Socio-Economics History Blog

Socio-Economics & History Commentary

Drug Expert: Cervical Cancer Vaccine More Deadly Than Cancer it Supposedly Prevents !

Natalie Morton died shortly after being given a cervical cancer vaccine jab . Sunday Express

Natalie Morton died shortly after being given a cervical cancer vaccine jab . Sunday Express

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October 6, 2009 Posted by | Medicine & Health | | 6 Comments

WebBot Forecast Q4 2009 to 2011 : 25th Oct 2009 Beginning of the Big One ??

Part   5   ,   Part   6   ,   Part   7   ,   Part   8  

  • Clif High of WebBot project, www.halfpasthuman.com, is interviewed on CPNLive Network on 29 Sept 2009. Clif updates us his latest ALTA report dated 15 Sept 2009. Topics covered :
     
    - Race wars. Alien DNA in 15% of population? Seed of Serpent? Nephilim DNA?
    - The New Electric: Free Energy.
    - Forced Swine Flue Vaccination.
    - Death of the USD ! Rising Fascism.
    - Hyper-Inflation & Rising Unemployment
    - Famine & Depopulation
    - Gold and Silver
    - The Shadow Government
    - 25 Oct to 4 Nov 2009 critical event changing period.
     
  • Clif High’s Alert for 25 Oct to 10 Dec 2009 :
     
    Heads up! Reality Change Ahead!
    In running our MOM (model of modelspace) cleanup of the lexicon prior to tuning, it became apparent that an October 25 turn in emotions globally will be dominated by a [lock down/implosion] of the [planetary financial/banking system]. The data suggests that such things a [currency trading] and [commodities trading] as well as many other [digital trading forms] will be [suspended]. Some will never resume, or if they do, they will be in entirely different forms. There may be a [banking lock up] in many countries emanating from the USofA outward. 
     
    There may be [inter bank lock downs] in which [central banks] and [wealth storage clearling houses] will not be able to function. There are data sets suggesting that the rapid shift into building tension language on the 25th originates from and is propelled by the [financial system implosion] that then morphs over into [dollar rejected by all] a mere 10/ten days (more or less) later. There may be shut downs of all kinds of banking activity within the USofA and the rest of the anglosphere. 
     
    The [sudden/urgent travel] of the [administration (obama et al) minions] in early November, under this MOM background load shows up as being about [desperately trying] to get the rest of the [planet] to [loan] the actual [resources/wealth] to [restart] the [USofA banking system]. This MOM data set can be wrong in a way that the larger modelspace can not. The MOM set is so small that if it is wrong it is usually widely so. However, the data sets here are so focused, and bring in such crisp emotional shifts relative to the same days (10-25-2009), that it made sense to prepare this note. 
     
    If correct, this is the beginning of “The Big One” relative to the dollar and the central banking system. Everything else in the modern world depends on this structure…so it will be a big one throughout all of the social infrastructure. 
     
    If MOM is correct, then the [dollar death] will be way more dramatic and waaaay shorter than i had first thought. MOM is showing very dramatic language shifts (albeit against a much smaller background) for not only October 25, but also in a very sharp crocodile tooth pattern from November 4 through December 10th indicating a very very emotionally choppy time. 
     
    So, heads up! Reality shift (time/event bump) just ahead. If MOM is correct, there will be some additional levels of [visibility] on October 10th through the 15th that will put a focus on the ‘trigger’ that will show on October 25th and beyond. 
     
    Masa Katsu! Pie up now, panic later.  
    clif and cathy and igor.  
       
  • See also:
     
    WebBot Update: Economic Meltdown, America Bankruptcy, UFO Disclosure, Flu Pandemic, Dollar Collapse… Free Energy Devices
    WebBot Project Predictions for 2009 and 2010: Iran War, Depopulation, Flu Pandemic, Famine ….. and Dollar Collapse!

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October 6, 2009 Posted by | GeoPolitics | , , , , , , , , , , , | 1 Comment

Key Facts to Keep in Mind While Opposing War Against Iran!

  • What is the rhetoric against Iran really about? It is about USD hegemony. Iran has announced they will convert all their dollar reserves to Euro. It is about oil hegemony. Iran is the last piece of the middle east oil puzzle that is still not under the control of the western Illuminist power. You should never be fooled by all the lies and propaganda which these Illuminati controlled politicians dish out. Remember Iraq? It is still an illegal and immoral war. Over 1 million Iraqi civilians have died. The country has been bombed hollow. The intention of the Illuminati power is to dismember countries so that they cannot reconstitute and become a threat to it.
     
