Update 1 adds two endnotes

Tell them
what you want to be paid in
and
what your gold reserve stands for.

IF
the Gulf Co-operation Council minus Two decides at its Riyadh Summit tomorrow Monday 08 June 2009 to have its currencies, within the GCC Monetary Union, BACKED by its oil reserves
(since oil is the only commodity that is large enough for gold to hide in, gold is hiding in there),

THEN
it should also BILL those depleting reserves in that currency.

There is no currency. There are four currencies.

Well, there is the euro.

This blogger seems to remember that he has been writing in the past that the architects (1) of the euro wanted it (the euro) to have freely floating gold reserves marked to market,
not to the model of 40-something dollar an ounce like the US of A,
on a regular basis. (2)

In euroland, the yuppies (3) had a long run-up period to the ECU with their convergence criteria.

Everybody continues to pay oil and gas in dollar, because nobody bills oil and gas in anything else.

Some seller has to rise up and declare in “what” he wants to be paid.

Only then can the Revolution start …

The phoenix must also make clear how his currency relates to his gold reserve.

He should make clear that his gold reserve is his wealth collateral.

Oman and the United Arab Emirates are afraid to set up an anti-dollar coalition.

And then they were four …

Ivo Cerckel
honestmoney@maktoob.com

NOTES

(1)
The ECB bureaucrats should not be confused with the architects of the euro.

ECB succession has timely lessons for GCC union
By Dr Mohamed A Ramady
Last Updated: June 06. 2009 9:33PM UAE / June 6. 2009 5:33PM GMT
http://www.thenational.ae/article/20090606/BUSINESS/706069917/1058&template=columnists
SNIP
What happens at the European Central Bank (ECB) and the way succession there is managed could be a salutary lesson for the remaining Gulf countries that are hoping to establish their own regional central banks.
The adage that the devil makes work for idle hands has been rarely truer than for Europe’s bureaucrats.

(2)
FreeGold versus IMF
June 2008
http://bphouse.com/honest_money/freegold-versus-imf/
(If the link does not work, try to copy it and to paste it in your browser OR click on top of this page on the “FreeGold versus IMF”-link)
SNIP
The ECB wants FreeGold as an alternative to the IMF-supported dollar regime.
The ECB does this by letting Gold remain an important element of the euro’s reserves, but by severing the euro’s link not only link to Gold, but also its link to the nation-state.

(3)
I did not belong to them. In those days, I was an opponent of the euro.