The United Arab Emirates central bankster stands behind local and foreign banksters operating in the country. (1)
What’s the use?  The latter are involved in fractional-reserve banksterism.

The central bankster stated that the UAE banksterism system is more sound and liquid than a year ago. (1, again)
Has fractional-reserve banksterism been repealed?

The Gulf Co-operation Council has enough foreign assets [ABROAD] to tackle debt, according to two special studies. (2)
Abroad, thus not under the GCC’s control at home.

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

NOTES

(1)
U.A.E. Central Bank Stands Behind Lenders, Adds Funds (Update3)
By Arif Sharif, Nov. 29 (Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aM2MVwCsQXRY&pos=1

(2)
GCC has enough foreign assets to tackle debt
By Nadim Kawach on Monday, November 30, 2009
http://www.business24-7.ae//Articles/2009/11/Pages/29112009/11302009_04fa5d58ab1b47d9878d233c16065632.aspx

Update 1 adds the comparison to the London banksters

The British guv’mint, which needed thalidomide to justify the NHS and the rest of its welfare state, will print money to assist thalidomide-victims. Fool circle.

The whistle on thalidomide was blown at a Düsseldorf congress of neurologists on 30 April – 01 May 1960 by neurologist Dr Ralf Voss.
Guv’mint let it be marketed until 27 November 1961, that’s eighteen months later.
http://www.wdr.de/themen/gesundheit/pharmazie/contergan/chronik.jhtml?rubrikenstyle=contergan

From The Sunday Times
November 14, 2009
An end to the terrible saga of thalidomide
http://www.timesonline.co.uk/tol/comment/leading_article/article6917231.ece
SNIPS
The government appears ready to accept its responsibilities at last. Ministers are proposing a settlement worth several million pounds to compensate the remaining thalidomide victims in Britain, who number about 460
+
Words, of course, are cheap. What will concern the thalidomiders is whether the additional money is genuinely new and not merely diverted from other budgets. What will concern them most, as they head towards old age, is whether it will be enough.
UNSNIP

Guv’mint is utterly unable to do anything and it will print “genuinely new” money into existence (yes, that the bureaucrats can do) and give that to the thalidomiders.

This means debasing money and thus taxing the sheeple who have money.
May I remember my dear readers that the difference between tax and theft is that the thief does not come back periodically nor does the thief pretend to be stealing in the public interest?

How dare thalidomiders accept such “money”?

Guv’mint, all its bureaucrats and other recipients of “its” “money” should leave  the British and Irish isles and then let the market solve the thalidomiders’ problems.

But, at the end of the terrible thalidomide saga … we’re all Keynesians now,.

Are some British thalidomiders as bad as the London banksters who accept Gordon Brown’s, Alistair Darling’s, and Mervyn King’s quantitative-easing money?

The UK guv’mint must leave the British and Irish isles.

From The Sunday Times
November 15, 2009
Thalidomide drug scandal is story of pain and official (Ivo: i.e, guv’mint) neglect
Daniel Foggo
http://www.timesonline.co.uk/tol/life_and_style/health/article6917308.ece

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

The way most oil & gas is being sold by GECF and Aramco, their selling through the USA dollar, calls for a replacement. Chindia and euroland are showing the new way.

The Gas Exporting Countries Forum (GECF) was formally established in 2008.

Its members are Algeria, Bolivia, Brunei, Indonesia, Egypt, Iran, Libya, Malaysia, Nigeria, Qatar, Russia, UAE, Venezuela and Trinidad and Tobago.

