It's probably too early to read much into it, but I reckon it won't be long before other nations realize they don't need to have their fortunes tied to a nation that is no longer seen as the leader of the free world. Eventually, a great many will adopt the perspective of those cited in the following Bloomberg report, "Gulf States Could Gain by Ending Dollar Peg, DIFC’s Saidi Says":
Gulf states could gain by ending their peg to the dollar in favor of a basket of currencies, said the chief economist of the Dubai International Financial Centre.
“It would be advantageous for the GCC countries, given the center of their trade is particularly with Asia and with Europe, to have a currency basket,” Nasser Saidi told Bloomberg Television in Abu Dhabi today.
Comments