From another part of today's WSJ:

UAE Central Bank Governor Sultan Nasser al-Suweidi said last week he could start tracking a currency basket including the euro, but would only act along with other Gulf Cooperation Council members, including Saudi Arabia, that have ambitions to someday create a regional monetary union. Bloomberg news service, meanwhile, reported Abdul Rahman al-Attiyah, secretary-general of the GCC, said proposals for revaluing the regional economic bloc's currencies will be considered when GCC heads of state meet at a Doha, Qatar, summit Dec. 3-4. "This case will be presented to the leaders for them to study," he was quoted as saying. Officials in Saudi Arabia, the region's biggest economy, however, were quoted saying they had no intention of dropping their dollar link for a basket of currencies. Gulf countries, including the UAE, Qatar and Saudi Arabia, are under mounting social and economic pressure to drop their dollar links. Amid a superheated, oil-fueled economic boom in the region, demand for everything from construction material to housing has stoked inflation. Meanwhile, hundreds of thousands of foreign laborers, many of them from Southeast Asia, have seen the value of the remittances they send home each month shrink.

Here is a chart of various inflation levels in the region:

The weekly dollar chart says sell me:

This is a bear market chart. Prices are making lower lows and lower highs. Prices are also continually breaking previous support levels.

If this happens -- one of these countries breaks their dollar peg -- the chances are better than 50% it would start a run on the dollar (in my opinion). It would cause a short-term dislocation in the market. It would be very, very, bad.