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Saudia Arabians may kick dollar to curb, start demanding gold as...

a short time ago, I posted a piece about GOLD and it's soon projected upswing in price, and the
possiblities of significant profits to be earned as result. It was clear, in the context, that the U. S.
economy was soon to do a major dive as result, and now, we have the former Malaysian Prime
Minister telling the Saudi Arabians that they ought to get off the "dollar habit" and sell their oil for
gold. I'd bet they'll do so...but, they'll meet same fate as Saddam, for he'd sought to shake-up
the world's economy by selling Iraqi oil for Euro's and this incurred the wrath of Georgie & junta
and he was then removed from office via "regime change" based on lies. WHAT lies will Bush
& regime tell on Saudi Arabians to keep them selling oil for dollars, rather than get bitten by the
Gold Bug???? What lies indeed????
repostings 4 u

Mahathir Tells Saudis To Sell
Oil For Gold - Not Dollars

JEDDAH, Saudi Arabia (Reuters) -- Former Malaysian Prime Minister Mahathir Mohamad has told Saudi Arabians they should sell oil for gold, not U.S. dollars, to avoid being "short-changed" by a decline in the U.S. currency.

"The price of oil is $33, but the U.S. dollar has declined by 40 percent against the euro so you're effectively getting $20," Mahathir told an economic conference in Saudi Arabia's Red Sea city of Jeddah on Sunday. "So you're being short-changed."

Saudi Arabia, the world's biggest oil exporter, has justified higher world oil prices by saying they are necessary to compensate for the slide in the U.S. currency.

Mahathir, who retired last October, spent much of his time in office upsetting Western governments and defying their economic orthodoxies. But he became a respected spokesman in Islamic and developing states and received an ovation in Jeddah.

He suggested countries tally their total annual imports and exports and settle the difference at the end of the year in "gold dinars."

Sounding a discordant note, Mahathir also warned Saudi Arabia against rushing to join the World Trade Organization (WTO), saying it was not necessarily a positive move.

Saudi Trade Minister Hashem Yamani said on Saturday his country had narrowed differences with the United States that were holding up accession to the organization and said he wanted to join "tomorrow."

"Everybody should be careful before joining the WTO because it is not all positive. It can be very negative if you don't handle it properly," Mahathir said. "They try to impose their agenda without regard for some other countries."

Copyright 2004