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#7261 woj1@cyberonic.

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Posted 15 November 2007 - 07:13 PM

Why I'm Ready to Be New Citigroup CEO: Michael Lewis
Nov. 15 (Bloomberg) --
I don't know about you, but I'm finding this latest upheaval in the financial markets a bit disheartening.

The $45 billion is one thing; the losses we can all accept. (After all, it's mostly other people's money.) :scrollhah
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#7262 woj1@cyberonic.

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Posted 16 November 2007 - 05:02 PM

Originally posted by lolomarsei
none

And I agreed. Believing what Nobel price recipient AL Gore thinks Holland soon will be under water with my blessing. I don
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#7263 pacific

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Posted 16 November 2007 - 08:42 PM

As "The Hunt for the Affordable Weapon" noted:

"Just as anti-ballistic missile technology is developing itself for the coming age of the rogue state, America's nets are slowly being drawn up against the cruise missile threat from those states
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#7264 pacific

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Posted 16 November 2007 - 10:39 PM

OPEC leaders may discuss creation of currency basket to price crude.

The Associated Press Published: November 16, 2007

RIYADH, Saudi Arabia: Leaders of the Organization of Petroleum Exporting Countries meeting this weekend in the Saudi capital are likely to discuss the possibility of creating a currency basket to price their crude, Venezuela's oil minister said Friday.
Rafael Ramirez, the minister, said the issue will come up at
a closed session in the two-day OPEC summit, Dow Jones Newswires reported.
"The issue of the currency basket ... they will have an opportunity to discuss this in the closed session," Ramirez told reporters on the sidelines of the OPEC gathering. A currency basket could be used as a way for the cartel to shield crude oil exports, which are priced in U.S. $dollars, from the dollar's decline against other major currencies.
OPEC supplies about four out of every 10 barrels on world oil markets.
The cartel's leaders in Riyadh on Saturday and Sunday are to discuss the challenges a potential global recession, an anemic $dollar, and rising environmental concerns to their near-US$1.8 billion a day in revenue.
Ecuador, with its half-a-million barrels a day of production, may also be formally welcomed back to the group this weekend.
The Dow Jones Newswires also reported that a statement at the end of the two-day gathering may include a communique on the dollar and its impact on oil prices.
Algeria's Oil Minister Chakib Khelil, however, said Friday that the communique would not mention the weak $dollar.
"The weakening of the dollar has an impact on the price of oil. We would like to see the dollar stabilize," he told reporters ahead of a closed ministerial session on the eve of the OPEC gathering.
"It isn't mentioned in the communique," which he confirmed focused on stability of the oil market, energy and sustainable development, and the environment.
Some OPEC members have voiced concern about the dollar, in which their prime export product is priced, and are to call for studies to be conducted into the effects.
Proposals by both Venezuela and Iran to trade with oil in a
basket of currencies in order to replace the historical link to the dollar have been put forward, but such calls haven't found enough support from some in OPEC.
The group's Secretary General Abdalla Salem el-Badri said
earlier this week that the group wasn't discussing changing the pricing of crude oil from dollars into other currencies.
"The OPEC Secretariat isn't working on this issue, because it's up to member countries to decide for themselves," el-Badri said.
__________________

Saudi Arabia Won't Include U.S. Dollar in OPEC Talks. (Update4)

