Sunday, June 29, 2008

American’s held to ransom.

Saudis press United States to put an end to rate cuts

There is something called “the Fed family”. It’s not as shady as a mafia family, but far more powerful. Members include chairman Ben Bernanke and the six other members of the board of governors, appointed by the president; the presidents of the 12 regional Fed banks, five of whom serve on the FOMC; and several influential alumni who are frequently consulted by Bernanke and the White House, and whose public utterances Bernanke cannot ignore.

Posted by flintster1994 @ 07:32 AM (952 views)
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6 thoughts on “American’s held to ransom.

  • voiceofreason says:

    This is really quite remarkable. The world’s superpower having it’s finances heavily influenced by House of Saud… quote:
    “This is the stuff of which good novels are made. But it is not fiction. The Saudis have now extended their influence over oil prices to American monetary policy. If another reason for America’s politicians to end what Bush calls the nation’s addiction to oil is needed, surely this is it.”

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  • Stirring stuff. The Saudi’s problem is that their own currency is pegged to the dollar. The peg is causing rampant inflation in all the gulf states. As I mentioned in a post yesterday, it makes no sense for the Chinese and Saudis to continue holding dollars. If they decide to dump their dollars then all hell breaks loose.

    @vor,
    That Mori poll is meaningless. If you ask people a vague question with no real figures attached then they’ll usually agree. For example most people will agree with this statement: “Do you think clothes made by children should be banned in the UK, even if it makes clothes cost a bit more?”

    But how would white-van-man at an Esso garage respond when asked: “Are you in favour of higher petrol prices to reduce our addiction to foreign oil?”
    When the reality of the higher cost hits them in the wallet, all concerns about the greater good go flying out the window.

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  • “Reliable sources say that the Saudis “hinted, as is their style” that if America wants more oil, it should do something to shore up the dollar.”

    Eek. Those Saudis may have human rights records stuck in the dark ages but their economic nous certainly isn’t.

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  • gone-to-colombia says:

    Well, if it takes the Saudi’s to get the White House idiot to do the right thing that’s fine by me.
    Though, I see something deeper here, more cracks in the American empire.

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  • voiceofreason says:

    drewster @3.
    Good point. A recent Radio5 phone in about the Primark child labour issue confirmed what you said. Some of the callers said as much as “if child labour is what it takes to give me my outfit for £30 then so be it”.
    Also, all the fuss from Hugh Fearningly-Wotsit. The worse off people would eat any old chicken so long as it is cheep 🙂
    And who can really blame them ?

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