  • Phil Wilayto writes :
      
    As we prepare for a barrage of anti-Iranian media spin, it would be good for anti-war activists to remember five basic facts:
     
    One: There is absolutely no evidence that Iran is trying to develop a nuclear weapon.
    Two: The U.S. has not discovered a “secret nuclear facility” in Iran.
    Three: The recent Iranian tests of long-range missiles is a purely defensive exercise.
    Four: Despite what we all have repeatedly heard, Iran’s President Mahmoud Ahmadinejad does not deny the Holocaust. (Please see quotes below.)
    Five: Iran has a lot of oil. A whole lot.
     
    On Oct. 1, a senior Iranian diplomat is to meet with representatives of the five permanent members of the U.N. Security Council: the U.S., U.K, France, Russia and China, plus Germany, a group dubbed the G-5-plus-1. These will be the first international talks to address Iran’s nuclear program in more than a year.
     
    During these negotiations, Iran will attempt to discuss a wide range of issues. The six countries – or at least the U.S., U.K., France and Germany – will make demands on Iran’s nuclear program that they already know will be rejected. These four most powerful Western nations will then move to impose even harsher sanctions than the three sets they have already rammed through the U.N. Security Council.
     
    There may even be a military attack on Iran by Israel, a move already given the green light by U.S. Vice President Joe Biden. And this will all be in violation of international law. Is Iran trying to develop a nuclear weapon?
     
    Iran has a program to develop nuclear power for peaceful energy purposes. Part of that program involves enriching uranium to power nuclear reactors. Enriched uranium is also an essential component in building a nuclear bomb, but the enrichment process is so different that it would be virtually impossible to conceal it, and Iran is the most inspected country in the world.
     
    Further, Iran was one of the first countries to sign the U.N.’s Nuclear Non-Proliferation Treaty (NPT), under which it renounced the right to build nuclear weapons in return for not only the right to develop nuclear power, but to receive help in doing so from the world community.
     
    There is absolutely no evidence that Iran is trying to develop nuclear weapons. None. Zip. Not from the International Atomic Energy Agency, or IAEA, the U.N. body charged with making sure NPT members abide by that treaty. Not from the U.S. and its 16 separate intelligence agencies, nor from Israel and its Mossad intelligence agency nor from counter-revolutionary Iranian organizations such as the Mujahideen-e-Khalq (MEK), all of which have been working overtime to come up with any fact, report, material or rumor with which to indict Iran.
     
    Meanwhile, of course, none of the G-5, G-5-Plus-1, G-20 or G-We-Rule-the-World countries are saying “boo” about Israel’s estimated 200 nuclear weapons, let alone the U.S. with its 10,000.
     
    It’s true that Iran has a lot of oil, but oil is a finite resource. Even Iran’s vast reserves will someday run out. So it’s developing alternative sources of energy, including solar and wind, as well as nuclear.
     
    The U.S and other Western powers are opposed to Iran developing nuclear power because that would ensure Iran can remain independent. And strong. And influential in its own region. And that is unacceptable to the world’s former colonizing powers.
     
    Iran, like Cuba, Venezuela, Bolivia, Ecuador, North Korea, Zimbabwe, the Sudan and many other countries, rejects the status of a “second-tier” country. These countries refuse to accept the authority of the Empire. They have thrown off the yoke of colonial oppressors and have charted their own independent courses on the world stage. Their peoples are like runaway slaves who have established their own modern maroon colonies and as such are viewed as a threat to the orderly administration of the New World Order. And they must be brought back under control, lest they serve as dangerous examples for those peoples still enslaved.
     
    That’s why keeping those countries from developing technologically is a prime goal of U.S. foreign policy. Has the U.S. discovered a “secret nuclear facility” in Iran? On Sept. 21, the Iranian government sent a letter to the IAEA in Vienna describing the construction of a plant designed to enrich uranium, up to 5 percent in purity, sufficient for energy production but well below the 90 percent level required for weapons-grade material. “Further complementary information will be provided in an appropriate and due time,” the letter stated.
     
    According to the provisions of the NPT, Iran and other treaty signatories are required to inform the IAEA six months before a uranium enrichment facility becomes operational. President Ahmadinejad later told a news conference that the new facility won’t be up and running for 18 months. In other words, Iran was a year early in fulfilling its treaty obligations to provide notice to the IAEA.
     