By Maher Chmaytelli and Fred Pals

Nov. 16 (Bloomberg) -- Saudi Arabia, the world's largest crude oil exporter, rejected a proposal by Iran and Venezuela to
discuss the weak $dollar at this weekend's OPEC summit in Riyadh, saying it didn't want the U.S. currency to ``collapse.''
Saudi Arabia won't discuss pricing oil in currencies other than the dollar, Saudi Foreign Minister Prince Saud Al-Faisal said, speaking at a meeting of oil and finance ministers today that was accidentally broadcast to journalists.
The Organization of Petroleum Exporting Countries, which pumps more than 40 percent of the world's oil, has seen its revenue diminish because of the decline in the dollar over the past three years. OPEC holds a heads of state summit in Riyadh tomorrow.
``As for the monetary aspect and the dollar I would like to ask his Excellency, the minister of Iran, to leave this question to the appropriate party, the ministers of finance, without
mentioning that we gave them this task so that there won't be negative impact from OPEC,'' Al-Faisal said, speaking in reaction to an Iranian proposal to discuss the currency.
Some OPEC members have said they will consider increasing transactions in euros. The dollar has fallen almost 15
percent against the euro in the past 12 months.
Broadcast Blunder ``There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for OPEC,'' Al-Faisal said.
The minister's comments were broadcast from a closed
meeting before Saudi authorities unplugged the live broadcast. The blunder was discovered after just over half an hour. The main protagonists in the debate were Venezuelan Energy Minister Rafael Ramirez, Iranian Foreign Minister Manouchehr Mottaki and Saud al-Faisal, each one talking in their own language.
Earlier in the broadcast, Venezuela, the fourth-largest
producer in OPEC, had said it backs Iran's proposal to discuss pricing oil in other currencies.
``We're backing this Iranian proposal,'' Ramirez said.
The dollar slid to a record low of $1.4752 against the euro on Nov.
9 and has fallen versus 15 of the 16 most actively traded currencies tracked by Bloomberg this year, hurting the international purchasing power of OPEC's dollar-based export revenue. Iran already sells some of its oil in other currencies.
Crude oil for December delivery rose $1.38, or 1.5 percent, to $94.81 a barrel at the 2:30 p.m. close of floor trading on the
New York Mercantile Exchange.

Dollar Weakness

Concern is increasing that the dollar's weakness may augur the end of the U.S. currency's reign as the world's main international currency for trade, financial transactions and central-bank
reserves. The dollar's share of global reserves fell from 71 percent in 1999 to 64.8 percent in the second quarter this year, according to a report from the Washington- based International Monetary Fund.
``If oil was traded in something else than the dollar it would accelerate the long-term diversification trend out of the currency,'' said Meg Browne, a senior currency strategist at Brown Brothers Harriman & Co. in New York. ``But the chances of that happening is small -- it's simply not convenient for these countries when so much of their economies is priced in dollar.''
OPEC has no plans to price oil in any currency other than U.S. dollars even though the currency has fallen to record lows, OPEC Secretary-General Abdalla Salem el-Badri said Nov. 14. The heads of state summit, the third in OPEC's 47-year history, will include Saudi Arabia's King Abdullah and Venezuelan President Hugo Chavez.
The group of countries will release a statement after the meeting ends this weekend.

`Everybody's Position'

``It was not in the declaration in the first place and it won't be in the final declaration, period,'' el-Badri said to journalists. ``It's not Saudi Arabia's position, it's everybody's position.''
The United Arab Emirates may end its 30-year-old peg to the dollar and link the dirham to a basket of currencies to help stem inflation, central bank Governor Sultan Bin Nasser al- Suwaidi said in an interview in Gwacheon, South Korea, on Nov. 15. Inflation has risen to the fastest pace in at least five years.
Kuwait abandoned its peg to the dollar in May for a basket of currencies that include the dollar. Russia, the world's biggest energy producer, manages the ruble to a basket consisting of 55 percent dollar and 45 percent euro.

To contact the reporters on this story: Fred Pals in Riyadh
Maher Chmaytelli in Riyadh Last Updated: November 16, 2007 15:36 EST

www.bloomberg.com
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#7265 Bader

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Posted 17 November 2007 - 06:22 AM

That article posted by Pacific shows the muslims are not at war with the US. Enemies dont subsidise ones foreign policy adventures.
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#7266 pacific

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Posted 17 November 2007 - 06:02 PM

Originally posted by Bader
That article posted by Pacific shows the muslims are not at war with the US. Enemies dont subsidise ones foreign policy adventures.



Saudi Arabia Not Alone in Defending Dollar in OPEC (Update1)

By Anchalee Worrachate and Zainab Fattah

Nov. 17 (Bloomberg) -- Saudi Arabia's decision to exclude the falling dollar from discussions at this weekend's OPEC summit was supported by others within the producer group, Angola's Finance Minister Jose Pedro de Morais said.

Saudi Arabia, the world's largest crude oil exporter and an ally of the U.S., yesterday rejected a proposal by Iran and Venezuela to debate pricing oil in currencies other than the dollar, a day before the OPEC heads of state summit in Riyadh.

``This is not the case of Saudi Arabia against the rest at all,'' de Morais said in an interview today. ``Since the OPEC economy is profoundly linked to the dollar, any rash move could do more harm than good.''

Leaders of the 12-member Organization of Petroleum Exporting Countries landed today in Riyadh, where Saudi police blocked off streets and helicopters patrolled the skies. The group will commit to ensuring stable oil supply and seek ways of reducing carbon emissions from fossil fuels, according to a draft resolution.

