Arab central banks move assets out of dollar
Middle Eastern anger over the decision by the US to block a Dubai company from buying five of its ports hit the dollar yesterday as a number of central banks said they were considering switching reserves into euros.
The United Arab Emirates, which includes Dubai, said it was looking to move one-tenth of its dollar reserves into euros, while the governor of the Saudi Arabian central bank condemned the US move as "discrimination".
Meanwhile DP World looks like it might be getting ready to play some hardball. In addition to not being in any hurry to sell off it's acquired assets in US ports they have No Plan to Sell Miami Port Ops
WASHINGTON — The Dubai-owned company that promised to surrender its U.S. port operations has no immediate plans to sell its U.S. subsidiary's interests at Miami's seaport, a senior executive wrote Monday in a private e-mail to business associates.It just goes to show how easy it is for the world to hold the economy of the US hostage. This is a greater threat than al-Qaeda and one of our own creation. I wish I could blame it on Bush but it took a long time to get to this point.
Even if DP World were to sell its Miami operations to quell the congressional furor over an Arab-owned company managing major U.S. ports, "that would probably take a while," wrote Robert Scavone, a vice president for DP World's U.S. subsidiary.