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"According to the IMF, Libya’s Central Bank is 100% state owned. The IMF estimates that the bank has nearly 144 tons of gold in its vaults. It is significant that in the months running up to the UN resolution that allowed the US and its allies to send troops into Libya, Muammar al-Qaddafi was openly advocating the creation of a new currency that would rival the dollar and the euro. In fact, he called upon African and Muslim nations to join an alliance that would make this new currency, the gold dinar, their primary form of money and foreign exchange. They would sell oil and other resources to the US and the rest of the world only for gold dinars."
Originally posted by BigBruddah
reply to post by UcDat
144 tons of gold??
Are you sure thats right, because that is a massive amount of it...
Originally posted by PplVSNWO
I wouldn't expect this thread to go very far. Everytime somebody shifts the Libya discussion from oil to bankers being the root causes, the discussion seem to stop dead in their tracks. Here's a good example. A thread that seemed to be getting a good discussion about the rebels got all but ignored after the central bank idea was brought up and then a few more replies only trickled in after that.
According to reports, Gadhafi is fast collecting all the gold available in the country after the allied forces strengthened their offences and attacked Tripoli several times overnight.
The military action follows economic sanctions and a freeze of assets associated with Muammar Gaddafi.
Libya’s central bank, Libyan Central Bank currently holds about 144 tons of gold. That much of gold is worth something like $6.5, $7 billion at the moment at current prices.
African Monetary Fund, African Central Bank, African Investment Bank The US$30 billion frozen by Mr Obama belong to the Libyan Central Bank and had been earmarked as the Libyan contribution to three key projects which would add the finishing touches to the African federation – the African Investment Bank in Syrte, Libya, the establishment in 2011 of the African Monetary Fund to be based in Yaounde with a US$42 billion capital fund and the Abuja-based African Central Bank in Nigeria which when it starts printing African money will ring the death knell for the CFA franc through which Paris has been able to maintain its hold on some African countries for the last fifty years. It is easy to understand the French wrath against Gaddafi.
The African Monetary Fund is expected to totally supplant the African activities of the International Monetary Fund which, with only US$25 billion, was able to bring an entire continent to its knees and make it swallow questionable privatisation like forcing African countries to move from public to private monopolies. No surprise then that on 16-17 December 2010, the Africans unanimously rejected attempts by Western countries to join the African Monetary Fund, saying it was open only to African nations.