Friday, September 21, 2007
Who’s screwing who?
Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. These guys own most of the US. Perhaps it's the FEDs job to get them to dis-invest at a know down rate (bit like Norther Crock). Not sure who screwing who here. See also 'China threatens 'nuclear option' of dollar sales' http://www.telegraph.co.uk/money/main.jhtml;jsessionid=N0AY3R4MOVEOLQFIQMFSFFOAVCBQ0IV0?xml=/money/2007/08/07/bcnchina107a.xml Again not sur who's crewing who here?