Experts from the group’s members held a meeting in Doha, Qatar, on 09 and 10 November 2009, paving the way for the GECF ‘s ministerial gathering in Doha on 09 December 2009, where the organisation’s secretary general will be appointed, its permanent secretariat headquarters will be inaugurated, and gas prices in international markets will be discussed. (1)

Some industry analysts have described it as the “gas OPEC.” But the way most gas is sold — through long-term contracts — limits the extent to which it can mimic OPEC’s practice of coordinating production levels among its members. (2)

The Times reported last week that Saudi Aramco was also experiencing “dollar problems” due to the way most of Aramco’s oil is sold to the USA. The Saudis don’t trade oil but historically sell it at fixed discounts to West Texas Intermediate (WTI), set in advance. With WTI bouncing around, the Saudis cannot price their oil competitively against rival sour crudes. Customers are annoyed; by the time that cargoes arrive from Arabia, WTI’s oscillations could make Saudi crude dirt cheap or horribly dear. (3)

The euro is the first currency that has not only SEVERED ITS LINK to gold, but also its link to the nation-state, said the late European Central Bank president Wim Duisenberg on 9 May 2002. (4)

Lorenzo Bini Smaghi, a board member of the same ECB, said on, 06 October 2009, that China for one needs to bite bullet. “I think the best way is that China starts adopting its own monetary policy and DETACH itself from the Fed’s policy.”  (5)

India is buying gold (6) and is selling USA T-bills to that effect. (7)

Chindia is following the euro’s example.

The USA dollar is toast.

Hence, the Gas Exporting Countries Forum and Saudi Aramco need a replacement.

Chindia and euroland are showing the way.

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

NOTES

(1)
Leading gas producers to meet in Doha
Wed, 04 Nov 2009 07:36:17 GMT
http://www.presstv.ir/detail.aspx?id=110409§ionid=3510213

(2)
Gas exporters’ forum should mimic OPEC: Algeria
Tue Nov 10, 2009 2:47pm GMT
http://af.reuters.com/article/investingNews/idAFJOE5A90IV20091110

(3)
From The Times November 4, 2009
Saudi Aramco seeks solution to crude problem
Carl Mortished: World business briefing
http://business.timesonline.co.uk/tol/business/columnists/article6901552.ece
discussed by yours truly here:
Incoterms or dollar? Re: Saudi Aramco US sales
Posted by Ivo Cerckel on November 4th, 2009
http://bphouse.com/honest_money/2009/11/04/incoterms-or-dollar-re-saudi-aramco-us-sales/

(4)
International Charlemagne Prize of Aachen for 2002
Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html

(5)
China calls time on dollar hegemony
You can date the end of dollar hegemony from China’s decision last month to sell its first batch of sovereign bonds in Chinese yuan to foreigners.
By Ambrose Evans-Pritchard
Published: 7:33PM BST 06 Oct 2009
http://www.telegraph.co.uk/finance/china-business/6266790/China-calls-time-on-dollar-hegemony

(6)
India Buys IMF Gold to Boost Reserves as Dollar Drops (Update2)
By Thomas Kutty Abraham and Kim Kyoungwha
Nov. 3 (Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601091&sid=aa6oc6Wz9Ftg

(7)
RBI may’ve sold US T-bills to buy gold – The Economic Times
7 Nov 2009, 0217 hrs IST, ET Bureau
http://economictimes.indiatimes.com/news/economy/finance/RBI-mayve-sold-US-T-bills-to-buy-gold/articleshow/5205038.cms

On Thursday, ECB president Trichet spoke about the EU reform treaty, the Lisbon treaty, but didn’t mention what the treaty does to the ECB .

At the European Central Bank press conference on Thursday 05 November 2009 after the meeting of its governing council leaving interest rate unchanged at 1 percent, ECB president Jean-Claude Trichet was asked:
[Does] the ECB think it would be sensible to bring the EONIA rate back in line with the main policy rate before raising interest rates?

He replied
[It] is not our intention at all at the moment to change the way the market is functioning. We are satisfied with the present functioning of the market. The EONIA is close to the deposit rate because of the way we are handling liquidity. It is not our intention to change that in the next period of time (1)

Here’s what he means by
“We are satisfied with the present functioning of the market.”:

“I urge you to knock on our door before we come knocking on yours,’’ Preet Bharara, the US attorney in Manhattan, has said.
(U.S. Attorney’s Remarks on Insider Charges
November 05. 2009
http://www.scribd.com/doc/22177326/U-S-Attorney-s-Remarks-on-Insider-Charges

It is becoming clearer why, although he said on Thursday that the ECB was an institution of EUROPE, Trichet didn’t mention that the treaty of Lisbon makes an institution of the EUROPEAN UNION of the ECB.

