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.

I seem to remember saying something like this was going to happen a while back. If people thought the current recession hurt, wait until this gets stacked on.

The demise of the dollar - Business News, Business - The Independent