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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

Ambrose Evans-Pritchard
London Telegraph [1]
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.

Full article here [1]

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Gulf petro powers to launch currency in latest threat to dollar hegemony  FOTR 340x1692 [2] 

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URLs in this post:

[1] London Telegraph : http://www.telegraph.co.uk/finance/economics/6819136/Gulf-petro-powers-to-launch-currency-in-latest-threat-to-dollar-hegemony.html

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Gulf single currency not imminent: Kuwait minister: http://www.prisonplanet.com/gulf-single-currency-not-imminent-kuwait-minister.html

[4] Saudi central bank to head new Gulf monetary union: http://www.prisonplanet.com/saudi-central-bank-to-head-new-gulf-monetary-union.html

[5] Calls grow to supplant dollar as global currency: http://www.prisonplanet.com/calls-grow-to-supplant-dollar-as-global-currency.html

[6] 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

[7] 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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