    But on Sept. 25, U.S. President Barack Obama, British Prime Minister Gordon Brown and French President Nicolas Sarkozy interrupted their G-20 meeting in Pittsburgh to hold a press conference at which they charged Iran with constructing a secret nuclear fuel facility.
     
    Sarkozy, whose country depends on nuclear power for 80 percent of its energy needs, detailed intelligence information that Brown said would “shock and anger the whole international community.” Obama charged Iran with “breaking rules that all nations must follow … and threatening the stability and security of the region and the world.” The next day, Iran announced it would place the plant under the IAEA’s supervision.
     
    So: Iran built a nuclear facility. Then, fully one year before the required deadline mandated by the U.N.’s NPT, it informed the IAEA about the plant’s existence. But, just days before the Oct. 1 seven-nation negotiations, the leaders of the U.S., U.K. and France decided to hold a dramatic press conference to denounce Iran for breaking the rules.
     
    A Sept. 26 story in The Washington Post noted that “the rapidly escalating confrontation provided (Obama) with a fresh opportunity to project toughness and success on the world stage. Obama’s detractors have long called him naive for his willingness to engage diplomatically the nation’s adversaries, including Iran. Republicans say his decision to change the deployment of a missile shield for Eastern Europe demonstrates weakness, and critics have chastised him for taking time to weigh a decision on sending additional troops to Afghanistan.
     
    “The announcement also provided a boost for the CIA at a time when the agency is facing harsh attacks – and possible prosecution – for detainee interrogations.” Are the recent Iranian missile tests an offensive move?
     
    Starting on Sept. 26, Iran began testing a number of missiles, including its medium-range Shahab-1 and Shahab-2 and, on Sept. 28, its longer-range Shahab-3. The latter missiles are believed to have a range of up to about 1200 miles, far enough to reach Israel, U.S. bases in the Middle East and parts of Europe. So the question is, are the missiles meant to be defensive or offensive?
     
    Defensive, according to Major General Mohammad Ali Jafari, commander of Iran’s Islamic Revolution Guards Corps, as quoted by the semi-official Fars News Agency: “As a result of this capability, those who used to speak of attacking Iran are now declaring that they entertain no such desires or thoughts, for they have realized that attacking Iran is an extremely dangerous act.”
     
    It’s a little hard to argue with that logic, since Israeli officials have now toned down their threats to attack Iran, citing an increased international concern after the revelation that Iran had been building a new uranium enrichment facility.
     
    Yes, the missiles could be used to attack as well as defend or retaliate. But Iran hasn’t attacked another country for hundreds of years. For it to launch a war now against nuclear-armed opponents would be a complete departure from 30 years of foreign policy into the realm of insanity, something for which there is no recent historical precedent.
     
  • See also:
     
    Former UN Weapons Inspector: United States, Israel Creating Iran Crisis ‘Out of Nothing’.
    Iran NOT After Nuclear Weapons, says IAEA Chief!
    Ray McGovern: IRAN is IRAQ Part 2 !
    Iran vs Israel: What The Media Wants You To Forget !
    Iran, IAEA, Another War in the Works !
    Iran’s Nuclear Program: Iran Truthful, in Treaty Compliance; US/Israel Lying, in Treaty Violation! False Flag, Lies and Nuclear Bombs!
    Liberals and Democrats Will Support the Coming Mass Murder Campaign Against Iran !
    Turkish President Erdogan: Focus on Israeli Nukes, not Iran Nuclear Energy Program !
    Iran’s Nuclear Facilities: The Facts! Who is Really Destabilizing the Middle East? 

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October 6, 2009 Posted by | GeoPolitics | , , , | 8 Comments

The US Dollar: Safe Harbour No More!

Source: Sprott Asset Management

Source: Sprott Asset Management

  • The assault on the USD is strengthening. Q4 2009 will be the beginning of the end of the USD. There are too many countries and political will against the USD. The Arabs have something like $2.1 Trillion in USD denominated assets. The Chinese have something like US$800B in treasuries they need to dispose of.
     
  • The demise of the USD will undoubtedly lead to hyper-inflation in America and likely more economic problems worldwide. As much as 65% of the world’s official reserves is in USD. The rich exporting Asian nations will not escape unscathed. People will soon rush to gold and silver causing their prices to escalate.
     
