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Retaliation: UAE & Other Arab Nations Consider Switching Reserves to Euros

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:39 PM
Original message
Retaliation: UAE & Other Arab Nations Consider Switching Reserves to Euros
The Independent:

"Middle Eastern anger over the decision by the US to block a Dubai company from buying five of its ports hit the dollar yesterday as a number of central banks said they were considering switching reserves into euros. The United Arab Emirates, which includes Dubai, said it was looking to move one-tenth of its dollar reserves into euros, while the governor of the Saudi Arabian central bank condemned the US move as 'discrimination'. Separately, Syria responded to US sanctions against two of its banks by confirming plans to use euros instead of dollars for its external transactions."

http://www.talkingpointsmemo.com/archives/007886.php
http://news.independent.co.uk/business/news/article351127.ece
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IsItJustMe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:40 PM
Response to Original message
1. Good!
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Flabbergasted Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:42 PM
Response to Original message
2. Well we should be invading in 10, 9, 8, 7, 6,.......
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harpo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:58 PM
Response to Reply #2
8. yeah the bs has already started...ieds kill soldiers, they come from iran
that's what the current regime is putting forward...people better wake up
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Divernan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:42 PM
Response to Original message
3. Many countries were doing this anyway with at least part of their reserves
NT
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Drum Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:55 PM
Response to Reply #3
5. Did I read here somewhere that Iran was opening a bourse in
the Euro? Or switching over to the Euro-from-$ in a big way? And soon, as I recall.

Considering some of the desperate scramblings among congressmen these days---Warner's weird press release recitation the other day, all of the frightened theatrics the Rs were trying in the Senate today after RF's resolution---are we seeing the faces of profits denied?
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stillcool Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 11:23 PM
Response to Reply #5
10. March 20....the first day of the new year...
in Iran...
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harpo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 11:34 PM
Response to Reply #10
12. that might explain the loud beating of the war drums
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TechBear_Seattle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:43 PM
Response to Original message
4. Yup. If we don't sell out to nations with strong terrorist ties...
Countries like the United Arab Emirates or Saudi Arabia, they will buy us anyway. We have an addiction, they have the drug. Or, as an office mate put it: we are up (excrement) creek, and terrorist nations are holding the only paddle.
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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-14-06 08:35 AM
Response to Reply #4
14. excellant observation!!!
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savemefromdumbya Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:56 PM
Response to Original message
6. Saddam was trying to do the Euro thing before he was invaded
http://pages.zdnet.com/sartre65/view/id20.html
http://www.time.com/time/archive/preview/0,10987,998512,00.html
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harpo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 10:57 PM
Response to Reply #6
7. that's one of the core reasons WHY he was invaded
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LastDemocratInSC Donating Member (580 posts) Send PM | Profile | Ignore Mon Mar-13-06 11:17 PM
Response to Original message
9. So, we'll find out if our "friends" are just "fair-weather friends"
Naturally, I think we'll learn that they're using us just as much as we're using them.
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mom cat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 11:33 PM
Response to Original message
11. The drip is getting louder.
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savemefromdumbya Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 11:39 PM
Response to Original message
13. that's an awful lot of countries to invade all at once!
:evilgrin:
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Radio_Guy Donating Member (875 posts) Send PM | Profile | Ignore Tue Mar-14-06 08:53 AM
Response to Original message
15. If this happens
Then the dollar will be devalued. Bush is causing the cost of European goods and services to go up relative to the American dollar. Look at how things were done on an international scale prior to the Great Depression. Bush is leading us down that same path.
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mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-14-06 08:56 AM
Response to Original message
16. Wouldn't it be ironic
if all oil producing states switched their reserves to euros? That would blow a huge hole in their doctrine of dominance through force.
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