OPEC Countries DUMP US Bank Stock While Jacking Up Prices!
Saturday Morning News!!! Our friends the Saudis are tossing American banking paper out the window while jacking up oil prices by cutting supply! Bush Sn buddies obviously don't like having just 50% of the worlds wealth, they want the rest!
This'll make America take to bicycles real fast:
In the Gulf, finance ministers and central bank governors said at a meeting on coordinating policy that they would look at directing more government funds into banks and regional stock markets, Al-Arabiya television reported.
Saudi Arabia, the United Arab Emirates and four other Gulf states have so far adopted separate responses to ease the pressures of the liquidity crunch on their banking sectors.
According to the meeting's agenda, they would also discuss growing concern that foreign investment from countries hit by the crisis could be "liquidated," and reassess their foreign investment policies. (i.e., dump US holdings!!)
Any significant redirection of Gulf investment to domestic markets could be a concern for banks and other firms in the West which have eyed the huge sums in the region's state-run sovereign wealth funds as a potential source of capital while European and U.S. credit and share markets are seized up.
"The retreat of the U.S. and European economy will have a negative affect on the balance of payments in GCC (Gulf Cooperation Council) countries," read the agenda.
A senior Gulf official said most members were worried about the oil price.
Oil fell nearly $4 a barrel on Friday, dampened by fears of global recession and slowing fuel demand despite an OPEC oil producers' agreement to cut output.