Posted on 03/20/2006 9:41:26 PM PST by STD
UAE, Saudi considering to move reserves out of dollar
WASHINGTON — A number of Middle Eastern central banks said on Tuesday they would seek to switch reserves from the US greenback to euros.
The United Arab Emirates said it was considering moving one-tenth of its dollar reserves to the euro, while the governor of the Saudi Arabian central bank condemned the decision by the United States to force Dubai Ports World to transfer its ownership to a ‘US entity,’ the UK Independent reported.
“Is it protectionism or discrimination? Is it okay for US companies to buy everywhere but it is not okay for other companies to buy the US?” said Hamad Saud Al Sayyari, the governor of the Saudi Arabian monetary authority.
The head of the United Arab Emirates central bank, Sultan Nasser Al Suweidi, said the bank was considering converting 10 per cent of its reserves from dollars to euros.
“They are contravening their own principles,” said Al Suweidi. “Investors are going to take this into consideration (and) will look at investment opportunities through new binoculars.”
The Commercial Bank of Syria has already switched the state’s foreign currency transactions from dollars to euros, Duraid Durgham head of the state-owned bank said. The decision by the bank of Syria follows the announcement by the White House calling on all US financial institutions to end correspondent accounts with Syria due to money-laundering concerns.
Syria’s Finance Minister Mohammad Al Hussein said: “Syria affirms that this decision and its timing are fundamentally political.”-Khaleej Times Online
I wonder if they are going to start charging us billions of dollars a year to use their ports for our Navy.
We need to develop technology where we can just drill serious-deep and suck that sweet crude out from underneath these cavemen.
bttt
Don't worry. We'll survive bucko.
Don't know but the UAE moved a 500 million deal to England today. I read it earlier.
This would lower the dollar on world currency markets and place inflationary pressure on our economy.
Aljazeera.com ?
From their jihad mouth, to Allah`s ears.
Billions, eh? Why don't you just put a "WAH" in your sig ET?
Also, time for some math help. Here's a little economics exercise for you; Figure out how much we drop there from all angles. Then report back.
You might have a point ahab if US citizens were flying planes into your buildings or blowing themselves up in your cities.
With so called allies like this, who needs enemies?
Fairweather friends, at most.They don't care which infidel they do business with.
Sometimes I wonder if these third world nations would like to live under Iran for a short time, than have them express their anger at the USA.
We would see whom needs whom.
When the EURO goes in the tank, we will be laughing our a**es off!
Also, time for some math help. Here's a little economics exercise for you; Figure out how much we drop there from all angles. Then report back.
Supply & Demand, who else has port facilities in the area that we can use? Answer nobody.
Are George Soros and Warren Buffett betting against the dollar again? Maybe they've asked a few friends to help...
Taking money from a productive society and throwing it into a minimally productive society? Businessmen wouldn't do that, pro-terrorist would though.
I think they should take the UN approach. Rant, rave, pretend to pull out their hair until the US fixes things a couple decades later.
hmmm
Your fear is palpable.
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