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Troubles: A new unified petro-trade currency [Copy link] 中文

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Post time 2010-3-31 03:59:13 |Display all floors
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Saudi central bank to head new Gulf monetary union


Israel News  



The head of Saudi Arabia's central bank on Tuesday was named the first chairman of a council that will serve as the precursor to a regional central bank in the latest step toward a unified Gulf currency and greater economic integration.



Saudi Arabian Monetary Agency head Mohammed al-Jasser's appointment came during the first meeting of the newly-created Gulf Monetary Council - a body that groups together the OPEC kingpin, as well as Kuwait, Bahrain and Qatar. (AP)
If we all think alike, ... then nobody is thinking.

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Post time 2010-3-31 04:04:51 |Display all floors

Two Interpretations

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1 - The Oil Producers (I love when they called them "producers") no longer believe in the USD and they do not want to sell oil for paper.

2 - Those capital rich nations see an opportunity to integrate and introduce on world trade their own instrument for trade and credits (they are already selling oil, now they want to expand their business into "selling money").


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If we all think alike, ... then nobody is thinking.

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Post time 2010-3-31 09:16:37 |Display all floors
u think its a good idea to only invest in a currency based almost entirely off of oil wealth? lol  Until the gulf states build their own domestic economies further, this will not have a significant impact on USD purchases

your government holds 889 billion in US treasuries for a reason.  That reason is despite even the recent troubles in the US economy, we have one of the most stable political systems in the world, the most transparent markets, and the most comprehensive property law systems in the world
Don't tread on me

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Post time 2010-3-31 12:25:19 |Display all floors

No, period!!

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No, I do not think to invest one cent on Saudi-pesos.
The day the Oil Producers will begin to deplete consideralbly their oil reserves, the Saudi-pesos will be good only for wall paper ........ or to buy sand, rocks or camel dung......

The "problem" , ........could they start forcing nations to trade oil in their new currency through an international banking system that they can very easly create??.

Israel, ... and I have no reason to believe that other countries do different .... keeps a "basket" of currency that reflects at any given moment our import and export transactions (present and futur).


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[ Last edited by packapaca at 2010-3-31 12:28 PM ]
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Post time 2010-3-31 12:32:59 |Display all floors
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Post time 2010-3-31 12:40:04 |Display all floors
Before even the currency formed, the US will find another "WMD" to mess with the region.

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