SCO summit agrees to adopt common currency

What I like about your article is that it does not even mention the International Monetary Fund, but prefers to ignore the IMF. The IMF was instituted by the Bretton Woods Agreements of 1944. The Agreements linked the US dollar to gold at fixed parity and all other currencies to the said dollar. On 15 August 1971, US president Nixon broke the Agreements, thereby causing the 1973 oil shock. Since that date, the IMF has no more reason to exist. If the IMF continues to exist, it is to maintain the bankrupt dollar-regime alive. On 7 August 2008, European Central Bank president Jean-Claude Trichet dared therefore, at the question and answer session after the decision of the ECB to leave interest rates unchanged, to criticise this dollar freak par excellence, the IMF, and would only ask the IMF to do their "very important" (sic) job and Trichet had no doubt they will continue to do their job very well. http://bphouse.com/honest_money/2008/08/12/the-dollar-is-dead/ In order to accelerate transition to complete de-dollarisation, the SCO is, like euroland, de-pegging its currencies from anything. As the late ECB president Dr Willem F Duisenberg said in 2002, the euro is the first currency that has not only severed [or de-pegged] its link to gold, but also its link to the nation-state. http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html Like the ECB, the SCO is de-pegging its currency’s from its (the currency's) link to gold and to the nation-state. Whether the Gulf Co-operation Council Monetary Union will follow suit remains an open question. Ivo Cerckel