Gulf Arabs attack dollar regime in its bases
Posted by Ivo Cerckel on 18th July 2009
The dollar regime has two pillars or legs:
one in Washington (and/or New York),
the other in London.
The Arab conglomerates of Algosaibi and Saad group are now attacking the dollar regime in both of these pillars. (1)
If, as the Financial Times said,
it is only in rare cases that Arabs make their disputes public (2),
why should they bring their disputes to both pillars of the dollar regime?
Something does not square.
It is impossible to be and not to be at the same time and in the same respect, said Aristotle in his “Metaphysics”.
This is known as the Principle of Non-Contradiction.
Contrary to what many authors ague, this is a law of thought and not a law of reality.
Reality is not submitted to the Principle. Only thought is submitted to the Principle. (3)
And the conclusion of this blogger’s thought is … developing …
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
NOTES
(1)
Banks’ lawsuits aimed at Saudi debtors
By Michael Peel in London and Andrew England in Abu Dhabi
Published: July 18 2009 03:00 | Last updated: July 18 2009 03:00
http://www.ft.com/cms/s/0/7d94c4e8-7333-11de-ad98-00144feabdc0.html
SNIP
At least four banks have launched lawsuits to recover debts allegedly owed to them by two warring prominent Saudi Arabian companies hit by financial problems, in a move that has shocked investors in the oil-rich Gulf.
Three claims have been filed at the High Court in LONDON since last month against businesses from the Saad and Algosaibi conglomerates, suggesting some financial institutions are taking matters into their own hands even as the Saudi companies grapple to restructure their large debts.
News of the cases, which comes after the emergence of a US lawsuit brought by the Algosaibi group over an alleged “massive fraud” of up to $10bn by Maan Al Sanea, Saad’s billionaire owner, is likely to add to concerns about international and regional bank exposure to Gulf companies.
(2)
Algosaibi sues Saad Group owner in rare public dispute for Gulf
By Andrew England in Abu Dhabi
Published: July 17 2009 03:00 | Last updated: July 17 2009 03:00
http://www.ft.com/cms/s/0/3ea18ede-726a-11de-ba94-00144feabdc0.html
(3)
Fernand Van Steenberghen, (F-X De Guibert, éd.), “Philosophie fondamentale”, Longueuil, Québec, Editions du Préambule, 1989, p. 296 note
Contrairement à ce qu’affirment beaucoup d’auteurs, ces principes [principle of non-contradiction, law of identity and law of excluded middle] sont des lois logiques ou des lois de pensée comme telle ET NON des lois de l’ordre réel.
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