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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: patron_anejo_por_favor who wrote (86608)	9/19/2007 5:58:02 PM
From: CalculatedRisk	Read Replies (1) of 110194

Fears of dollar collapse as Saudis take fright By Ambrose Evans-Pritchard, International Business Editor telegraph.co.uk Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. "This is a very dangerous situation for the dollar," said Hans Redeker, currency chief at BNP Paribas. Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States," he said.

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