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Saudi Arabia Won't Include US $ in OPEC Talks


Spurious George

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Oh Sliver Kong your wittiness is too much for me.... mark my words, and when it comes just hang your head low and say, "Damn it McDumdDumb schooled another one... me!" linked-image

The Silver Kong sounds much better actually, hmmm I kinda like that. Anyway I would like to quote you. Since you think to have a silver tongue

You said

"The "War on Terror" is going to be a long haul... 50 years some have said.... 50 years in Iraq"

To me that doesn't sound like the swift downfall of America that you predict.

LOL when the time comes you say! What will you do if the so called evil Americans come to Canada and claim all for themselves. I know what i will do, and that will be to mass an insurgence. Would you expect any different. I will die free as you would.

Edit for humor

Edited by The Silver Thong
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If I am not mistaken, this is one of the main reasons we attacked Iraq: To prevent Saddam from switching to Euros.

Now the War drumming with Iran.

It's all about protecting financial power.

exactly. fear that it would follow suit for others to trade in Euros and for what is happening now. Iraq has us in sooooo much debt , irregardless of manufacturing jobs , it wouldn't matter. Bush screwed us to make the wealthy more wealthy.

Those lost manufacturing jobs can be replaced with new manufacturing/tech jobs in the industries of alternative energies - for car and home. The home market is wide open -- We could be doing across the country what they have recently did in that one Californian city ( can't remember the name ) combined with other alternatives . Not only would a wealth of jobs and industries be created we'd be going green.

put a stipulation that outside and outsourced materials and labor won't be tolerated or used and we'd be on sure footing for quite some time ----- time to restructure.

But oil companies - like Chevron , our #2 company that just plead guilty for it's role in the oil for food scandal isn't going to like it. aka Bushco isn't going to like it. Halliburton , all the cronies .....................

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exactly. fear that it would follow suit for others to trade in Euros and for what is happening now. Iraq has us in sooooo much debt , irregardless of manufacturing jobs , it wouldn't matter. Bush screwed us to make the wealthy more wealthy.

Those lost manufacturing jobs can be replaced with new manufacturing/tech jobs in the industries of alternative energies - for car and home. The home market is wide open -- We could be doing across the country what they have recently did in that one Californian city ( can't remember the name ) combined with other alternatives . Not only would a wealth of jobs and industries be created we'd be going green.

put a stipulation that outside and outsourced materials and labor won't be tolerated or used and we'd be on sure footing for quite some time ----- time to restructure.

But oil companies - like Chevron , our #2 company that just plead guilty for it's role in the oil for food scandal isn't going to like it. aka Bushco isn't going to like it. Halliburton , all the cronies .....................

But hun you know what that would mean, less jobs for the Chinese.

Can't do that now can we as another poster hmhm, Aroces posted in another thread. What country has gained from China's ecinomic growth, hmmm well not the States, but the States seems to have no problem bosting there economy. But according to Aroces thats good for WallMart so all is good, turn a blind eye. Nope not looking.

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Thats the thing, the country isn't making the money back the major corporations are. The tax dollars spent on this war are making a very few people super rich.

But aren't these major corporations owned by American shareholders that use the money in the American economy? And don't these major corporations employ a hell of a lot of Americans?

It seems to me that a lot of it syphones back to the American people.

Although obviously it results in an overall loss. Because all this production could have been put into something other than weapons. But still, it's not like ALL the profit is going to a few individuals.

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Well some companies can avoid that by creating subsidaries in foreign nations , subject to their laws and income from it not retained or re invested in the USA, it becomes a foreign entity, doesnt pay any tax to the USA , probably employs few US citizens too.

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Well some companies can avoid that by creating subsidaries in foreign nations , subject to their laws and income from it not retained or re invested in the USA, it becomes a foreign entity, doesnt pay any tax to the USA , probably employs few US citizens too.

I don't think that that's the case with american defence contractors though. I might be wrong on this but I've understood that they're pretty grounded in American soil.

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I did some work once for a US defence contractor based in europe a few years ago.. but I don't think I can talk much about any of it in a public forum, so it is done. But yes, they are mostly based in the USA.

