Flight to safety
Well, the guardians of the Federal Reserve must be relieved to see this. The Gulf Cooperation Council — made up of Saudi Arabia and five smaller Persian Gulf states — have decided to keep their peg to the dollar once they adopt a common currency, target date 2010. At least at the outset, anyway.
Which brings to mind the question, whatever happened to the vaunted Iranian oil bourse that was supposed to bring down the dollar the very same week the Fed stopped publishing M3 figures? Seven months after the alleged launch date, it's still in the works, according to this article — and it will trade in Iranian rials, along with euros and dollars.
As weak as the empire's fundamentals are, the old "flight to safety" mindset propping up the dollar as the world's reserve currency isn't dead yet. Not even comatose, it seems.