Breaking news 'Egypt is free! Egypt is free!'

Cairo, Egypt (CNN) -- President Hosni Mubarak has decided to stand down as president of Egypt, Vice President Omar Suleiman announced on state television Friday.

Suleiman said the Supreme Council of the Armed Forces will "run the affairs of the country."

Tens of thousands of anti-government protesters exploded in cheers on the streets of Cairo after the announcement.

"Egypt is Free!" they chanted.

A source with close connections to Persian Gulf government leaders told CNN that Mubarak had gone to the Red Sea resort town of Sharm el-Sheikh.

CNN's Ahmir Ahmed, Saad Abedine, Rima Maktabi, Tom Fenton, Anderson Cooper, John King, Jill Dougherty and Ivan Watson and journalist Ian Lee contributed to this report

United Nations Proposes New "Global Currency" called Wocu.

What Exactly is a WOCU?
February 24th, 2010 Gary M. Vasey


The Wocu was apparently conceptualised in 1996, and after much research and discussion over the next decade, whilst the concept was tested for volatility and other characteristics, a detailed plan for the advancement of the Wocu was drawn up; it was introduced in 2009. The Wocu is an apolitical derivative of the exchange rates of the world’s top 20 economies as measured by GDP. The algorithm is weighted in line with these GDPs, resulting in a demonstrably less volatile currency unit. It is re-weighted by the WDX Institute every six months, following the publication by the IMF of its GDP figures. Prices for Wocu currency pairs can be seen on the WDX website, www.wocu.com.

The organization behind the WOCU is The WDX Institute, an independent research body that has been formed and sponsored by the WDX Organisation to further academic research about World Currency Baskets and their application, and in particular the idea of a World Currency Unit. The Institute will also independently monitor the application of the underlying Wocu algorithm developed by the WDX Organisation and will dictate its revision and its constituents.

Why is the WOCU important? Because the new Navitas electronic exchange intends to price marine fuel (bunker fuel) in Wocu, alongside USD, from Q2 2010. Francesca Zerenghi, CEO of Navitas Resources, said, “We are taking a leading role in the development of non-US denominated commodity transactions. Both energy companies and developing countries with significant US dollar exposure will have the opportunity to reduce volatility in their earnings and balance sheet through the use of the Wocu. We became an Early Participation Scheme member of the WDX Organisation Ltd, along with leading foreign exchange companies and securities firms, as we strongly believe that developing markets should have access to a trading platform where they can control their risk much more effectively. Reducing exchange rate fluctuation risk enhances this considerably. ”

Is this the end of the mighty Dollar as the currency used to price commodities? We think not but it is an interesting development.


Read more: http://www.ctrmblog.com/2010/02/what-exactly-is-a-wocu/#ixzz1DWVID0HI