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12/09
So you ask, What do I listen to this late at night
22 hours of being awake, working and watching the world requires some port and a nice selection of music to help me focus….Tonight it is Dvorak.
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12/09
While we Watched our Fearless Leader….and Golf Perv
by John Galt
December 12, 2009
Here is another very under reported story from the Middle East, via the Gulf Times in Qatar:
Bahrain approves Gulf monetary union pact
Bahrain’s King Hamad bin Issa al-Khalifa approved the monetary union deal that will pave the way for the launch of a single currency among four Gulf Arab states, state-run Bahrain News Agency reported yesterday. King Khalifa issued a decree on the union, after it was ratified by the Council of Representatives and the Shuaa Council, BNA said.
Why is this important?
Because while we’re getting ready for Christmas parties, bowl games, ObamaramaOprah Spectaculars, more speeches about how wonderful our economy is, and preparing to seriously tie one on for surviving 2009, the rest of the world is on the runway preparing to board Capital Flight Airlines Flight 103 or “GET ME THE HELL OUT OF THE U.S. DOLLAR ASAP I DON’T CARE WHERE WE LAND” and thus my concerns…..
EDIT TO ADD:
Not even 3 hours after I posted that this story springs up on the Gulf Daily News from Bahrain:
Kuwait seeks new push on currency
Posted on » Saturday, December 12, 2009
| DUBAI: Kuwait will seek the return of the UAE and Oman to the GCC unified currency plan, the country’s finance minister was quoted as saying.
“This would strengthen the economies of the region and turn it into an economic bloc of (importance) that would be taken into consideration globally,” said Mustapha Al Shamali, according to the official Kuna news agency. In May, the UAE broke ranks with four other GCC states by withdrawing from the single currency plan in protest at a decision to base the joint central bank in Saudi Arabia. Oman opted out of the monetary union in 2006 and the GCC has since acknowledged it would miss the 2010 single currency deadline. Kuwait will work towards bringing back the two countries through its presidency of the GCC and its summit set for December 14-16, Al Shamali said without giving details. In 2001, the six members of the GCC had agreed to set up a monetary union in the world’s top oil exporting region like that of the European Union. The UAE, the second largest Arab economy, said in May that it would consider rejoining the monetary union if the terms change and its neighbours agree to allow a joint central bank to be based in the country. Five of the six nations peg their currencies to the US dollar but a range of technical issues such as harmonisation of banking regulations remain to be tackled in order for them to share a new currency, which is seen raising the bloc’s economic weight as well as reducing costs for businesses. |
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12/09
How about some more Instability: Someone just Dropped one on Goldman SACHS
By John Galt
December 12, 2009
The Wall Street Journal just dropped a series of cluster bombs on Goldman Sachs:
This is not an “isolated” incident. Someone, perhaps in the adminstration, was tired of the objections to “their” new financial oversight program and decided it was time to take out the largest obstacle, a major player and place holder of the Federal Reserve. It would appear now that a new battle is about to take place in 2010, and that battle could well decide the type of economic system the United States enjoys for the next generation.
Stay tuned, more to come as information becomes available……..
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