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POLITICS: UAE to Switch it's Reserves to the Euro, Because of Block on U.S. Ports Deal

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posted on Mar, 14 2006 @ 09:52 PM
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The United Arab Emirates is wanting to move one tenth of it's dollars reserves to the Euro over the decision by the U.S. to block the sale of 5 U.S. ports to a Dubai company. Syria also responded to sanctions imposed by the U.S to two of it's banks by confirming that it plans to use euros instead of dollars for external transactions. These actions combined knocked the dollar against the euro, pound, and yen, and analysts warn that other banks might follow suit.
 



news.independent.co.uk
Last week the US caused dismay after political opposition to the takeover of P&O by Dubai Ports World forced DPW to agree to transfer P&O's US port management business to a "US entity" .

The governor of the UAE central bank, Sultan Nasser al-Suweidi, said the bank was looking to convert 10 per cent of its reserves, which stand at $23bn (£13.5bn), from dollars to euros. "They are contravening their own principles," he said. "Investors are going to take this into consideration [and] will look at investment opportunities through new binoculars."



Please visit the link provided for the complete story.


Well, we might have to say goodbye to the cheap oil we have been getting from the UAE, at least a portion of it, which means the dollar will fall lower if this trend continues and other banks around the world follow suit. This will have an impact on the U.S. economy, jobs will be lost, and the regular American who is living from paycheck to paycheck will be the one that will suffer the most.

Other countries will probably see this as an oportunity to approach the UAE to make a deal.


[edit on 15-3-2006 by Muaddib]

[edit on 17-3-2006 by Thomas Crowne]




posted on Mar, 15 2006 @ 12:39 PM
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I can't wait to see what all the dummies have to say for themselves now.

All those folks so hyperactive and eager to jump on the arbitrary, racist, let's-ban-the-U.A.E. bandwagon probably have no idea what this means to our economy. I have only the slightest inkling.

I only wish people would think about the long-term implications of their actions (or statements). The implications exist. Now we'll will get to see them first hand.

As I wrote in a different post, bang up job, you morons. Way to piss off an ally over a non-troversy in order to score some poiltical points against a lame-duck prez. Oh, and way to possibly tank the economy in the process.

Oh, and by the way, does anybody want to take any bets on how many posts it takes to make this G.W.'s fault? I bet it's within 10.



posted on Mar, 15 2006 @ 12:48 PM
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...and what happens when Iran, Saudi Arabia, et al jump on this band wagon? For a while now the Euro has needed a boost for the value of it and this is what they get...

For a while now, people have been claiming that the United State's and the dollar would slip and this could be the start of it because they have refused to allow a Nation to trade with them. Worse thing is, it won't be the Government harmed by this but the people themselves and to be fair the terrorists will have won. They desire to change the way of life, by refusing to trade with Arabs and the problems like this that come from it display and show us them winning.



posted on Mar, 15 2006 @ 12:49 PM
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Well, I can't say I blame them for the switch--notice though that they are only talking about 10% of their foreign reserves, not all of them. None-the-less, this is troubling because of the precedent it sets. Pressure is already on the dollar to be devalued because of our deficit spending and this move will add to that pressure. At some point we must reign in our spending if the dollar is to remain sound. The implications of a significantly weaker dollar are profound (especially to small fringe countries) and generally bad news for the world.



posted on Mar, 15 2006 @ 12:50 PM
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Well I see it this way, perhaps the American people need to realized how much Dependant we actually are to foreign investments and Oil.

Because is Profitable

Now who knows some Genius at the corporative level will finally decided that is going to be better to wean ourselves off the foreign oil and start investing more in alternative oil.



posted on Mar, 15 2006 @ 02:01 PM
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Unfortunately, most of the original criticism of the ports deal was not directed at the UAE but at the fact that the deal was put together without going through a sufficient vetting process. Given the government's concern of port security that's only natural. The UAE is pissed because the deal didn't go the way they wanted it to. So now they want to punish us. They want to hurt us by moving away from the dollar to the euro.

No one made them walk away from the deal. The people of this country simply wanted the deal to be scrutinized and to be sure there were no security oversights. That's pretty reasonable. Our Coast Guard had some reservations and rather than address them, the people with their hands on the deal simply wanted to ram it down our throats.

So the UAE gets pissed over that and to teach us a lesson is going to try and hurt us economically to what? Get even? Some ally.



posted on Mar, 15 2006 @ 03:14 PM
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Hummm.

I thought the president said these were nice guys... friends...
even JIMMY frikin CARTER said they were nice normal guys, that liked us and wanted to do business with us...

Well then what is up with this declaration of economic war?
great way to build trust there UAE...
we will be sure to support any future deal you try to do....
yeah RIGGGGHHHHT


This tells us all we need to know about how the UAE does business...
and to top it off, as a previous poster said...
it was the administration we were mad at, for trying to slide it by...
I personally supported the deal (with proper security measures of course), but no longer...


[edit on 15-3-2006 by LazarusTheLong]



posted on Mar, 15 2006 @ 03:33 PM
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If they UAE do what the article said, the only thing that they are going to accomplish is to show once and for all that in the US the people is not the ones that call the shots when it comes to amount of money that US borrow from the UAE and other European and Asian countries.

Meaning that every other country has invested in our dollar but us the American people.

Our interest rates and our economy is nothing than an illusion easily crumble by something as another country like UAE spite.

Funny but for so long people in this boards has been educate on how precarious our dollar is, but many still insist that everything is just fine an dandy.

Who knows the dollar drops interest rates plummet, economy collapse and I be able to afford a house in Hollywood hills.