If he were honest, he would resign, because Lisbon takes whatever independence he had away from him.

He said:
Let me only say that I am very happy that we have the Treaty of Lisbon, which is now ratified by all. Europe has demonstrated a capacity to surmount an immense difficulty in very demanding times, and this is very heartening from the perspective of ONE OF THE INSTITUTIONS OF EUROPE which has had to cope with an exceptionally demanding environment over the past two years. We are heartened by the fact that we have found an appropriate way to get out of this situation. (1, again)

Contrast this to Lorenzo Bini Smaghi, member of the governing council of the ECB, who said on 24 January 2008:
The TREATY OF LISBON strengthens the ECB’s position in several ways
[...] iv) the ECB is recognised as an INSTITUTION OF THE EUROPEAN UNION, joining the Council of the European Union, the European Commission and the European Parliament, even though it has legal personality. (2)

Trichet, on Thursday, didn’t say anything about the repeal of ECB independence, if any .
(How could the ECB at present be independent if the EU Commissioner of Economic and Monetary Affairs “from time to time” also participates in the fortnightly meetings of the ECB governing council which sets the general policies for the ECB?)

What’s left of the independence of the ECB?

What does legal personality mean from now on?

It seems that the work is cut out for the ECB”s legal service.

“We are satisfied with the present functioning of the market.”

Yes, go away. Let the market provide money.

Trichet added on Thursday:
We will strive to continue to be up to our responsibilities and we are happy that the functioning of Europe will be functioning of Europe will be improved in the European Parliament, in the European Commission and in the European Council (1, again)

He didn’t say anything about the ECB’s independence.

ECB president Trichet didn’t mention what the Lisbon treaty does to the ECB (‘s independence.)

ECB president Trichet should resign!

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

NOTES

(1)
http://www.ecb.int/press/pressconf/2009/html/is091105.en.html

(2)
The economic governance of the European Union in the light of the Treaty of Lisbon: harmonisation or competition between countries?
Lorenzo Bini Smaghi, Member of the Executive Board of the ECB
Speech given at the conference on:
The European Central Bank: a new actor on the international scene,
Milan, 24 January 2008
http://www.ecb.int/press/key/date/2008/html/sp080124.en.html

From The Times November 4, 2009
Saudi Aramco seeks solution to crude problem
Carl Mortished: World business briefing
http://business.timesonline.co.uk/tol/business/columnists/article6901552.ece
SNIPS
Saudi Aramco is worried about the price of oil, so worried that it has turned its back on a long-established benchmark — West Texas Intermediate (WTI) — used to price crude oil sold in the United States.
But it is not worried about the price so much as how it gets it. Aramco is switching from WTI, the benchmark blend of crude that is traded in the NYMEX futures exchange as US Light Sweet Crude, to ASCI, a price index of Gulf of Mexico crudes published by Argus.
Sellers always want more and Aramco is no exception. The Saudis are fed up with WTI because its price is highly volatile and the spec bears little relation to the heavy, sulphurous crude oil that they sell.
+
Aramco found itself unable to price its crude properly. The Saudis don’t trade oil but historically sell it at fixed discounts to WTI, set in advance. With WTI bouncing around, the Saudis could not price their oil competitively against rival sour crudes. Customers were annoyed; by the time that cargoes arrived from Arabia, WTI’s oscillations could make Saudi crude dirt cheap or horribly dear. Aramco’s solution is to ditch the North American benchmark.
UNSNIP

Incoterms or international commercial terms are a series of international sales terms, published by International Chamber of Commerce (ICC) and widely used in international commercial transactions. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. The first version was introduced in 1936 and the present dates from 2000, says Wikipedia.

And Saudi Aramco has not been able to agree with its US counterparties on contractual terms using the Incoterms in such a way as to solve the problems resulting from the oscillations of the WTI price (in dollar)?

The problem must be either the Incoterms or the dollar.

