisonplanet.com/saudi-central-bank-to-head-new-gulf-monetary-union.html
 Calls grow to supplant dollar as global currency: http://www.prisonplanet.com/calls-grow-to-supplant-dollar-as-global-currency.html
 Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”: http://www.prisonplanet.com/shocking-new-imf-report-the-u-s-dollar-needs-to-be-replaced-as-the-world-reserve-currency-and-sdrs-could-constitute-an-embryo-of-global-currency.html
 New IMF Strategy Document Charts Launch Of “Bancor” Global Currency: http://www.prisonplanet.com/new-imf-strategy-document-charts-launch-of-bancor-global-currency.html
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