DUBAI
The congress got it all wrong. Forcing Dubai to pull out of the terminal leases at six US ports was wrong. No one took the time to explain this whole situation to the public. Public sentiment was aroused by the press and its insatiable desire to find something wrong with administration policy. Congressional sheep followed the polls built on this sentiment.
The backlash from this whole situation could be devastating to our economy. Probably, we'll make some behind-the-scenes concession to the Arab states to soften the blow. Let's hope so. They could put us in a recession if they wanted to.
One of the crucial parts to our economy is the value of the dollar. Dollars are the standard of trade for oil. If the Arab states switched to the Euro as the standard for oil purchases, we would be in a severe pinch. If the Arab states decided to disinvest in dollars for their cash accounts and reinvest in some other currency, it could also be devastating. Let's hope we can avoid these scenarios.
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1 comment:
I think you and I have lived about the same amount of years on mother earth and probably share pretty much the same values. But I must disagree with you on Dubai and the ports. We have witnessed a dramatic transformation over our lifetimes of our country leaving most of the things that made us and our economy strong by the wayside. A global economy is inevitable and welcome but we must learn that our place in such a world is more than being a consumer, and likewise, Americans must take care of all things inherent to our security in total, and our ports should be right at the top of the list. I had the luxury and privilidge of traveling to more than 40 countries and ours is the only one I saw demonstrating a concentrated effort to give away much that has made us what we are, such as jobs, and our security. I enjoyed your writing. I'll be back ocassionally, Bo
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