Wordsmith.org: Today's Word

Commentary, news, new ideas, links, quote of the day and much more

Today's Quote:

Thursday, September 20, 2007

Our Good Friends the Saudis

Lest we forget, Bin Laden is not Iraqui. He is Saudi and related to the ruling family. He is known to be in Afghanistan - not Iraq.
Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East
Hans Redeker, currency chief at BNP Paribas
"Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States,"
The Saudi central bank said today that it would take "appropriate measures" to halt huge capital inflows into the country, but analysts say this policy is unsustainable and will inevitably lead to the collapse of the dollar peg
global investors will start to shun the US bond markets
The danger is that this could now accelerate
leaving America starved of
clipped from www.telegraph.co.uk

Fears of dollar collapse as Saudis take fright

Fears of dollar collapse as Saudis take fright
Ben Bernanke
 blog it

No comments:

Subscribe To This Blog

About Me

My photo
I live on the Pacific slopes of the Talamanca mountain range in southern Costa Rica. My adult children live in the United States. I have a Masters Degree in Gerontology but have worked as a migrant laborer, chicken egg collector, radio broadcaster, secretary, social worker, research director, bureaucrat, writer, editor, political organizer, publicist, telephone operator, and more. My hobby of photography has garnered some awards.

Blog Archive