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End Of Empire: Gulf States Preparing To Drop Dollar Peg On Currencies As US Empire Crumbles
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06:25 am
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Gulf States May End Dollar Pegs, Kuwait Minister Says (Update2)
By Fiona MacDonald and Matthew Brown
May 1 (Bloomberg) -- Gulf states are considering dropping their pegs to the dollar after the U.S. currency's decline stoked inflation across the region, Kuwaiti Finance Minister Mustafa al- Shimali said.
``Yes, there are some'' Gulf Cooperation Council states considering dropping their pegs to the dollar, which has fallen 13 percent against the euro in the last 12 months, al-Shimali said in an interview in Kuwait late yesterday. ``Some countries will do what we are doing.''
Al-Shimali didn't say which countries might end their pegs. Speculation of a change in Middle East currency systems eased this month after the United Arab Emirates and Qatar ruled out a revaluation or dropping the dollar peg. Inflation is running close to 10 percent in Saudi Arabia and the U.A.E., while Qatar's consumer prices rose 14 percent in the fourth quarter.
The Kuwaiti dinar has appreciated 7.9 percent against the dollar since the nation dropped its peg to the U.S. currency in May last year. The link to the dollar meant that imports in euros and other currencies that have strengthened against the dollar became more expensive.
``Inflation is rising in the Gulf to a great extent because of loose monetary policy,'' said Marios Maratheftis, head of research for Standard Chartered Plc in the Middle East in a telephone interview from Dubai. ``Tightening monetary policy can only happen if they drop their currency pegs or strengthen the currency, preferably both.'' |
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Remember When: "Mission Accomplished" Banner Aniversary Marks Heyday Of Bush "1000 Year Reich"
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06:36 am
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WASHINGTON (AP) - The White House said Wednesday that President Bush has paid a price for the "Mission Accomplished" banner that was flown in triumph five years ago but later became a symbol of U.S. misjudgments and mistakes in the long and costly war in Iraq.
Thursday is the fifth anniversary of Bush's dramatic landing in a Navy jet on an aircraft carrier homebound from the war. The USS Abraham Lincoln had launched thousands of airstrikes on Iraq.
"Major combat operations in Iraq have ended," Bush said at the time. "The battle of Iraq is one victory in a war on terror that began on Sept. 11, 2001, and still goes on." The "Mission Accomplished" banner was prominently displayed above him - a move the White House came to regret as the display was mocked and became a source of controversy.
After shifting explanations, the White House eventually said the "Mission Accomplished" phrase referred to the carrier's crew completing its 10-month mission, not the military completing its mission in Iraq. Bush, in October 2003, disavowed any connection with the "Mission Accomplished" message. He said the White House had nothing to do with the banner; a spokesman later said the ship's crew asked for the sign and the White House staff had it made by a private vendor.
"President Bush is well aware that the banner should have been much more specific and said 'mission accomplished' for these sailors who are on this ship on their mission," White House press secretary Dana Perino said Wednesday. "And we have certainly paid a price for not being more specific on that banner. And I recognize that the media is going to play this up again tomorrow, as they do every single year."
She said what is important now is "how the president would describe the fight today. It's been a very tough month in Iraq, but we are taking the fight to the enemy."
you forgot that Iaq is going through a crucial transitional period for the next 6 weeks and that we are "ON THE HUNT FOR BIGTIME BADGUYS". How about that Iraqi forces are ready to stand up as American troops stand down?
At least 49 U.S. troops died in Iraq in April, making it the deadliest month since September when 65 U.S. troops died.
Now in its sixth year, the war in Iraq has claimed the lives of at least 4,061 members of the U.S. military. Only the Vietnam War (August 1964 to January 1973), the war in Afghanistan (October 2001 to present) and the Revolutionary War (July 1776 to April 1783) have engaged America longer.
Bush, in a speech earlier this month, said that "while this war is difficult, it is not endless."
Yeah, it'll end whenever there's no political currency to be had in propping up the illegitimate Iraqi central state. Face it peeps, the Iraq war is throwing good money after bad at this point. No conclusion to combat operations is meaningful, except the cost that finding that conclusion poses to America.
The Iraqi central state is never going to be legitimate, the ethnarchs are never going to be illegitimate. This was determined years ago when the US failed to secure the mandate of heaven after the invasion, and sealed when the US marked itself as an illegitimate contender to the Iraqi throne with the Fallujah I atrocity and the failure at the Siege of Samarra.
Everything after that has been a useless waste of lives and money. All we have is an indebted nation and a worthless army full of emotionally damaged burnouts (read ![[info]](http://p-stat.livejournal.com/img/userinfo.gif) cavscout's comment, where he admits to capital murder because he's too numb to care) and unsuited for anything other than being an instrument of COIN warfare.
