The Gulf Co-operation Council (GCC) Summit, convening tomorrow and Tuesday in Muscat, Oman, now has no more reason, excuse or alibi whatsoever left to decide to peg the Khaliji, the future GCC single currency, to the USA dollar.

The European Union, France and Russia called for an immediate end to hostilities, though the US merely urged Israel to avoid civilian casualties.
(Israel launches fierce air strikes on Gaza
By Tobias Buck in Jerusalem
Published: December 27 2008 10:31 | Last updated: December 27 2008 21:05
http://www.ft.com/cms/s/0/09d23724-d401-11dd-abd5-000077b07658.html )

Single currency to boost GCC economy
http://www.business24-7.ae/Articles/2008/12/Pages/12212008_514501bae5744a4884b841e44d2b59de.aspx
SNIP
“The creation of a unified GCC currency combining the reserves of all the Gulf states will create a strong currency that will match global currencies and have an important position just like the dollar, yen, euro and pound.
“As the GCC states have the strategic commodity – oil – the current time represents a historic opportunity for the creation of a unified GCC currency. The current international circumstances would make such a currency stronger than the pound and the existence of a single GCC currency would lead to a unified GCC monetary policy.”

Oman to Roll Out the Red Carpet for GCC Heads of State28 December 2008 http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2008/December/business_December749.xml&section=business&col=
SNIP
[Minister Responsible for Foreign Affairs Yusuf bin Alawi bin Abdallah ] also stressed that Oman was not party to the proposed single Gulf currency, which will prominently figure during the leaders’ discussions, adding that the Sultanate considered it “not necessary.”

Ivo:
Gulf single currency and Gulf Monetary Union are two different things.

As oil is the only commodity in the world that is large enough for gold to hide in, the Muscat Summit should, in order to achieve higher oil prices, decide to immediately pool the GCC, including Oman’s, gold reserves, make this pool the reserves of the future Khaliji and periodically mark these reserves to market (-price).

In that case, every increase in the price of gold will automatically lead to an increase in the price of oil.

Israel Warns America Yet Again–There’s “Hell To Pay” For Not Attacking Iran
December 24, 2008
http://theuglytruth.wordpress.com/2008/12/24/israel-warns-america-yet-again-there%E2%80%99s-%E2%80%9Chell-to-pay%E2%80%9D-for-not-attacking-iran/

Typical US reaction
Sunday, 28 December 2008  -  01 Muharram 1430 H
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2008122825195
WACO, Texas – The US administration of President George W. Bush typically took the position that Israel has the right to defend itself, following Saturday’s massacre of the Gazans.
“Hamas’ continued rocket attacks into Israel must cease if the violence is to stop,” White House spokesman Gordon Johndroe said in Texas where President George W. Bush is on vacation at his ranch. “Hamas must end its terrorist activities if it wishes to play a role in the future of the Palestinian people,” Johndroe said. “The United States urges Israel to avoid civilian casualties as it targets Hamas in Gaza.”
The statement did not call for an end to the attacks. – Agencies

Ivo Cerckel
Siquijor, 28 December 2008