Libya: All About Oil, Or All About Banking?

[interestrateripoff]

http://www.zerohedge.com/article/libya-all-about-oil-or-all-about-banking

Several writers have noted the odd fact that the Libyan rebels took time out from their rebellion in March to create their own central bank - this before they even had a government. Robert Wenzel wrote in the Economic Policy Journal:

I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising. This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences.

Alex Newman wrote in the New American:

In a statement released last week, the rebels reported on the results of a meeting held on March 19. Among other things, the supposed rag-tag revolutionaries announced the "[d]esignation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi."

Newman quoted CNBC Senior Editor John Carney, who asked, "Is this the first time a revolutionary group has created a central bank while it is still in the midst of fighting the entrenched political power? It certainly seems to indicate how extraordinarily powerful central bankers have become in our era."

Although if your being less cynical about this creating a new central bank in theory would allow you to raise cash for the rebellion? Although I'm not sure about the timeline but at what point did those running the French revolution start issuing their own currency?

[Nationalist]

There's a conspiracy theory bubbling under that the whole "Arab Spring" is sponsored by the usual suspects to thwart the emergence of an Islamic banking system outside their control.

[Fishman]

http://www.zerohedge.com/article/libya-all-about-oil-or-all-about-banking

Although if your being less cynical about this creating a new central bank in theory would allow you to raise cash for the rebellion? Although I'm not sure about the timeline but at what point did those running the French revolution start issuing their own currency?

They need somewhere to deposit the 'proceeds' of the sale of their oil shipments.

It's either that or open an account with HSBC or whoever under the name of 'Anti-Gaddafi Libyan Rebel Movement'. Comes with

a Visa debit card and a daily withdrawal limit of $500.

[R K]

England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst to Britain rebuilding itself as a global power. England had no choice but to build a powerful navy if it was to regain global power. As there were no public funds available, in 1694 a private institution, the Bank of England, was set up to supply money to the King. £1.2m was raised in 12 days; half of this was used to rebuild the Navy.

http://en.wikipedia.org/wiki/Bank_of_England

Ok, the 'rebels' aren't the govt. just yet, but it looks like William Hague has decided they're going to be. Rebels get arms and British support, Britain gets first dibs on the oil via Benghazi 'govt'. Nothing personal, Gaddafi, just business.