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

Let Russian Prime Minister Vladimir Putin now bring new energy to philosophical reform on the world platform and repeal the Principle of Non-Contradiction from people’s thought.

The Saudi Arabian Monetary Agency says, on the hand, that it is not diversifying its assets away from the US dollar. (1) 

On the other hand, Governor Al-Jasser of the Saudi central bank (SAMA), says that denominating oil sales in US dollars does not necessarily mean that payments from those sales are received in US dollars or that investments would be done in US dollars either. (2)

Still, all of SAMA’s assets are denominated in US dollar?

The International Monetary Fund arrogates to itself the right to decide whether Ukraine which has received the real wealth of gas from Russia should pay (with paper money – in a world a floating currencies, that is, in a world of currencies floating on thin air, there’s no need of any backing of the currencies). (3)

Russian Prime Minister Vladimir Putin doesn’t mind receiving paper.

Putin is converting the paper which he receives for the real wealth of gas into the real wealth of gold. Gold is thus hiding in gas and oil because these are the only commodities which are large enough for gold to hide in.

But on 15 August 1971, US President Nixon broke the 1944 Bretton Woods Agreements which linked the US dollar to gold at fixed parity and all other currencies to the dollar.
Since that day, the IMF, which had to uphold the Bretton Woods Agreements, has no more reason to exist.

Now the IMF is arrogating to itself the right to decide whether Ukraine which has received the real wealth of gas from Russia should pay (with paper money).

SAMA says it is converting that paper into real wealth, but it is not diversifying its assets away from the US dollar.

Since Aristotle, there is a logical law or law of thought which is known as the Principle of Non-Contradiction (PNC).

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. Thought is. (4)

The Principle says that it is impossible to be and not to be at the same time and in the same respect.

In Aristotle’s words:
It is, that the same attribute cannot at the same time belong and not belong to the same subject and in the same respect; we must presuppose, to guard against dialectical objections, any further qualifications which might be added. This, then, is the most certain of all principles, since it answers to the definition given above. For it is impossible for any one to believe the same thing to be and not to be, as some think. (5)

Through the final years of President Boris Yeltsin’s administration, Russia’s economy remained dysfunctional (1991-1999). The next President, now Prime Minister, Vladimir Putin brought new energy to economic reform. (6)

Let Putin now bring new energy to philosophical reform on the world platform and repeal the PNC from people’s thought.

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

NOTES

(1)
No signs of diversification away from dollar: Jasser
Monday, 02 November 2009 – 15 Thul-Qedah 1430 H
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009110253316
SMIP
KUWAIT CITY – The Governor of the Saudi Arabian Monetary Agency (SAMA) has said that there are no signs in the Kingdom of a move to “diversify assets away from the US dollar” and that he expects Saudi bank lending rates to continue rise. UNSNIP

(2)
Saudi: dollar role ‘confused’ in oil pricing
Nov 01, 2009 at 18:18       
http://business.maktoob.com/20090000391030/Saudi/Article.htm
SNIP
KUWAIT – Saudi Arabia’s top monetary official said denominating oil sales in dollars does not necessarily mean that payments from those sales are received in dollars or that investments would be done in dollars either.
“The pricing issue has no relationship with the payment issue and doesn’t have a relationship with the investment issue,” said Muhammad al-Jasser, Governor of the Saudi Arabian Monetary Agency, at a financial conference. “There is a big mixup between the three roles for any currency.”

(3)
From The Times
November 3, 2009
Putin warns Europe about winter gas supply amid more rows with Ukraine
Carl Mortished, World Business Editor
http://business.timesonline.co.uk/tol/business/article6900303.ece
SNIPS
Russia has warned the European Union that a new gas conflict is brewing with Ukraine, reviving memories of a previous dispute that led to fuel shortages across a swath of Central and Western Europe.
+
Yesterday, Mr Putin urged the EU to lend Ukraine money to buy gas and accused it of being ungenerous.
+
“According to the International Monetary Fund, Ukraine does have the money. Furthermore, the IMF thinks paying for Russian gas out of Ukraine’s foreign reserves is possible,” Mr Putin said.