Guess that "proving" America could have won Vietnam or otherwise compensating for your teenie-weenie wiener by supporting a pointless war started for political reasons proved a little more expensive than people anticipated, LOL. What a bunch of A-grade failures, lusers and emotional weaklings the Bushite scum turned out to be. Way to throw away Reagan's legacy of power and tear the fabric of the Republic in half in the name of overcompensation and political opportunism, fags. Hope you enjoy your "permanent Republican majority," you sure fuckin' earned it. |
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Jack Job: Iran Cuts VLCC Supply By More Than 50% With Trivial Costs, Amplifies Interdiction Power
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09:49 pm
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Iran Doubles Oil in Persian Gulf Tankers Amid Vessel Shortage
By Alaric Nightingale
May 2 (Bloomberg) -- Iran, OPEC's second-largest oil producer, more than doubled the amount stored in tankers idling in the Persian Gulf, sending ship prices higher as demand for some of its crude fell, people familiar with the situation said.
The 10 tankers hold at least 20 million barrels of oil, equal to about 5 days of the country's output, said the people, who asked not to be identified because the information isn't public. Rates for tankers have more than tripled since April 8, based on data from the Baltic Exchange and ship-fuel prices.
While oil rose to a record $119.93 a barrel on April 28, Iran has a glut of its sulfur-rich crude as refineries that can process the fuel shut down for maintenance. The discount on Iranian Heavy crude compared with Oman and Dubai petroleum has more than doubled since the start of the year, according to data compiled by Bloomberg.
``There's not much demand for heavier crudes such as those from Iran,'' said Anthony Nunan, assistant general manager for risk management at Mitsubishi Corp. in Tokyo. ``It's the peak of the refinery maintenance season in Asia, and Iran also sells oil to Europe and the Mediterranean, where some refineries are having turnarounds,'' or seasonal shutdowns for repairs, he said.
Iran's use of ships for storage cut the supply of available supertankers, owned by companies including Hamilton, Bermuda- based Frontline Ltd. and Euronav NV, based in Antwerp, Belgium. The number of double-hull very large crude carriers, or VLCCs, available to rent within the next 30 days dropped to 21 from 59 a month ago, according to Paris-based broker Barry Rogliano Salles.
Rental Rates
The benchmark tanker rental rate for voyages to Asia from the Middle East is $148,000 a day, compared with $44,300 on April 8, according to prices from the London-based Baltic Exchange and a formula from Oslo-based RS Platou Shipbrokers A/S.
Iran has previously stored its Soroush and Nowruz crudes in state-owned tankers because the sulfur content made the fuel too difficult for many refiners to process. Previous buyers of the oil include SK Corp., South Korea's biggest refiner, and Reliance Industries Ltd., India's biggest company by market value.
Limited domestic processing capacity in Iran requires the country to import about 40 percent of its gasoline because national refineries can't make enough. Lighter crude with less sulfur is costlier as it yields more profitable products such as gasoline.
Iran typically keeps two or three supertankers on standby to deliver crude, Per Mansson, a tanker broker at Nor Ocean Stockholm AB, said by phone. ``There's a lack of on-land storage and this enables quick supply'' to buyers in Europe and Asia, he said.
Omani Oil
Soroush and Nowruz crudes contain about 3.5 percent sulfur. Syria's Souedieh, at 3.9 percent, is the only grade in the Middle East with more, according to data from New York-based Energy Intelligence Group.
The discount for Iranian Heavy crude relative to lighter Omani and Dubai oil is at $3.25 a barrel, compared with $1.49 in December, data on Bloomberg show. Saudi Arabia is the largest producer in the Organization of Petroleum Exporting Countries.
The VLCCs, each designed to ship about 2 million barrels of crude, have been idling at either Kharg Island in the Persian Gulf or the nearby Soroush terminal for at least a week, according to AISLive data compiled by Bloomberg.
State-owned National Iranian National Iranian Tanker Co. is also hiring vessels in the single-voyage, or spot, market for contracted shipments for the national oil company, the people said. Normally, the shipping line would use its own vessels, they said.
The following is a list of VLCCs whose last reported location was Kharg Island or the Soroush terminal and when they were due to arrive. It normally takes 24 hours to 48 hours to load a cargo of crude and set sail.
Ship Name Expected arrival Last reported
in Iran destination
Noor Dec. 15, 2007 Kharg Island
Najm Feb. 20 Kharg Island
Hengam March 11 Kharg Island
Nesa March 28 Kharg Island
Noah April 2 Kharg Island
Huwayzeh April 3 Kharg Island
Damavand April 11 Kharg Island
Hoda April 14 Kharg Island
Daylam April 23 Kharg Island
Nabi April 24 Soroush Terminal |
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