Scary Arab Nation Dumping U.S. Dollar!

'I'm so sad.' - WonketteGuess who doesn't love the sinking U.S. dollar? Everybody!

The latest rich nation to begin dumping the greenback is the United Arab Emirates. The oil-rich UAE says it will "convert 8% of its foreign-exchange reserves to euros from dollar," which is exactly the kind of behavior that got Iraq invaded and Iran targeted. Indonesia and Venezuela are among the other bigwig anti-dollar countries moving to get their oil sales switched to a more stable currency, while China is reportedly going to dump a gazillion trillion dollars at some point in the near future, which will destroy what's left of the U.S. economy and then we'll all be eating out of garbage cans and wear "Road Warrior" outfits.

U.A.E. Central Bank Is Selling Dollars, Buying Euros (Update4) [Bloomberg]


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