Oil ministers ahead of the summit rejected a U.S. call to provide more oil. after Their last production increase failed to prevent prices rallying to record levels about $98 a barrel. They will instead wait for a Dec. 5 meeting in Abu Dhabi to discuss output targets. Crude for December delivery yesterday rose $1.67 to $95.10 on the New York Mercantile Exchange.

Accidental Broadcast

Saudi Arabia, the world's largest crude oil exporter, already rejected a proposal by Iran and Venezuela to discuss the weak dollar summit in Riyadh because it didn't want the U.S. currency to collapse.

The rejection yesterday by Saudi Foreign Minister Prince Saud Al-Faisal came during a meeting of oil and finance ministers that was accidentally broadcast to journalists.

The main protagonists in the debate were Venezuelan Energy Minister Rafael Ramirez, Iranian Foreign Minister Manouchehr Mottaki and Saud al-Faisal, each one talking in his own language. Iran's President Mahmoud Ahmadinejad also called today on the group to discuss dropping oil sales in U.S. dollars before his arrival.

``The weakness of the dollar is affecting us all,'' Angola's de Morais said today. ``But that's a global-scale problem. It's not for an individual organization to tackle.''

The dollar fell to a record low against the euro on Nov. 9 and has declined by almost 15 percent against the European currency in the past 12 months. As the dollar's decline eroded oil revenue, some OPEC members have said they will consider increasing transactions in euros.

Diversifying Reserves

Nigeria, Africa's largest oil producer, changed its laws to allow it to diversify its foreign reserves out of dollars, Finance Minister Shamsudeen Usman said yesterday.

Nigeria joins countries in the Middle East and Asia such as the United Arab Emirates and China who are reviewing their foreign exchange reserves amid concern that the dollar's weakness may augur the end of the U.S. currency's 62-year reign as the world's main international currency for trade, financial transactions and central-bank reserves.

Even though Angola, Africa's second-biggest oil producer, agreed that the dollar issue should not be raised at the OPEC summit, the country is considering diversifying its international reserves away from the dollar.

``We are seriously considering diversifying our reserves into other currencies, predominantly the euro,'' de Morais said yesterday.

The African country has $10.2 billion of foreign-currency reserves, according to data compiled by Bloomberg. De Morais said around 80 percent of the reserves are in dollars.

Cutting Carbon

OPEC plans to invest in technologies to reduce carbon dioxide emissions as a means of ensuring demand for exports in a world that has become more aware of fossil fuel's contribution to global warming.

Climate change may continue for centuries, and governments will have to spend billions of dollars annually to slow warming and adapt to its effects, a United Nations panel said.

Warming is ``unequivocal,'' and causing Arctic ice to melt, rain to decline in Africa and the Mediterranean, and sea levels to rise, the Intergovernmental Panel on Climate Change said today.

``Slowing and reversing these threats is the defining challenge of our age,'' UN Secretary-General Ban Ki-moon told a news conference in Valencia, Spain, today.

OPEC has proposed a $3 billion fund for research and development of carbon emission sequestration technology, Ivo de Boer, executive secretary of the UN Framework on Climate Change, told a press conference in Riyadh yesterday.

``Since fossil fuels are going to be around for some time, we need to develop technology to reduce'' carbon emissions, Saudi Arabia Oil Minister Ali al-Naimi said yesterday.

Ecuador is expected to rejoin OPEC this weekend, bringing its membership to 13 nations. The heads of state summit is the third since OPEC was founded in 1960.

To contact the reporter on this story: Anchalee Worrachate in Riyadh aworrachate@bloomberg.net ; Zainab Fattah in Riyadh on zfattah@bloomberg.net

Last Updated: November 17, 2007 10:45 EST
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#7267 pacific

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Posted 17 November 2007 - 06:18 PM

November 17, 2007

Members may be split over the cartel
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#7268 woj1@cyberonic.

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Posted 17 November 2007 - 06:28 PM

the 100,000 or so Serbs in the province
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#7269 woj1@cyberonic.

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Posted 17 November 2007 - 09:10 PM

THe day after Kosovo independence
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#7270 woj1@cyberonic.

