BRITISH Prime Minister Gordon Brown said on Sunday he expected Saudi Arabia to give more money to boost the International Monetary Fund’s ability to bail out nations hardest hit by worldwide economic chaos.
The IMF has 250 billion pounds (S$596 billion) available to help countries struggling to stay afloat - but Mr Brown wants to increase this by hundreds of billions of dollars.
While Europe and USA tussle
For all this time, the UK, was undecided and non-commital. But Gordon Brown’s visit to the Saudi Arabia is interesting.
Opening doors
Middle East is possibly the only place where a British passport still opens doors. Most of the Gulf’s despots were put on the throne by a British dispensation after WW1. Hence, they look back at the British with gratitude and fondness - and bless themselves at their stroke of luck. Of course, the initial oil finds in the Middle East were also done by British monopolies.
Sending Gordon Brown to the Middle East was a smart move - by the US establishment, with George Bush suffering from a lame duck presidency. And the Saudi’s would have been it was payback time, as
“earlier this year oil prices soared to US$150 a barrel, allowing Gulf Arab energy producers to enjoy increased wealth.”
Now, there has been big controversy about ‘peak oil’. This should give some ideas as to what happened. This will also give an idea to everyone which way UK has jumped - not that it was ever in doubt.
Announcement
The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.
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