Our Awful Situation
Domino effect: Iran dumps the dollar, now other gulf states to follow
As reported below, Iran is dumping the US dollar. Now other gulf states are following suit:
Gulf states are considering dropping their pegs to the dollar after the U.S. currency’s decline stoked inflation across the region, Kuwaiti Finance Minister Mustafa al- Shimali said.
“Yes, there are some” Gulf Cooperation Council states considering dropping their pegs to the dollar, which has fallen 13 percent against the euro in the last 12 months, al-Shimali said in an interview in Kuwait late yesterday. “Some countries will do what we are doing.”
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