Edited by Borat
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That is what i'm saying..how can we trade efficiently when we pay living wages with benefits...and they pay next to nothing...

That is why the Gov. should do their job to protect American labor.

Edited by Bob26003
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I would like to quote you. Since you think to have a silver tongue

You said

"The "War on Terror" is going to be a long haul... 50 years some have said.... 50 years in Iraq"

To me that doesn't sound like the swift downfall of America that you predict.

You did a very poor job of "quoting" me Sliver :hmm:

If you quoted me correctly you would have noticed that I said "some have said" and "maybe"... as in if the dollar does not run into any major problems, like many here are saying, the US still faces a long haul of a war that has taken quite an economic toll already in just a few years... "where is the US going to get the money to pay for this ever increasing misadventure? China? Just keep borrowing from the next superpower until what?" Until what? Care to take a shot at that question? ;)

And that would be a platinum tongue... always been more fond of platinum than silver :)

Saudi Arabia ready to ditch the dollar to protect value of riyal

Saudi Arabia may be considering revaluing its riyal currency to calm concerns about the Gulf region’s link to the falling US dollar, according to a report yesterday in the al-Riyadh newspaper, which is close to the Saudi Arabian ruling family.

It quoted Abdul-Aziz al-Uwaisheg, head of studies and economic integration at the Gulf Cooperation Council, as saying: “Saudi Arabia might have started a study to change the riyal’s exchange rate, but it probably does not want to officially announce these studies to avoid creating concern in markets until a final decision is made.”

The Gulf Cooperation Council is a group of six states preparing for monetary union as early as 2010.

According to al-Riyadh, Mr al-Uwaisheg added: “There is a clear divergence over this issue, but . . . there is a common desire . . . to revalue and shift to a currency basket.”

A currency basket would mean the riyal being pegged to a number of currencies, not only the dollar.

Mr Uwaisheg claimed later that he had been misquoted. Al-Riyadh stuck by its story, according to Reuters.

- Link -

Oh the Saudis and their clever ways :lol: "Oh no, I didnt just say what I just said!" *psst* ".... you got that official comment?... and the official denial right?"

State TV advises Chinese to dump their dollars

Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!

A state news programme, quoting unnamed "wealth management experts", told residents with dollar accounts on the mainland to convert their holdings into yuan or a range of other foreign currencies, including the pound and the euro.

The prospect of ordinary Chinese ditching the dollar should be less alarming than reports that have roiled global markets of Beijing diversifying its official foreign exchange reserves.

Whereas China's official reserves of more than $1.4 trillion are the world's biggest, private foreign currency deposits in China are a fraction that size: $162.1 billion at the end of October, according to People's Bank of China. The central bank did not give a currency breakdown of these deposits.

- Link -

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Maybe a stupid question but I just wondered, will the Chinese be happy to see their foreign currency holdings dwither to worthless pieces of paper and their exports become expensive to their major trading partner or is that not how it works ?

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Maybe a stupid question but I just wondered, will the Chinese be happy to see their foreign currency holdings dwither to worthless pieces of paper and their exports become expensive to their major trading partner or is that not how it works ?

They will like it as little as everybody else. What everybody is hoping for is that they can unload their dollar holdings with little losses before it finally is valued in paper weight. The problem is that at this point, unless there is a radical change in US economic and monetary policy, there is hardly anything that can be done, except trying to get out with only one black eye. Which is the only reason you still get something for the dollar. If the governments around the world would not be worried about their central bank's dollar holdings it would have already fallen into a black hole.

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Maybe a stupid question but I just wondered, will the Chinese be happy to see their foreign currency holdings dwither to worthless pieces of paper and their exports become expensive to their major trading partner or is that not how it works ?

Well one thing to remember is that they are decreasing their dollar holdings, it is currently believed to be at around 67% I believe.

