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U.A.E. Pulls Out of Gulf Monetary Union Project

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  • #1

    U.A.E. Pulls Out of Gulf Monetary Union Project

    Will maintain dollar peg.

    http://www.bloomberg.com/apps/news?p...GGA&refer=home

    May 20 (Bloomberg) -- The United Arab Emirates has pulled out of the planned monetary union of five oil-rich Persian Gulf monarchies after expressing reservations about the choice of Saudi Arabia as the location of the common central bank.

    “The U.A.E. has decided not to be part of the Gulf monetary union agreement,” a Foreign Ministry spokesman in Abu Dhabi was cited as saying by the state-run news agency WAM. The country will maintain the dirham’s peg to the U.S. dollar, WAM cited the central bank governor, Sultan bin Nasser al-Suwaidi, as saying.

    The decision calls into question the viability of the six- member Gulf Cooperation Council’s 2001 agreement to form a European Union-style monetary union. Oman pulled out in 2007. Saudi Arabia, Kuwait, Qatar and Bahrain are still part of the project.

    “The single currency is dead,” said Eckart Woertz, an economist with the Dubai-based Gulf Research Center. “It’s like France saying it wants to pull out of the euro.”
    Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -Groucho
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  • #2
    Re: U.A.E. Pulls Out of Gulf Monetary Union Project

    They got your memo huh?

    http://www.uaetorture.com/

    Comment

    • #3
      Re: U.A.E. Pulls Out of Gulf Monetary Union Project

      Originally posted by Sapiens View Post
      They got your memo huh?

      http://www.uaetorture.com/
      LOL. You think this is limited to the UAE...and Saudi, among others, is clean?

      Actually the real reason the UAE is pulling out is because they can't stand the thought of attending boring, interminably long Central Bank meetings in Riyadh without the benefit of alcohol to ease the pain...;)

      Comment

      • #4
        Re: U.A.E. Pulls Out of Gulf Monetary Union Project

        Originally posted by GRG55 View Post
        LOL. You think this is limited to the UAE...and Saudi, among others, is clean?

        Actually the real reason the UAE is pulling out is because they can't stand the thought of attending boring, interminably long Central Bank meetings in Riyadh without the benefit of alcohol to ease the pain...;)
        No monopoly on torture, see what they claim to be US methods on tape:

        Comment

        • #5
          Re: U.A.E. Pulls Out of Gulf Monetary Union Project

          Originally posted by Sapiens View Post
          No monopoly on torture, see what they claim to be US methods on tape:
          Which just goes to show that the only truly legitimate place to locate the GCC common currency Central Bank is in D.C...:rolleyes:

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          • #6
            Re: U.A.E. Pulls Out of Gulf Monetary Union Project

            Originally posted by Sapiens View Post
            They got your memo huh?

            http://www.uaetorture.com/
            My memo???
            Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -Groucho

            Comment

            • #7
              Re: U.A.E. Pulls Out of Gulf Monetary Union Project

              Originally posted by Master Shake View Post
              My memo???
              Not yours, personally. Ours.

              Comment

              • #8
                Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                Originally posted by ASH View Post
                Not yours, personally. Ours.
                Maybe Sapiens meant to refer to the memo that went from the White House to Abu Dhabi...the one that said "Feel free to join the UAW union, but if you join the currency union we'll treat you worse than a Chrysler Secured Bondholder...and if you really piss us off we'll bring democracy to your country too...:rolleyes:

                Comment

                • #9
                  Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                  Originally posted by GRG55 View Post
                  Maybe Sapiens meant to refer to the memo that went from the White House to Abu Dhabi...the one that said "Feel free to join the UAW union, but if you join the currency union we'll treat you worse than a Chrysler Secured Bondholder...and if you really piss us off we'll bring democracy to your country too...:rolleyes:
                  That was my thought, althought the link Sapiens posted didn't quite fit my interpretation. It's probably presumptuous of me to try to interpret Sapiens's shorter and more cryptic posts, but he invites interpretation, since his style suggests that unambiguous communication of ideas is not his primary aim.

                  Comment

                  • #10
                    Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                    Originally posted by ASH View Post
                    That was my thought, althought the link Sapiens posted didn't quite fit my interpretation. It's probably presumptuous of me to try to interpret Sapiens's shorter and more cryptic posts, but he invites interpretation, since his style suggests that unambiguous communication of ideas is not his primary aim.
                    leaves a person less vulnerable to counter-argument.

                    Comment

                    • #11
                      Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                      Why was John Edgar Hoover so powerful...?


                      http://www.spartacus.schoolnet.co.uk/USAhooverE.htm

                      ...

                      The FBI under Hoover collected information on all America's leading politicians. Known as Hoover's secret files, this material was used to influence their actions. It was later claimed that Hoover used this incriminating material to make sure that the eight presidents that he served under, would be too frightened to sack him as director of the FBI. This strategy worked and Hoover was still in office when he died, aged seventy-seven, on 2nd May, 1972. ...
                      It works in all kinds of ways... worldwide....
                      Last edited by Sapiens; May 20, 2009, 05:15 PM.

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                      • #12
                        Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                        Originally posted by Sapiens View Post
                        Why was John Edgar Hoover so powerful...?


                        http://www.spartacus.schoolnet.co.uk/USAhooverE.htm


                        It works in all kinds of ways... worldwide....
                        Thanks for the clarification.

                        Comment

                        • #13
                          Re: U.A.E. Pulls Out of Gulf Monetary Union Project

                          You may find this amusing, check out how the article ends…

                          http://www.guardian.co.uk/world/2009...lton-dispatch1

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