Kuwait drops dollar peg in blow to Gulf currency union

The Great Collapse is closer than you think.

Kuwait drops dollar peg in blow to Gulf currency union-International Business-News-The Economic Times:

KUWAIT: Kuwait unshackled its dinar from the tumbling US dollar on Sunday and switched the exchange rate mechanism to a basket of currencies, throwing plans for currency union with other Gulf Arab oil producers into disarray.

Kuwait’s central bank, which battled speculators for weeks to defend the peg, said the dollar’s slide against other currencies had forced it to break ranks with fellow Gulf states to contain inflation from the rising cost of some imports.