Oil to crack the dollar?

Nathan Lewis reminds us how, when President Nixon cut the dollar's link to gold in 1971, OPEC protected the real value of its oil with price rises (thus earning a reputation for having caused our inflation).

Now that the gold dinar has been introduced in Malaysia, Lewis wonders whether the dirham should link to gold, too, so oil exporters can avoid being robbed by a falling dollar.

Brownouts and lines at the gas station again, perhaps.