reversion to status-quo before 15 August 1971

The Custodian of the Two Holy Mosques, King Abdullah bin Abdelaziz Al Saud, King of the Kingdom of Saudi Arabia, on Sunday 30 August 2009, appointed Dr Abdulrahman al-Humaidi as new Deputy Governor of the Saudi Arabian Monetary Agency (SAMA), the Central Bank of the Kingdom of Saudi Arabia. (1)

We are told that there should not be any change as far as SAMA’s policies are concerned. It is the Governor, Dr. Muhammad Bin Sulaiman Bin Muhammad Al-Jasser, who takes all the decisions at SAMA. (1, again)

It is however not because the SAMA Governor continues to take the decisions that His new Deputy be prevented from suggesting real solutions to 36 years old oil crisis.

SAMA to keep current “conservative” monetary policy, says the Al Watan daily. (2)

And do we have to understand that
“conservatism” was inaugurated on 15 August 1971
when US president Nixon broke the Bretton Woods agreements
which linked the US dollar to gold at fixed parity
and all other currencies to the said dollar?

What if SAMA reverted to the conservative status quo ante,
the status-quo before 15 August 1971?

It was the breaking of that status quo that led in 1973, that is 36 years ago, to the first oil crisis.

We are still suffering from this breach of the “conservatism” which existed before 15 August 1971.

Wouldn’t a really-conservative monetary policy return to that status quo ante?

What about fighting for oil pricing in FreeGold”

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOTES

(1)
Saudi king appoints central bank deputy head
Aug 30, 2009 at 17:25
http://business.maktoob.com/20090000369298/Saudi_king_appoints_central_bank_deputy_head/Article.htm
SNIP
Saudi Arabia’s King Abdullah has appointed Abdulrahman al-Humaidi as deputy governor of the kingdom’s central bank, the official news agency SPA reported on Sunday.
The appointment should not lead to any policy changes at the central bank, known as the Saudi Arabian Monetary Agency (SAMA), analysts say.

(2)
Saudi to leave monetary policy unchanged
Aug 31, 2009 at 13:46
http://business.maktoob.com/20090000369446/Saudi_to_leave_monetary_policy_unchanged/Article.htm
SNIP
Saudi Arabian Monetary Agency (SAMA), will keep its current “conservative monetary policy”, Al Watan daily reported on Monday, citing SAMA’s newly appointed deputy governor Abdulrahman al-Humaidi.

Anyone who has a US bank account to which money is sent by a third party, can, in cases concerning that money, be sued by that party in the US.

In an 20 July 2009 post, I asked how the US courts could have jurisdiction in the dispute between the Saudi conglomerates Algosaibi and Saad Group. (1)

The only possible answer I could come up with was that Saad Group’s debts to Algosaibi were denominated in Saudi riyal, that the riyal is pegged to the US dollar and that, therefore, the US courts have jurisdiction. (1, again)

I said that if this was the case, then new ground was being broken in the area of the conflict of laws. (1, again)

Abu Dhabi’s The National newspaper carries the following story:

Mashreq takes Al Gosaibi to US court
Asa Fitch
Last Updated: August 20, 2009 4:42PM GMT
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090820/BUSINESS/708209926/1005
SNIP
A judge in New York will next week hear arguments in a US$150 million (Dh550.9m) case filed by the Dubai-based Mashreqbank against Ahmad Hamad Al Gosaibi and Brothers, a Saudi conglomerate allegedly hit by a huge fraud.
The case is part of a continuing tussle between Al Gosaibi and its creditors, [...]
+
The lawsuit was filed in the US because Mashreq sent its $150m to an Al Gosaibi account in New York. UNSNIP

So Mashreqbank says that it is because Algosaibi has a bank account in New York,
bank account to which Mashreqbank sent the money,
that Algosaibi can be taken to court in new York.

More new ground is being broken in the area of the conflict of laws; the US requirements of justice or the requirements of US justice demand that anyone who has a US bank account to which money is sent by a third party, can, in cases concerning that money, be sued by that party in the US.