The second thing is that the complete destruction of the US economy is not their goal... taking the US economically hostage is... declawed, gagged and stuffed in their pocket :)

Another thing to remember is the top priority of US policy, to be and stay number one in the world with no rival, rivals are emerging... these rivals need to consider what the US response to them will be and have a reponse of their own that would be crippling... the question is who do you think can live with poverty and hardship longer, the Chinese or the Americans? Easy one, I know ^_^

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The second thing is that the complete destruction of the US economy is not their goal... taking the US economically hostage is... declawed, gagged and stuffed in their pocket :)

Well the Chinese should be well versed in the works of Sun Tzu :)

Supreme excellence consists in breaking the enemy's resistance without fighting.

Be extremely subtle, even to the point of formlessness. Be extremely mysterious, even to the point of soundlessness. Thereby you can be the director of the opponent's fate.

For to win one hundred victories in one hundred battles is not the acme of skill. To subdue the enemy without fighting is the acme of skill.

He who is prudent and lies in wait for an enemy who is not, will be victorious.

In the practical art of war, the best thing of all is to take the enemy's country whole and intact; to shatter and destroy it is not so good.

Wonderful stuff )

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I don't think that that's the case with american defence contractors though. I might be wrong on this but I've understood that they're pretty grounded in American soil.

An update on this, from the recently released report to congress ( nov 21 2007) :

As the globalization of supply chains continues, elements of the

U.S. defense industrial base are being moved overseas, thus

lengthening the supply chains of U.S. weapons and defense

equipment. U.S. defense contractors have merged and moved

some manufacturing outside the United States. Sources of defense

components are becoming scarcer in the United States, and

the supply of American workers skilled in manufacturing these

components is diminishing.

Some of the items DoD purchases contain foreign-made components,

the origin of which, in most cases, is unknown. There po5

tentially are substantial security risks to the United States from

using foreign-made parts and components in weapon systems or

other equipment important to U.S. defense. These can result

from—

• tampering with or specially engineering foreign-manufactured

parts and components.

• inadequate quality that leads to failure or substandard performance.

• interruption of the supply chains, thus depriving U.S. forces of

the weapons and equipment on which they depend to defend

U.S. interests.

• At the present time, U.S. officials are neither carefully tracking

the persistent attrition of the U.S. defense industrial base as

more and more manufacturing is outsourced offshore, nor identifying

and justifying on national security grounds an irreducible

minimum defense industrial base that the United States should

retain regardless of the cost or effort required to do so.

• Specifically with respect to the impact of trade with China on the

U.S. defense industrial base, U.S. officials are neither—

• methodically tracking what parts and components are obtained

from China that are used in significant and/or unique systems

important to the nation’s defense; nor

• identifying based on specific national security considerations

(1) particular parts and components that, if obtained from

China, contractors and subcontractors should be prohibited

from using in any such systems, and (2) a subset of key defense

systems in which contractors and subcontractors are or

should be prohibited from using any parts or components from

China; nor

• developing effective means to implement, monitor adherence

to, and enforce such policies and restrictions.

• The United States currently is a world leader in R&D, which

greatly benefits its defense industrial base. As the quality of

R&D in China continues to improve, and China’s research capabilities

continue to expand, it is becoming an increasingly attractive

destination for American companies to outsource their R&D.

The pace and success of China’s military modernization continue

to exceed U.S. government estimates. Indeed, on occasion the U.S.

defense and intelligence communities have been taken by surprise,

as in the case of the launching of the Jin class submarine by the

navy of the People’s Liberation Army. China’s defense industry is

producing new generations of weapon platforms with impressive

speed and quality, and these advancements are due in part to the

highly effective manner in which Chinese defense companies are

integrating commercial technologies into military systems. Additionally,

industrial espionage provides Chinese companies an added

source of new technology without the necessity of investing time or

money to perform research. Chinese espionage in the United

States, which now comprises the single greatest threat to U.S.

technology, is straining the U.S. counterintelligence establishment.

This illicit activity significantly contributes to China’s military

modernization and acquisition of new capabilities.

It's a large document, and there is a lot more there . Interesting reading thou , and not very good news . ( For the US)

http://www.uscc.gov/annual_report/2008/rep...to_congress.рdf

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You'd a think a report like that would make some kind of news . Your whole defence systems compromised by maybe chinese rogue engineering .

The chinese are constantly hacking into our defense computers, and compromising security..we just dont talk about it..we know Iraqs the "real" enemy.. :wacko:

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