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FRED
07-11-06, 12:01 PM
Syria Will End Dollar Peg, Moves Reserves to Euros (http://www.bloomberg.com/apps/news?pid=20601087&sid=aq02gZD0k4bQ&refer=home)
July 11, 2006 (Bloomberg)

Syria, under fire from the U.S. for the alleged support of terrorism, plans to end its currency peg to the dollar by year-end to reflect closer trade ties with Europe, central bank Governor Adib Mayaleh said.

The Central Bank of Syria has already converted half its foreign-exchange reserves to euros, Mayaleh said in a telephone interview from Damascus, without being more specific. Syria's reserves, including gold, totaled $4.1 billion at the end of 2005, according to the U.S. Central Intelligence Agency.

"We want to have a currency peg that will reflect our external trade,'' Mayaleh said yesterday. The European Union is Syria's largest trading partner, taking half of its exports, he said.

AntiSpin: The latest episode of Stagflation Godzilla Returns! (http://itulip.com/forums/showthread.php?p=1085#poststop) refers to the the Oil Destroyer. It's a take-off on the Oxygen Destroyer from the original Godzilla Returns movie. The Oil Destroyer is OPEC Oil Embargo V2.0, new and improved. Rather than simply selling oil at high prices through intermediary countries but continuing to recycle dollars back into the US banking system, as Saul Eslake, Chief Economist of the Australia & New Zealand Banking Group, Ltd warned June 22 in his report to the International Conference of Commercial Bank Economists The Emergence of Oil Producers as Net International Creditors: Possible Implications for the Global Financial System: oil producing countries that are enemies of the US have developed strong trade ties with Asia and Europe and are no longer reliant on the US for export revenue. They can cut off the oil AND stop lending the US the money needed to buy it without suffering much from the revenue loss. This could make the 1970s energy crisis look like a cocktail party: $200 oil with high inflation and interest rates.

Syria switching reserves to euros is a first step in the process. Not coincidentally, gold, silver and platinum all rallied on the news.

Goldenhands
07-11-06, 08:24 PM
Make no mistake about it. The Islamic Jihad and other Anti West factions are not only using Steel and Lead but Gold. Here is a link to demonstrate my reasoning.

http://www.lewrockwell.com/sardi/sardi20.html

Basically the use of the US Dollar for ANY Islamic Nation's trade with Non-fundimentalist Nations will be used as proof that the dispicable attacks such as have been occuring on public transportation systems over the World will be the means of justification by the fanatical, even against their own! To the Jihadist the Litmus test is the exchange used or accepted in Trade..and Dinar will be the only acceptable exchange media in their view at some point.
Euro's are only a half step to the EUCB vaults of bullion Gold. Once purchased by Euro..a large percentage, if not all, of the Bullion will be bee-lined out of the EU to be struck into the new Dinar, in order to BACK the printed currency. I believe the move from Dollars to Euro is only a middle step in the process, not an end into itself. Syria WILL move to the Gold Dinar for trade, and eventually Arabia will have to also...watch and see if I'm not right.

jk
07-11-06, 09:18 PM
Make no mistake about it. The Islamic Jihad and other Anti West factions are not only using Steel and Lead but Gold. Here is a link to demonstrate my reasoning.

http://www.lewrockwell.com/sardi/sardi20.html

Basically the use of the US Dollar for ANY Islamic Nation's trade with Non-fundimentalist Nations will be used as proof that the dispicable attacks such as have been occuring on public transportation systems over the World will be the means of justification by the fanatical, even against their own! To the Jihadist the Litmus test is the exchange used or accepted in Trade..and Dinar will be the only acceptable exchange media in their view at some point.
Euro's are only a half step to the EUCB vaults of bullion Gold. Once purchased by Euro..a large percentage, if not all, of the Bullion will be bee-lined out of the EU to be struck into the new Dinar, in order to BACK the printed currency. I believe the move from Dollars to Euro is only a middle step in the process, not an end into itself. Syria WILL move to the Gold Dinar for trade, and eventually Arabia will have to also...watch and see if I'm not right.
the article you link is dated 2002, predicting the use of the gold dinar in 2003. i've seen references to the gold dinar for years. are they in fact in use/existance anywhere? [this is not to say they won't be in the future.]

richard russell has speculated about the chinese eventually having a gold back yuan. putin wants to make the ruble convertible, and make the ruble another reserve currency. [you could buy oil with it, after all.] and why does no one mention the yen? the japanese have enormous reserves and the world's second biggest economy.

when the british pound bowed out, the dollar was its natural successor. if the dollar drops as much as we all [on this board] expect in the next few years, there will be no single natural successor. i foresee a fluid, to some degree anarchic, period for the world's cb's: euros, yen, convertible rubles, convertible yuan, and god knows, gold dinars.

and if ben really needs to liquify, our own cb will be stocked with long-dated tbonds, equities, real estate and porcelein figurines.