Qaddafi and the Gold Dinar

[Tinker]

Has anyone been reading some of the stuff about the Gold Dinar as an impetus for going into Libya?

Any credibility to the idea?

[Azrael]

[Tinker]

Well the argument isn't that Libya would do the trading but that he was trying to setup a Pan-African trading currency.

[Azrael]

[AzariLoveIran]

[Ibrahim]

I don't think "the Gold Dinar" was on anybody's radar, and it isn't the first of Gaddafi's pan-African fantasies, all of which amounted to nothing. Gaddafi is actually more connected to politicians in Britain and Washington than most of the rest of Africa.

Dude lost a war with Chad.

[Azrael]

[I am ST]

[Ibrahim]

[skyhook77sfg]

re libyan dinar

The rebels in Libya are in the middle of a life or death civil war and Moammar Gadhafi is still in power and yet somehow the Libyan rebels have had enough time to establish a new Central Bank of Libya and form a new national oil company. Perhaps when this conflict is over those rebels can become time management consultants. They sure do get a lot done. What a skilled bunch of rebels - they can fight a war during the day and draw up a new central bank and a new national oil company at night without any outside help whatsoever. If only the rest of us were so versatile! But isn't forming a central bank something that could be done after the civil war is over? According to Bloomberg, the Transitional National Council has "designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi."

Libya has been one of the last nations in the world that had its own state run banking system, and control over its own money supply. By having this system in place, they could demand oil purchases from their oil fields to be made in Lybyan Dinar, and not the US Dollar. It also means that Libya has ensured themselves a stable economy, with little inflation and currency devaluing as most of the industrialized world has under private central banks.

The parallels for both European and US intervention now in Libya is very reminiscent to why the United States attacked Iraq in 2003. Six months before the US moved into Iraq to take down Saddam Hussein, the oil nation had made the move to accept Euro's instead of dollars for oil, and this became a threat to the global dominance of the dollar as the reserve currency, and its dominion as the petrodollar.



http://www.examiner.com/finance-examine ... z1RNs7eqwW