  • Sprott Asset Management advises :
      
    The US dollar (USD) is the world’s “reserve currency”. This status is arguably the greatest privilege enjoyed by the US as an economic entity. Most people don’t appreciate its significance. As the world’s reserve currency, the USD is used by other countries across the globe to back up their own respective paper currencies. In some cases, it’s as basic as a country stockpiling US dollars in their central bank vaults. When asked what supports their Pesos, Rubles, or Yen, the powers that be simply point to their pile of US dollars as proof of value. Upon reflection, it’s quite obvious how tenuous it is to back up one’s currency with a pile of paper issued by another country, but this is exactly how the world of international currency has worked for decades. And it has worked quite well…until now.
     
    Despite falling 36% since 2001 (as measured by the US Dollar Index (DXY)), it is only recently that the US dollar’s ‘world reserve currency’ status has been seriously questioned. The media pundits haven’t spent much time discussing this of course, but during the week of September 8th to 11th, the DXY actually fell to new 2009 lows every single day that week. Over the last six months there has also been a substantial increase in anti-US dollar rhetoric from China, Japan, Russia, France, Brazil, and even the United Nations.
     
    Reading between the lines, it appears the US dollar hegemony has finally broken, and what happens next will have major consequences for the global economy.
       …….
    To fully understand the debt predicament currently faced by the United States, it’s best to look at the numbers. US Government revenues for the 12 months ended August 31, 2009 were US$2.2 trillion from all sources ($2,157,940,000,000). According to the US Department of the Treasury, the current outstanding debt as of August 31, 2009 is US$11.8 trillion ($11,812,870,150,873.53). 2 To this we must add the unfunded promises that the US Government has made to its citizens. While there are no bonds, bills or notes issued to support these promises, they represent real commitments that will require US dollars to honour them in the future. The National Center for Policy Analysis (NCPA) estimates that the unfunded portion of the US Social Security program totaled $17.5 trillion as of June 2009 ($17,500,000,000,000). The NCPA also estimates that the aggregate unfunded promises for Medicare total a whopping $89.3 trillion ($89,300,000,000,000).3 Table A summarizes this data (top table).
     
    According to the US Treasury department, the current weighted annual interest cost of all outstanding US debt (marketable and non-marketable) is 3.36%. Applying 3.36% against $11.8 trillion equals approximately$400 billion. Paying $400 billion in annual interest from revenues of $2.2 trillion seems reasonable, but if we are to then factor in the cost of the US’s unfunded obligations, you can begin to understand the problem they now face.
     
    Because there is little hope of paying for their unfunded liabilities through current tax revenues, the Social Security and Medicare promises will undoubtedly require new bond issues. You probably don’t need a calculator to realize that the US can never cover the debt costs on $118 trillion. Even if the US Government were to spend 100% of their tax revenues on debt payments, the absolute maximum they could rationally borrow today couldn’t exceed $64.2 trillion ($2.157 trillion ÷ 3.36%). What is glaringly obvious is that the United States’ penchant for increasing its ‘promises to spend’ is directly threatening the future viability of the USD. While US politicians brazenly approve future spending promises they forget the real costs those promises imply – and there is no feasible way we can see those promises being paid for under foreseeable economic conditions.
     
    Knowing what we’ve discussed above, you may wonder why the world continues to buy US debt at all. Normally when countries have attempted to brazenly overspend, their currency (or their government debt) has met the wrath of the ‘bond vigilantes’ – rogue traders in international bond and currency markets who impose market discipline on sitting governments. The most famous example of this was George Soros, who ‘broke the Bank of England’ in 1992 when it refused to allow the British Pound to devalue. The fact remains that every other country that has attempted to spend as much as the United States has been severely punished for doing so. Take Poland for example. Last week, the Polish government suffered a devastating blow as a bond offering failed and ended their attempts to double their budget deficit. Analysts were recommending that investors sell Polish bonds “across the curve”, meaning virtually all of them.
     
    Doubling a government deficit seems relatively tame in this current orgy of G20 government spending, and yet Poland was punished for attempting to do so. Citing Poland’s recent experience, it is worth questioning then how the United States is still able to issue bonds under such a crushing debt load with no plans to rein in spending. In our opinion, the answer is obvious: they have done so through the Federal Reserve’s program of Quantitative Easing, which is just a fancy term for money printing.
      
