Gulf Arab Countries Approve Monetary Union Agreement

[mash107]

Bloomberg.com: News

Seeing how the Middle East are one of our larger creditors, what do you think this means in terms of the U.S. dollar? Would a Middle East central bank be more or less willing to lower rates, in sequence with, Helicopter Ben? If they decide, oil too, will be priced in this currency, and they adopt a strong currency stance, then oil's going to skyrocket, no?

 

[editec]

I hear yesterday on CSPAN (I think) that 70% of the worlds net wealth is held in US dollars or US backed debt instruments.

Yeah, that's right I'll say it again...

70% of ALL WEALTH HELD IN ALL THE BANKS IN THE WORLD are held in the form of US dollars or US debt instruments.

Would this mean that this Gulf STATE currency will really be backed (in the bank valuts, sort a speak) by US debt instruments?

I believe it would.