Free Iraq

The US's occupation of Iraq will see to it that the Lion of Babylon rises again .. سنـُبعـَث ُ من جَديد ، وإلى ضَـيـرِِهِـم
Iraq'scover72dpi Iraq'scover72dpi

Iraq's Nuclear Mirage ... سَراب السلاح النووي العراقي

Unrevealed Milestones in the Iraqi National Nuclear Program: 1981-1991

معالم وأحداث غير مكشوفة في البرنامج النووي الوطني العراقي 1981-1991

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Friday, January 27, 2012

Bye bye US dollar .... Update: A caveat

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"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.
.........
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."
The Demise of the Dollar, Robert Fisk, January 26, 2012
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Caveat from one who has been following the news for decades:

"Dear Imad, You live in the Gulf. Have you heard anyone even whispering about this. Scores of articles in the same vein have been published on this, all proven wrong or incorrect.

Think about it: what and where are the huge financial reserves of the GCC? In US Dollars, and mostly in US Treasury bonds> Furthermore, the GCC is carrying a big fight against Iran in conjunction with the US.

Why should they shoot themselves in the foot?

Please, be careful about such reports. Not everything published in UK or US papers is credible."
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By the way, India abandons US dollar to purchase Iranian oil , January 24, 2012
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Comments:
Dear Imad
Euro is gone. China have lend US 3 trillions and does not want a week dollar.
Russian Rubel is not a trust full currency.
Iran is in a hot water and the strike is coming in 4 months.
The dollar is the only respectable currency.
Do you want your sallary in Rubels ?????
 
قولنا العراقيين :قييم الركاع من ديرة عفج، ـ
هواية امريكا راح تسمح لهم بعدم استعمال الدولار
 
Hmmm, I have to agree with the Caveat, With all respect to Robert Fisk and his sources and credibility, but I don't think that this will be "allowed" anytime in the near future. The rules of this game are set by the big boys ( who have grown even more powerful after the last financial crises).

They will decide when to kill the Dollar. the financial and geopolitical arrangements around the world are now set to be controlled exclusively by them, no country (even China) is bold enough ( or can without extensive damages) to take such a step without previous arrangements with the Boys. On the other hand, leaking such news or preparing the world to accept this subject or idea could be the beginning of the actual thing ,that might happen some time in the future, when everyone is ready.
I guess when you see the big boys moving their investments and business out of the US $$ and more into Europe and Developing countries or Gold, then the change will not be too far away.
What Robert Fisk is suggesting ( reporting) that a bunch of "Slaves" may come together and revolt against the Masters without pre-arrangements ...this is too good to be practically possible nowadays. Other than Russia and China and maybe few other countries, It is too late for the slaves to even think that they own their resources and can set the rules on how and how much they can sell it for.. The BRIC countries have other arrangements with the Boys and there are a lot of niceties to consider before jumping in this mud pool.
 
A very proper and well-timed advice from your learned friend.

It seems that Robert Fisk has lived too long in the Arab World that his ability to scrutinize facts has become blurred like that of most Arabs!

We both live here and know very well how hollow such claims are… Measures that have such an impact on the capitalist financial system need a free political will which no ruler in Arabia and the Gulf has, assuming that he initially would like to have…

If there is a genuine intention to have a unified Arab currency in the Gulf States (which is itself suspect), then it will only a capitalist ploy intended to boost the dollar by tying that currency to it and forcing it to bail out the dollar whenever it is in crisis..
 
After reading India's purchasing of Iranian oil in gold,
Well, then one of two things is on the drawing board and will eventually happen soon: Either the Iran war is brewing quicker than we thought and it will be made as an example to others who dare to do the same, or the process of the US Dollar's demise has begun with the blessing of the Boys - India cannot decide to take such a step without approvals - no way !! either way, a world wide disaster is on the menu.
 
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