UAE, Saudi considering to move reserves out of dollar

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 Commercial Bank of Syria has switched the state’s foreign currency transactions from dollars to euros, Duraid Durgham head of the state-owned bank said.

http://www.middleeastforex.com/index.php?section=147

just wait till we piss China off. That will be an ugly day.

Just posturing. I hope.

Otherwise, well, we're bankrupt, with very little collateral.

It was a sad day when the Booshes got into oil. They make J.P. Morgan, Rockefeller, et al look like a bunch of amateurs.

Yep. He really MUST be a genius if he can do that! :sarcasm:

Sheesh.

:kick:

Fucker's probably on their payroll.

no reason they need to prop up the failing us economy.

such a protectionist when it comes to the 15 of 19 hijackers that came from Goddamn regime?

“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 Tuesday they are referring to was Tuesday March 14th, here's a link to the original "Khaleej Times Online" article:

<http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/middleeast/2006/March/middleeast_March396.xml§ion=middleeast&col=>

And usually the stuff in the Khaleej Times is usually a day or two old on top of that.

Hint: the less you have, the more you pay.

at once, the market panic would crash the value of their investments. So they find some reason to be slighted and indignant, say they're going to pull out 10% as a protest and Wall Street breathes a collective sigh that all is well with the world.

Then, they'll announce (leak) another deal - American's get up in arms, Congress gets to look like they really care and want to protect their constituents, the deal gets killed right into the arms of Carlyle Group or Halliburton controlled entity, UAE pulls another 10% out of dollars because they are slighted.

Wash, rinse, repeat...

Freudian slip, I'm sure.