    The Chinese Government, which is by far the largest foreign investor in US Government debt, is fully aware of the current situation. As early as February 2009, Luo Ping, a Director-General at the China Banking Regulatory Commission, was quoted as saying, “We hate you guys. Once you start issuing $1 trillion-$2 trillion…we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.
     
    This month, Cheng Siwei, a Chinese official said, “If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies. Recently, China has even gone so far as to promote the purchase of gold and silver to its citizens. Silver bullion is now being advertised on Chinese television as a prudent investment for the general public.Chinese banks have even planned to sell gold and silver bullion bars in four different sizes. This represents a fundamental change in Chinese policy where the distribution of gold and silver was once strictly controlled.
        
    So how will this US debt crisis ultimately resolve itself? Let’s consider the options. It would appear from our analysis that the spending ‘promises’ are the crux of the problem now facing the US Government. If there isn’t enough new capital in the current environment to fund new Treasury bill issues (as we argued in “The Solution… is the Problem”), then there certainly isn’t enough capital to pay for the US’s unfunded future obligations. The choices, therefore, are bleak:
     
    1. Default on Medicare promises. (Unlikely given the current debate in Washington to expand medical coverage.)
     
    2. Default on Social Security promises. (Unlikely given the increasing average age of the voting public.)
     
    3. Put forward a credible plan to balance the budget. (Unlikely given the most recent budget projections.)
     
    4. Default on outstanding debt. (Unthinkable)
     
    None of these options are feasible for the US Government. So they realistically only have one option left – to print their way out of their debt crisis.
     
    We keep coming back to the numbers for the US debt, and they don’t add up. Even Alan Greenspan, former Chairman of the Federal Reserve, believes that the rising budget deficits in the United States are “unsustainable”. Because the US Government is printing dollars to fund their liabilities, it is highly unlikely that we will ever see a failed bond auction similar to that of Poland. The far more likely outcome, therefore, will be a US dollar crisis. It is for this reason that we have positioned our hedge funds and mutual funds so heavily in precious metals. At the end of the day, when the world finally realizes what the US has done to the world reserve currency, international investors will shift into an asset that no government can print. In our opinion the US dollar’s status as a ‘port’ in the financial storm has officially come to an end.

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October 6, 2009 Posted by | Economics | , , , , , , , , , | Comments Off

The Demise of the Dollar: Arabs Moving to End Oil Pricing in Dollar?

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Independent UK.

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Independent UK.

  • The rest of the world know that the USD is toast. It is causing a lot of problems to the international financial system. Coupled with the blatant fraud and the manipulation in the America financial markets, hanging on to the USD as world currency is a bad idea.
     
  • The reason for worldwide demand of the USD is principally due to oil. In 1971 when Nixon reneged on gold payment in exchange for USD, the Nixon administration realized that unless something was done, the USD would collapse. They then went to the Arabs and ‘asked’ that oil be priced and sold in USD. Otherwise, bad things will happen to them?!
     
  • The Arabs complied with the ‘request’ and since then they have had relative peace and the protection of the US military. Because of this event, all countries need USD to buy oil. This demand led to the continuation of the USD as the world reserve currency.
     
  • Now that word on the street is that the Arabs may abandon selling oil in USD, the demise of the USD is certain. The Arabs have been buying huge quantity of physical gold and are also starting their own gold exchange. They have undoubtedly lost confidence in the American and London financial markets.
     
  • Past attempts by the Arabs (remember Iraq!) to move away from the USD has led to war. This time round they seem to have the backing of Russia and China. I am quite sure they will publicly deny this. This will be done surreptitiously until the US military is no longer a threat. The Independent UK reports :
     
    In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading.
      
    In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar. 
     
     Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
     
    The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years
      
    The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.” 
     
    This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region’s conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.
     
    The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. “One of the legacies of this crisis may be a recognition of changed economic power relations,” he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China’s extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America’s power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.
     
    Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.
     
    China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq – blocked by the US until this year – and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.
      ……
    Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America’s trading partners have been left to cope with the impact of Washington’s control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency. 
     
    The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. “The Russians will eventually bring in the rouble to the basket of currencies,” a prominent Hong Kong broker told The Independent. “The Brits are stuck in the middle and will come into the euro. They have no choice because they won’t be able to use the US dollar.” 
        
    Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years’ time. The current deadline for the currency transition is 2018.
     
    The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.
     
    “These plans will change the face of international financial transactions,” one Chinese banker said. “America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.” 
     
    Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.

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October 6, 2009 Posted by | Economics | , , , , , | Comments Off

   

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