Thursday, December 28, 2006

UNITED ARAB EMIRATES TO SELL DOLLARS FOR EUROS

The United Arab Emirates plans to convert 8 percent of its foreign-exchange reserves to euros from dollars before September, the latest sign of growing global disaffection with the weakening U.S. currency.
The U.A.E. has started, "in a limited way," to sell part of its dollar reserves, the governor of the country's central bank, Sultan Bin Nasser al-Suwaidi, said in an interview. "We will accumulate euros each time the market appears to dip" as part of a plan to expand the country's holding of euros to 10 percent of the total from the current 2 percent.
The Gulf state is among oil producers, including Iran, Venezuela and Indonesia, looking to shift their currency reserves into euros or sell their oil, which is now priced in dollars, for euros. The total value of the reserves held by the U.A.E. is $24.9 billion, Suwaidi said.
The dollar has fallen more than 10 percent this year against the euro.
Part of the reason for the decline is the outlook for slower U.S. growth, which makes the dollar a less attractive investment.
But fears that the dollar's level is unsustainable because of the heavy indebtedness of the United States to other countries is also behind the weakness this year, analysts said. Read on…

Monday, November 27, 2006

EXPLAINING POLITICS

POLITICS
Whether Democrat or Republican, I think you'll get a kick out of this!

A little boy goes to his dad and asks, "What is Politics?" Dad says, "Well son, let me try to explain it this way:
I am the head of the family, so call me The President. Your mother is the administrator of the money, so we call her the Government. We are here to take care of your needs, so we will call you the People. The nanny, we will consider her the Working Class. And your baby brother, we will call him the Future. Now think about that and see if it makes sense."
So the little boy goes off to bed thinking about what Dad has said Later that night,! he hears his baby brother crying, so he gets up to check on him. He finds that the baby has severely soiled his diaper. So the little boy goes to his parent's room and finds his mother a sleep. Not wanting to wake her, he goes to the nanny's room. Finding the door locked, he peeks in the keyhole and sees his father in bed with the nanny. He gives up and goes back to bed.
The next morning, the little boy say's to his father, "Dad, I think I understand the concept of politics now. " The father says, "Good, son, tell me in your own words what you think politics is all about." The little boy replies, "The President is screwing the Working Class while the Government is sound asleep. The People are being ignored and the Future is in deep shit