(4)
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 [PNC, 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.

(5)
Aristotle, “Metaphysics”, IV, 3, 1005 b 19
http://etext.library.adelaide.edu.au/a/a8m/

(6)
Joshua S. Goldstein & Jon C. Pevehouse, “International Relations”, Pearson Longman, 2006 – 2007 edition, p. 307

Saudi: dollar role ‘confused’ in oil pricing
Nov 01, 2009 at 18:18       
http://business.maktoob.com/20090000391030/Saudi/Article.htm
SNIP
KUWAIT – Saudi Arabia’s top monetary official said denominating oil sales in dollars does not necessarily mean that payments from those sales are received in dollars or that investments would be done in dollars either.
“The pricing issue has no relationship with the payment issue and doesn’t have a relationship with the investment issue,” said Muhammad al-Jasser, Governor of the Saudi Arabian Monetary Agency, at a financial conference. “There is a big mixup between the three roles for any currency.”
UNSNIP

For SAMA ’s Governor Muhammad al-Jasser, the three roles of money are pricing, payment and investment.

In his 09 May 2002 Acceptance speech of the International Charlemagne Prize of Aachen, Germany, the late Dr. Willem F. Duisenberg, the European Central Bank’s first president, said money has three roles to fulfil; as a means of exchange, a unit of account and a store of value. (1)

Yes,
‘pricing’ is ‘unit of account’
‘payment’ is ‘means of exchange’
‘investment’ is ‘store of value’

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

NOTE

(1)
International Charlemagne Prize of Aachen for 2002
Acceptance speech”
by Dr. Willem F. Duisenberg, President of the European Central Bank,
Aachen, 9 May 2002.
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html

From The Times October 31, 2009
New York agog at Galleon insider dealing allegations
Alexandra Frean: US Business Correspondent
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6897548.ece
SNIP
The Galleon Group insider trading scandal continues to grip New York two weeks after fraud and conspiracy charges were brought against Raj Rajaratnam, co-founder and one of America’s richest men, and five others.
Prosecutors allege that the defendants generated more than $25 million in illicit gains by exchanging privileged information about quarterly earnings and takeover activities at a number of companies, including Hilton Hotels and Google.
UNSNIP

Ivo replies:

Recent twists include insinuations that Galleon had paid hundreds of millions of dollars to Wall Street banksters in return for non-public company information? If this is fraud, this is fraud by our friends, the Wall Street banksters, who through fractional-reserve banksterism can create money of thin air.

In earlier twists, central banksters used the quantitative-easing printing press to put “money” at the disposal of the banksters to try to redress the problems in which the banksters are landing as a result of their fractional-reserve banksterism. These earlier twists are not yet over and are thus still continuing.

By the way, if banksters can through fractional-reserve banksterism create money out of thin air, how can they ever land into problems? The answer has perhaps something to do with the fact that one cannot forever act contrary to the rules of reality. At the end of the day comes the … day of reckoning.

GOVERNMENTAL FRAUD

The damage which some parties (who were those parties in fact?) may have suffered as a result of the actions of Raj Rajaratnam is damage vis-à-vis invisible-hand trading. But they tell us the invisible hand does not exist. And if it exists, one must not interfere with the invisible hand. “Either, Or”, “tertium non datur”, says the law of the excluded middle.

Have those non-existing parties been defrauded?

Apart from the banksters’ frauds of fractional-reserve banksterism and of putting this non-public company information at the disposal of Raj Rajaratnam, the other fraud is that our Masters and their central banksters have used billions of paper-currency to “save” their financial system. Where did that “money” (so-called) come from? Directly from the central-bank printing press? This is governmental fraud.

If our Masters had not proceeded to quantitative easing, Raj Rajaratnam would have been broke by now. But it’s easier for our Masters to artificially maintain their fraudulent financial system alive and then blame Raj Rajaratnam for the frauds of the Wall Street banksters’ cartel – with the Federal Reserve, the U.S. central bankster, operating from Washington D.C. as Master of the cartel,

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