UPDATED ON:
Tuesday, December 15, 2009
21:35 Mecca time, 18:35 GMT
News Middle East
Gulf nations sign monetary pact
Two GCC members declined to ratify the pact despite Kuwait's optimism that it 'has come into effect' [EPA]
A Gulf monetary union pact has been agreed by four of the six nations in the Gulf Co-operation Council at a summit in Kuwait, the country's finance minister has said.
Bahrain, Kuwait, Qatar and Saudi Arabia signed and ratified the pact on Tuesday, which will see them work towards setting up a joint central bank and implementing a single currency.
The rest of the article…
ALBA alliance forgoes US dollar
The member nations of the Bolivarian Alliance for the Americas, ALBA, have decided to give up the US dollar in trading between them. They will instead use the sucre conventional monetary unit. The first international sucre transaction has already been made, with Cuba signing a contract with Venezuela on buying a consignment of rice. The agreement on a single system of regional payments is to be signed during an ALBA countries’ summit due in the Venezuelan city of Kumana next April. The financial mechanism will become operational next year to promote dollar-free cost-accounting. The ALBA alliance comprises the Latin American and Caribbean nations that seek to promote trade and cooperation among the participants and counteract the continually US-advanced free-trade areas. The ALBA alliance was initiated by Hugo Chavez and Fidel Castro back in 2004.Source: The Voice of Russia (I’ve seen it elsewhere, too).
Good! Two regions where the US exerts too much influence are throwing the monkey off their backs. But moreover, this form of “community currency” is a blow against one world currency and a tiny step toward the breakdown of a global financial system run by the banksters and privateers, most of whom are in the US. But above all, the breakdown of the global financial system is a necessary first to to the eventual abolition of money.
Why do we have to pay to live on the planet on which we were born?
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