The demise of the dollar

This story is the follow up to US dollar set to be eclipsed, World Bank president predicts.

Just out in yesterdays news:

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.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

More and more evidence is pointing towards the demise of the USD, very soon the US could be looking at Hyper Inflation.

As of right now 00:09am the AUD is buying .8893 USD the highest it has been this year.

Lets see how this all pans out.

UPDATE:  The AUD is now over .89 USD 01:41am 07/10/09

Source, Source