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

[kpete]

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

[IsItJustMe]

1. Good!

[Flabbergasted]

2. Well we should be invading in 10, 9, 8, 7, 6,.......

[harpo]

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

[Divernan]

3. Many countries were doing this anyway with at least part of their reserves

NT

[Drum]

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?

[stillcool]

10. March 20....the first day of the new year...

in Iran...

[harpo]

12. that might explain the loud beating of the war drums

[TechBear_Seattle]

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.

[kpete]

14. excellant observation!!!

[savemefromdumbya]

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

[harpo]

7. that's one of the core reasons WHY he was invaded

[LastDemocratInSC]

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.

[mom cat]

11. The drip is getting louder.

[savemefromdumbya]

13. that's an awful lot of countries to invade all at once!

:evilgrin:

[Radio_Guy]

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.

[mmonk]

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.