Looming crisis

How bad can things get in our country if the U.S. dollar loses it current status as the world’s reserve currency? Most of us can’t even grasp how terrible it will be, almost over night.

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

via The demise of the dollar – Business News, Business – The Independent.

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