Wednesday, December 16, 2009

Uh-oh. Here Comes the "Gulfo".

“The US dollar has failed. We need to delink,” said Nahed Taher, chief executive of Bahrain’s Gulf One Investment Bank.

In what has to be an "Oh Shit." moment for the Barak Cater/Obama administration, the arabs have declared their own currency to set the value of oil contracts. That is, if they are smart enough to know this is a bad thing.

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