Pan-Arab Currency?

There have been many talks about this lately. It looks like it might become a reality.

Gulf petro-powers to launch currency in latest threat to dollar hegemony - Telegraph (http://www.telegraph.co.uk/finance/economics/6819136/Gulf-petro-powers-to-launch-currency-in-latest-threat-to-dollar-hegemony.html)

What Sayeth The Mob?

First step to economic liberation from the west. Sounds like a great idea for them, not so much for the dollar and the euro.

Isn't there already a "Pan Arab currency" that they suck out of the earth at an alarming rate?

Isn't there already a "Pan Arab currency" that they suck out of the earth at an alarming rate?

That's a commodity. To buy, sell, or trade in that commodity you must use American dollars. The Arabs don't want any more because the value of their transactions are becoming less profitable.