Oil Rich Gulf States to Drop the Dollar

With the global warming lobbyists fighting the snow in Copenhagen, a small, unheralded piece of news popped up on my newsfeed.

It seems that while the green lobbyists were drinking scotch and counting the money soon to be made from carbon credits, the Arabs were driving another nail into the U.S. economy.

The Gulf states are ditching the dollar. End of an Era You see, the Saudis are sick of it. The price of oil has been bouncing around between $12 a barrel in 2000... to $147 in 2008... to $38 in at the start of 2009... You simply can't make budget projections based on that kind of fluctuation. After all, the Saudis have some 5,500 princes to keep in Maseratis and Benzes. They need champagne for their harems and steroids for their thoroughbreds