Official rejects Gulf parliament without polls

[Jerry]

21 March 2005

DOHA — The Chairman of the Foreign Affairs Committee of the Kuwaiti Parliament, Mohammed Jasim Al Saqr, has rejected the idea of establishing a Gulf Consultative Council (GCC) or a common Gulf parliament because members of such a body would be appointed by the governments of the six GCC member states...


http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/middleeast/2005/March/middleeast_March582.xml&section=middleeast&col=

[Templecityboy]

21 March 2005

DOHA — The Chairman of the Foreign Affairs Committee of the Kuwaiti Parliament, Mohammed Jasim Al Saqr, has rejected the idea of establishing a Gulf Consultative Council (GCC) or a common Gulf parliament because members of such a body would be appointed by the governments of the six GCC member states...


http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/middleeast/2005/March/middleeast_March582.xml&section=middleeast&col=
Jerry, aren't you concerned that for those of us in the states that a unified currency would become a retrival problem for those of us who think this is a long term investment. And do you feel that if Iraq becomes part of the GCC that neighboring countries would be piggybacking economic value from Iraq's oil wealth?

[Jerry]

Jerry, aren't you concerned that for those of us in the states that a unified currency would become a retrival problem for those of us who think this is a long term investment. And do you feel that if Iraq becomes part of the GCC that neighboring countries would be piggybacking economic value from Iraq's oil wealth?

I am not concerned that for those who are in the states that the NID will be an issue, as it is my belief that it will be on the For-Ex prior to joining the GCC (How else are they going to pay off those who bought in large ammounts in the surrounding region to include others throughout the world, without the CBI taking a massive hit to their reserves) there is going to be a payout most will be satisfied with before the NID reaches its true value along side its Gulf breatheran. Iraqs oil wealth will not be Iraqs alone. Saudi is the closest comparison in terms of proven reserves. Oil wealth will not be the only factor in determining the GCCs combined wealth, hence the bi-lateral free trade agreements that are being struck individualy between the United States and the Gulf States.

All of the GCC states have agreed to meet the requirement of pegging to the dollar. Kuwait has already done this. Now you have to ask yourself... "Why peg to a currency that is constantly headding downward?" "Why was George Soros not able to convince the GCC of switching to the Euro when the Euro has had a proven track record?" My guess is trade.

Trade of energy more specifically, 7 countries... with 1 currency... all backed by oil... pegged to the dollar = trade. The "Petro Dollar" will have more "Ummph" than it ever had in the past. The big picture is not an individual county, but a conglomerate of countires.

Just my 2 fills

[Templecityboy]

I am not concerned that for those who are in the states that the NID will be an issue, as it is my belief that it will be on the For-Ex prior to joining the GCC (How else are they going to pay off those who bought in large ammounts in the surrounding region to include others throughout the world, without the CBI taking a massive hit to their reserves) there is going to be a payout most will be satisfied with before the NID reaches its true value along side its Gulf breatheran. Iraqs oil wealth will not be Iraqs alone. Saudi is the closest comparison in terms of proven reserves. Oil wealth will not be the only factor in determining the GCCs combined wealth, hence the bi-lateral free trade agreements that are being struck individualy between the United States and the Gulf States.

All of the GCC states have agreed to meet the requirement of pegging to the dollar. Kuwait has already done this. Now you have to ask yourself... "Why peg to a currency that is constantly headding downward?" "Why was George Soros not able to convince the GCC of switching to the Euro when the Euro has had a proven track record?" My guess is trade.

Trade of energy more specifically, 7 countries... with 1 currency... all backed by oil... pegged to the dollar = trade. The "Petro Dollar" will have more "Ummph" than it ever had in the past. The big picture is not an individual county, but a conglomerate of countires.

Just my 2 fills
Thanks for the response,
I too feel that we will receive a nice return in five years, however I want to hold longer than that to reap huge rewards. I feel it will take longer than five years to make any considerable amount of money. Do you think we will be able to trade our Dinars in for "The Petro Dollar" reasonably easy?
And, will the new currency skyrocket like the Dinar would be projected to do without a unified currency? My strengths do not lie with economics, so I thank you for your reponses.
TCB