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Posted 19 November 2007 - 03:58 PM

Goldman downgraded Citigroup shares to "sell," estimating Citi will incur $15 billion in write-downs .:scrollhah
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#7271 Bader

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Posted 20 November 2007 - 08:20 AM

The cost to OPEC to subsidise the US dollar ( and therefore its foreign policy) is passed onto the consumer world wide.

So we are all helping to pay for Bush to stay put in Iraq and Afghanistan.
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#7272 woj1@cyberonic.

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Posted 20 November 2007 - 06:37 PM

Malaysia Wants to Be Paid for Staying Green:
the economic incentive to cut down trees has risen of late: The same chair that Malaysia exported for $10 between 1997 and 2005 now fetches it $50. Crude palm-oil futures prices have jumped fourfold because of a growing biofuel craze.
As a partial compensation for the forgone economic opportunity, Malaysia is now pressing a claim on the rest of the world.
And it isn't alone.
Malaysia, Indonesia, Brazil, Peru, Cameroon, Costa Rica, Colombia, Congo, the Democratic Republic of Congo, Gabon and Papua New Guinea have come together.
``It has to be recognized that tropical forests are making an important contribution to the environment,'' . ``There must be incentives for countries to avoid deforestation.''
Are not they correct?
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#7273 woj1@cyberonic.

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Posted 20 November 2007 - 07:05 PM

Originally posted by Bader
The cost to OPEC to subsidise the US dollar ( and therefore its foreign policy) is passed onto the consumer world wide.

So we are all helping to pay for Bush to stay put in Iraq and Afghanistan.


Nations In Gulf Rethink Peg to Dollar mostly because is growing local discontent.
But countries as Germany or Holland or Russia might soon see more problems with moral principles in dollars.
:scrollhah
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#7274 Bader

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Posted 21 November 2007 - 07:44 AM

Originally posted by woj1@cyberonic.
Nations In Gulf Rethink Peg to Dollar mostly because is growing local discontent.
But countries as Germany or Holland or Russia might soon see more problems with moral principles in dollars.
:scrollhah



A collapse of the dollar may mean the US withdraw quickly in an emergency and the instability in Iraq wash across the borders into S.A etc, Turkey invade the Kurdish north Iraq etc. The future of kingdoms may become very shakey.
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#7275 woj1@cyberonic.

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Posted 21 November 2007 - 07:31 PM

France's national transit strike eighth day, the standoff is shaping up as a contest over whom French people detest more: their new president or the labor unions .
Railway, bus and metro workers are protesting a government plan to curtail retire at ages from 50 to 55 rather than the minimum cutoff of 60.
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#7276 woj1@cyberonic.

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Posted 21 November 2007 - 07:38 PM

Originally posted by Bader
B]A collapse of the dollar may mean the US withdraw quickly in an emergency and the instability in Iraq wash across the borders into S.A etc, Turkey invade the Kurdish north Iraq etc. The future of kingdoms may become very shakey. B]

Anti-trade sentiment is percolating across America, forcing presidential candidates to address the unease. Even winners from globalization, are expressing anxiety about trade issues. or both : trade and wars.
:bolt:
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#7277 woj1@cyberonic.

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Posted 21 November 2007 - 07:49 PM

Originally posted by Bader
B]A collapse of the dollar may mean the US withdraw quickly, Turkey invade the Kurdish north Iraq etc. B]


Turkey may fight in Iraq for themselves?:scrollhah
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#7278 Bader

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Posted 22 November 2007 - 04:59 AM

Originally posted by woj1@cyberonic.
Turkey may fight in Iraq for themselves?:scrollhah




The US map of the future in the Middle East has Kurdistan, based on ther Kurdish northern sector of Iraq, being given a large slice of Turkish and Iranian territory.
Saudi Arabia, Iran and Turkey are to be reduced to about a third of what they are today, Iraq into three.
At one stage a couple of months ago Turkey had about 250 thousand troops on its border ready to invade the kurdish north of Iraq to wipe out the core of the Kurdish rebels.
If they had of Iran probably would have added to the crushing from their side and Saudi Arabia said that if they crossed into Iraq so would they. US might have lost control and all sorts of political problems developed at home.
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#7279 woj1@cyberonic.

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Posted 24 November 2007 - 10:55 PM

Turkey had Iraq terrytory in the past and I think that they remember it.
I don
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#7280 woj1@cyberonic.

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Posted 24 November 2007 - 11:01 PM

Story is very funny. Turkey, the danger for Russia changed in threat for USA:scrollhah
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