| Subject: | [socialcredit] Re: more on the State Theory | | Date: | Wednesday, May 16, 2007 06:29:19 (-0700) | | From: | william_b_ryan <william_b_ryan @.....com>
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Could the fact that Hussein ceased to be pet boy and
became evil when he wanted to sell oil for Euros have
any bearing?!! Likewise Iran??
Come on! John R.
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That seems unlikely because Iraq oil exports were
through the United Nations Oil for Food program, as
part of the sanctions. In the year 2000, the
government of Iraq asked permission from the program
to sell oil for euros instead of dollars. Permission
was granted, and Iraq began selling oil for euros
shortly thereafter. If the United States was
unalterably opposed, she could have pressured the Oil
for Food program to deny the request, rather than
having to invade Iraq nearly three years later.
This is from a contemporaneous report:
F_A_I_R__U_S_E__C_L_A_I_M_E_D
U.N. to let Iraq sell oil for euros, not dollars
graphic
October 30, 2000
UNITED NATIONS (Reuters) -- A U.N. panel on Monday
approved Iraq's plan to receive oil-export payments in
Europe's single currency after Baghdad decided to move
the start date back a week.
Members of the Security Council's Iraqi sanctions
committee said the panel's chairman, Dutch Ambassador
Peter van Walsum, would inform U.N. officials on
Tuesday of the decision to allow Iraq to receive
payments in euros, rather than dollars.
U.N. Secretary-General Kofi Annan's office is to
report in three months on the impact of the switch to
euros, which a U.N. study said would cost Iraq at
least $270 million.
Iraq's U.N. Ambassador Saeed Hasan reported earlier
that Baghdad would delay the changeover until after
Nov. 6, rather than put it into effect on November 1,
as originally announced. Iraq has called the dollar
the currency of an "enemy state."
Hasan said the delay would give the United Nations
time to make arrangements for the change, as it
requested.
Iraq had also threatened to stop oil exports, the bulk
of which flow through the U.N. humanitarian programme,
if its request for payment in euros was denied.
On Friday, the chief U.N. financial officer, Joseph
Connor, asked Iraq to delay any action until proper
arrangements could be made. He did not say how long he
would need.
Connor, the U.N. undersecretary-general for
management, told Hasan in a letter that the Central
Bank of Iraq and U.N. officials should consult first
on "banking arrangements involved and currency
management issues."
Baghdad currently is selling about $60 million in
crude a day, about 5 percent of the world's oil
exports.
Under the U.N. "oil-for-food" programme, Iraq is
permitted to sell unlimited quantities of oil to
purchase needed supplies for its people, to alleviate
the impact of U.N. sanctions. The embargoes were
imposed when Baghdad's troops invaded Kuwait in August
1990.
Contracts for goods as well as oil sales are approved
by the United Nations, which has a dollar-based escrow
account at the New York branch of the French bank
BNP-Paribas. More than $10 billion is in the bank.
In a 10-page report on Friday, Suzanne Bishopric, the
U.N. treasurer, outlined how Iraq should go about
making the switch but said the euro would accrue lower
interest than the dollar.
She said buyers of Iraqi crude would pay 10 cents a
barrel less to offset the cost of dealing in euros
rather than dollars.
Hasan assailed the report as "highly exaggerated," and
diplomats said he gave a detailed critique of her
analysis in his letter to the committee.
Copyright 2000 Reuters
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