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOTE

(1)
FT and Reuters break new ground in conflict of laws
Posted by Ivo Cerckel on July 20th, 2009
http://bphouse.com/honest_money/2009/07/20/ft-new-ground/
[If the link does not work, try to copy it and paste it in your browser]

From The Times:
August 21, 2009
What now for the world’s central bankers at Jackson Hole?
http://business.timesonline.co.uk/tol/business/economics/article6804431.ece
by Andrew Balls 
SNIP
As the world’s central bankers gather in Jackson Hole, Wyoming, for their annual retreat, it would be no surprise if they opt for a quiet walk in the beautiful Grand Teton National Park during breaks in the programme, rather than the white-water rafting that is also on offer. UNSNIP

From Ivo:

Central banking has provided us with such such niceties as irredeemable, at least unbacked, paper money and fractional-reserve banking.

Houston, we’ve got a problem!

The business of a central bank should be to look after the currency it is issuing. If central banks did that, financial stability would automatically ensue.

The Jackson Hole Economic Policy Symposium should be bold and repeal central banking.

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

Een commentaar van Bart Haeck onder de titel “Weg uit Brussel” vandaag in De Tijd stelt dat het onderzoek in de corruptie-zaak “rond”. rechter De Tandt, advocaat Peeters , gerechtelijke polis Audenaert  en consoorten uit Brussel weg moet en aan het rechtsgebied van één van de vier andere hoven van beroep van het Koninkrijk België dient toegekend. (1)

“Justitie heeft als taak conflicten tussen mensen op een beschaafde manier op te lossen.” , stelt de commentaar.

Er zijn echter persoonlijke vetes in dit land. Deze vetes gaan tegen de beschaving in.

Glenn Audenaert, hoofd van de gerechtelijke politie van het Koninkrijk België, wordt betaald d.m.v. belastingen (op “wit” geld).

Audenaert is kwaad op advocaat Robert Peeters,

niet omdat Peeters vonnissen opstelt voor rechter De Tandt (dat is niet onbeschaafd),

maar omdat Peeters zwart geld (geen “wit” geld dus) bovenhaalt bij vrienden van Audenaert.

Dat door Peeters witgewaste zwart geld kan alsdan de gronslag vormen voor beschaafde belastingen.

Audenaert is daar tegen. Hij wenst dus niet langer betaald te worden.

Audenaert denkt dat de Belgische Staat hem kan betalen zonder beschaafde belastingen.

Hoe kan dit nou beschaafd gebeuren zonder belastingen?

Een beschaafde oplossing zou erin bestaan om over te gaan tot de onmiddellijke her-annexering door het Koninkrijk der Nederlanden van het grondgebied van het Koninkrijk België dat zonder beschaafde belastingen toch niet kan overleven.

De Belgische onder-danen zullen de Hollanders dankbaar zijn om hen (de Belgen) van de onbeschaafde afgrond geholpen te hebben door hen (weer die domme Belgen) toe te laten beschaafde belastingen te betalen.

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOOT

 (1)

Weg uit Brussel

Bart Haeck
De Tijd  19/08/2009

http://www.tijd.be/nieuws/commentaar/Weg_uit_Brussel.8221184-620.art

UITREKSEL

De sleutel om dat scenario te vermijden ligt bij het Brusselse hof van beroep, dat in deze zaak de onderzoeksrechter moet aanstellen. Het zou – uiteraard binnen de grenzen van de wet – alle kansen moeten aangrijpen om zich in deze onbevoegd te verklaren en de zaak naar een ander hof van beroep te verwijzen: dat van Antwerpen, Gent, Bergen of Luik. Alleen op die manier wordt het mogelijk het beeld van een falende Brusselse justitie en het ons-kent-ons-verwijt te doen verdwijnen.
Justitie heeft als taak conflicten tussen mensen op een beschaafde manier op te lossen. Het moet zelf zo snel mogelijk uit die conflictsfeer geraken om die taak te kunnen uitoefenen. Om dat vertrouwen terug te winnen moet het onderzoek uit Brussel weg.