Then finally the poor will own American again.
and we can reclaim our nation from the ones that has sold us out.


[edit on 15-3-2006 by marg6043]



posted on Mar, 15 2006 @ 03:42 PM
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This is exactly what should happen, and we only have ourselves to blame. This shows you that this was all about business, and since the president is not allowed to make a decision, the UAE will convert to the Euro. Then all the other Aemrican based contracts that they have will be cancelled, and there will be mass layoffs when the planes and other deals they had are gone and those companies will have to compensate for the loss.

This was a business deal, and the waves of this economic concussion could be very large if other countries do join this conversion. The only funny part about this is how people will still try to blame this on Bush.



posted on Mar, 15 2006 @ 03:46 PM
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Good friends, huh???? I'd rather pay the price.


Who cares



posted on Mar, 15 2006 @ 03:51 PM
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There are never friends in business, and that is what this is. Business.

I am sure that we will not be paying 4.00 a gallon anytime soon, but this could have a major impact with other US based business intrests in the region. I would not want ot be a US vendor in the UAE right now.



posted on Mar, 15 2006 @ 03:52 PM
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Marg, your wish is only a wish, if the economy collapses, I doubt you or anybody else except the already rich will be able to afford a house in hollywood, the middle income and the low income Americans will be the ones that will pay the most if the economy collapses.

I agree that this move by the UAE actually makes us even more suspicious of the Arab nations wanting to buy these ports, but then again they are a different culture and they probably saw the reactions and the comments to this deal as an insult.

Whether we want to admit it or not, the world, including the U.S. are dependant on the world economy which depends on what other countries decide to do economically, not only on what the U.S. does. We can't afford anymore to say let's close our borders and have all our business done only in the U.S.A.



posted on Mar, 15 2006 @ 03:58 PM
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I wouldnt be >At all< surprised if the suggestion didnt come from Cheney and Bush. I can just hear them say, "We'll learn them"!!!!!!!!

Dont want to go along with us?
We'll make it so they cant move around, Dubai will go along with us.

They ARE THAT SINISTER.



posted on Mar, 15 2006 @ 04:11 PM
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DG, unless you have proof that's obviously only your claim, which really does not help the discussion except to add unfounded speculation on your part.

The leaders of other nations don't have to follow the orders of the U.S. administration, and more often than not, they do not follow any orders by the U.S., they might agree with some of the things the U.S. says and does, but that's about it.

i also doubt that the administration woud say..."ok let's spank ourselves now and help devaluate the dollar"....

[edit on 15-3-2006 by Muaddib]



posted on Mar, 15 2006 @ 04:16 PM
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But you know what Muabddib my father always said that you should keep a piece of clean land in case you will have to used it to feed your family in case of disaster, tragedy or just economy collapse and lost of jobs.

He also said that keeping a horse in the barn along with a cow was all you needed.

But hey we are too modernized and too Dependant on foreign investments, I believe that what my father said will still work for him.

Me I guess I will have to move back home and live in barn and mild the cow.



posted on Mar, 15 2006 @ 04:45 PM
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13 posts to blame Bush for this, I thought it would be less And I give you an extra star for bringing Cheney along



posted on Mar, 15 2006 @ 04:53 PM
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This is a good thing. It doesn't take these guys long to show their true colors. And the deal got killed because of all the terrorism hype the administration has been putting out there since 911. Plus the sketchy way they tried to approve the deal by bypassing all the scrutiny checks. Serves them right. I love it when they get busted. Just like a market correction, this is just an ally correction. So what if we have bases there, if we decide to war with Iran, they'll say no you can't attack from here, you'll have to sit or leave. They'll pull a Turkey and we don't need that.

Just a note but Canada is our numer one oil trading partner, and I believe Norway is either number 2 or 3. If there is anyone to blame for high gas prices, blame the refiners. And that falls on the US refiners. We could buy all the oil in the world, but it wouldn't do any good until it was refined.

The US and China combined will end up sucking the middle east dry in no time. I hope they enjoy the free money while it lasts. And when most of it is gone, who cares what they trade in.



posted on Mar, 15 2006 @ 05:17 PM
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Well you know what, esdad71? I recall when this whole thing originally blew-up it was the UAE that was blaming Bush. They believed that he could, what was the phrase they used, deliver the deal. And then they learned that they couldn't snap their fingers and get what they wanted in this country on-demand. What a bummer. And here they obviously thought they owned him.



posted on Mar, 15 2006 @ 05:38 PM
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I can't wait to see what all the dummies have to say for themselves now.
...
you morons
...
Oh, and by the way, does anybody want to take any bets on how many posts it takes to make this G.W.'s fault? I bet it's within 10.


Apparently several more than it took to blame the 'morons' that you blame.




Unfortunately, most of the original criticism of the ports deal was not directed at the UAE but at the fact that the deal was put together without going through a sufficient vetting process. Given the government's concern of port security that's only natural.


This is true. It was a shady deal as far as I'm concerned. If they had done it according to the standard vetting process, I wouldn't have a problem with it. Wonder why they didn't???



i also doubt that the administration woud say..."ok let's spank ourselves now and help devaluate the dollar"....


Well, not exactly, but there is a method to this madness...

Bush Wants to Bankrupt America



posted on Mar, 15 2006 @ 05:45 PM
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well im predicting an economical downfall or full out collapse. this is just the start.

www.energybulletin.net...

to me its pretty clear what is going to happen. every great empire eventually falls...is it our time? i think i was born a couppe generations too late, i wanted to change things!


it seems like the big crisis right now is the downfall of our economy, and we are a bit late in the ball game now to make any significant change. especially with the positions we are in. its a shame.



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