George W. Bush likes to think of himself as a powerful and influential world leader. Yet the evidence screams loudly in the opposite direction. One begins to wonder if members of the Bush administration have read anything newer about Arabia than Seven Pillars of Wisdom: A Triumph by T.E. Lawrence (better known to Americans as Lawrence of Arabia thanks to the movie). Their ignorance of the region is going to cause serious repercussions to the welfare of the United States.
At the beginning of March, Saudi King Abdullah hosted talks with Iranian President Mahmoud Ahmadinejad. No major improvements in their relations were announced after the talks concluded, nor any significant efforts toward stabilizing the region. But something significant was certainly discussed, based on subsequent actions.
Just the other day, Abdullah cancelled his presence at the April 17 formal White House state dinner - for unspecified reasons. Those reasons became clear shortly afterward when Abdullah denounced the “illegitimate foreign occupation” of Iraq by the United States and declared that Arab nations "would not allow any foreign force to decide the future of the region."
One has to wonder how much effect this declaration had in scuttling the incompetent Condi Rice's pitiful attempts to accomplish that very thing. But there is a much more important development that will affect our country directly: The movement of foreign nations to conduct business in currencies other than the dollar is accelerating.
In Dubai - the new "home" of Halliburton - Dubai International Financial Centre CEO Nasser al Shaali recently announced that Gulf economies will move away from a link to the dollar and convert their foreign exchange reserves to other currencies, including the Chinese yuan. This has to be welcome news in Beijing as China’s state-run Zhuhai Zhenrong Trading buys roughly 240,000 barrels of Iranian crude per day, currently paid with euros. Chairman Fukuaki Watari of Japan’s top refiner, Nippon Oil, said the Japanese companies had all received informal encouragement from Iran to pay for their 500,000 barrels per day of Iranian crude on non-dollar terms - a request that may be forthcoming soon as American markets are affecting the yen.
Article comments
1 - ScooterBananki
Not to worry, the administration has already started a propaganda mission to assure US citizens that desertion of the dollar and devaluation won't hurt the USA, and may even improve our (mythical) exports.
Of course, the 40% devaluation of the dollar vs. euro during this administration has sabotaged the notion that one can always escape by selling the (overpriced) house and move to a cheaper country.
Now let me see, the fabulous foreign debts incurred by this administration have assured that US citizens will be chained for several generations to an oar in a galley while the chinese or arab captain goes waterskiing, and the wall of dollar devaluation assures that he can't escape.
It would seem that a Prudent Man would have already laid his plans to escape the impending USA financial collapse by preparing soft landing places abroad.
You have prepared for this, haven't you?
2 - Ruvy in Jerusalem
A message like this is hard to ignore. It appears that the Saudi thugs are not satisfied with their Waiter -in-Chief in the White House. Ynetnews reports that Saudi Arabia is turning its back on the U.S.
3 - Clavos
Bliffle,
What's with the multiple "scooter" names?
And Chris Rose: is there not a 'no multiple names' rule?
4 - Christopher Rose
Clavos: I've no idea why Methuslah-Bliffle is currently on a scooter fad. I did nearly delete one of his remarks when he called himself scooterclavos but am allowing him a tiny bit of leeway, for the moment. As always, there are guidelines, not rules ;-)
5 - Clavos
I did nearly delete one of his remarks when he called himself scooterclavos but am allowing him a tiny bit of leeway...
Seems we both did. I saw that and started to get indignant, but decided in the end it really didn't matter in the "grand scheme of things." :>)
6 - Nancy
Well, it DOES, dammit. It's confusing as well as misleading. I really wish the Ed. staff of this blog site or Eric WOULD make such a rule; this lack of firm guidelines & rules isn't fair to anybody. One blogger should = one name/ID
7 - MCH
Oops...excuse me...I thought this post was from the National Guard regarding GW Bush...
8 - Hubert Heaver
It's important that we rip aside the false pseudonym to get to the underlying real pseudonym!