Drudge this morning highlights this Robert Fisk story on Arab states plotting against the dollar:

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.

If true, is this what Fisk says it is? Bob Stein, a senior economist at First Trust Advisors, answers that he “doubt[s] even if true that it will have much influence on world dollar demand.” When asked if it warrants red-headline treatment, Stein says: “Not for econonomic reasons, but it sure does embarrass the current administration.”