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The Insanity of the October 6 News and Precious Metals
04:27 by Administrator. Filed under: Whatever
By John Galt
October 7, 2009
JEDDAH, 29 March 2005 — The six-member Gulf Cooperation Council countries are committed to issue the GCC common currency in the year 2010, Finance Minister Dr. Ibrahim Al-Assaf stated yesterday. He denied press reports that the new currency has been named Gulf dinar. “We have not yet finalized the name of the currency as to whether it be Gulf dinar or riyal or any other name,” Al-Hayat Arabic daily quoted the minister as saying.
According to a study, the new currency will be the world’s most important currency union after the euro.
Thus you can see this has been in the planning stages for years and I have been following it since that time. The nations of Kuwait, Oman, Qatar and Bahrain have been eager to establish this new currency but the House of Saud and the Emirs in the UAE have been hesitant to pull the final trigger or agree on a set balance for gold, the euro and other currencies to include in the new basket for the GCC currency. This story has had its ups and downs for years, but there is a good chance that by mid to late 2010, this new currency will emerge as many of the banks in the region have quietly exited the US MBS markets and in fact flipped their holdings from long term Treasuries to short term notes. I would suggest paying attention to the December 2009 TIC report to see just how far along these plans are.
Originally posted by Atlantican
Freaking genius plan and the USA cannot lose without everyone losing. That is, unless there is a balance zeroing agreement made amongst all other nations to zero the debt. Either way they will hurt, too.
I definitely see where this is going and I believe Max Keiser just let the cat completely out of the bag. USA wins this one in the long term but the short term is going to hurt ALOT.