Although drastically lowered United States interest rates are steering around the Charybdis of the [imminent part of the] credit crunch, how long will it be before the Scylla of perfect-storm low USD, itself partly driven low by low interest rates, really starts taking its toll on the cost of imports? and consequently the cost of living? Talk about a rock and a hard place!
Why shouldn't the members of the Gulf Cooperation Council (Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the UAE) completely delink from the USD? They have already banded together to create monetary union (already in existence) and a new common currency to be floated by 2010, all with the blessings of the IMF. Between the new GCC currency, the euro, China's renminbi, and maybe to a much lesser extent the Canadian dollar: where remains the need for the USD on the international stage?