Gold dinar - a new tool of globalization?


In early August of this year, Malaysia hosted the conference, which discussed the need for a gold dinar for all Islamic countries. Neither the representatives of Malaysia, no representatives of the six oil had no immediate comment on the idea of coming in the context of joint action. Many of the 55 IDB member countries, for various reasons do not want to participate in the project. Some are too poor for such cases, others are affected by the EU ... But if oil Six persuade to take part in the project Indonesia, Syria, and Algeria, we can assume that the gold dinar is not only held, but will be a success.

In our opinion, enhanced action ideologues gold dinar in Malaysia is not coincidental. Six oil needs an industrial partner with a market economy, able to influence the decision of other countries, such as Indonesia, to join the project. Themselves initiating countries introduction of the new currency has long been ready for it. We can even calculate the currency basket and the way in which in the future will house parities between the currencies of the six participating countries. If we take as a base currency of Bahrain, since 1992 its value was not changed and was equal to 0.10 reals Saudi, UAE dirham 0.102, 0.977 reals Oman, Qatar 0.103 reals. Unstable was only the Kuwaiti dinar, its rate of the currency of Bahrain ranged from 1.261 in 1993 to 1.220 in January 2002.

The situation has not changed with the parity to this day. But most interesting is that the currencies of the six countries, except Kuwait, tightly linked to the U.S. dollar, and in 1992 their rate did not change from the ratio of $ 1 = 3.76 Saudi real. Naturally, the relationship between the yen, euro, Swiss franc and the currencies of six oil vary depending on the value of the dollar relative to these foreign currencies. An old proverb says: <Want to know who committed the crime, think about who benefits>. Following it, we can say that the fall of the dollar is extremely unprofitable oil six, and it seems that the latter began to be aware of their vulnerability, and this was due to the recent events in Malaysia and the UAE.

We think that 2010 is scheduled for the Summit of sixes, too remote from the actual introduction of the gold dinar. Too fast for the East began to develop in recent years.

It is clear that the effect of entering the gold dinar and the collapse of the dollar and the euro will become available at the sudden announcement majority of IDB member countries to join the zone of gold dinar. We also believe that the scenario of the crisis has long been ready, and it is now between the governments of more than 50 Islamic countries are consultations and negotiations on accession to the project "gold dinar>. You do not need to put the question on the share of Islamic countries in the world economy, they are able to influence prices on the world commodity markets - and this is important.

What are the consequences for the countries of the CIS?

For the countries of the former Soviet Union the consequences will be, but here's who gets what. Thus, among the IDB member countries five - are former Soviet republics, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan. They all have a direct relationship to Islam, and to energy, and other resources. Interestingly, the recently signed Agreement <of Understanding> between the Central Bank of Malaysia (CBM) and the National Bank of the Kyrgyz Republic, which declared the establishment of correspondent relations, trade cooperation. Suddenly awakened interest of Malaysia to Kyrgyzstan is quite clear - it was not so long ago found gold. And though an agreement was signed on July 18, 2002, CBM imposed a <news embargo>, allowing him to publish information about a fortnight later, on August 5. Why would a common agreement on trade cooperation to impose restrictions such information? Russian problem <gold dinar> is likely to affect very much, and in the near future.

Do not believe that the countries of Central Asia, traditionally under the influence of the ruble zone, tomorrow will demand from the Russian partners to pay in gold, but a certain coolness, enhanced as little conflict over Caspian oil and filling the Ukrainian Odessa-Brody pipeline, can be observed.

On the other hand, Russia is not satisfied with the dollar's decline, as its economy's fueled by petrodollars. And if the project <gold dinar> is fully operational, Russia remains the only major energy exporter in the continent, taking in return for dollars or euros.

Raising the price of gold is also disadvantageous in Belarus and Ukraine. These countries are focused on the dollar reserves and do not have the multi-ton gold reserves. Thus, the gold dinar from the dream of Islamic fundamentalists is gradually turning into economic realities. Within a few years he can get the official status of an international currency. Now, one thing is clear: a maximum of 10 years, all other things being equal, we are waiting for a radical change in the foreign exchange market conditions, and we must be ready for it.