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If its pegged then it is set to the U.S then the Dirham will not devalue due to this news.
However the US is taking a pasting….the dollar is falling and falling badly. The Dow Jones opened up 2% down today which is massive. This means there was a huge sale of Dubai Stocks/Bonds etc etc….basically geting out of the sinking ship before it goes belly up. There is further bad news as they seem that they are not being allowed borrow from the international debt markets and are unable to pay of 3.2 billion loan. 3.2 Billion is a very small sum considering all the money they make from Oil a year.
The dollar could fall further but it would need Dubai to collapse in on itself. America already has GOV borrowing to the tits of its citzens and these are majorityly held by the Middle East such as India and China.
Brown in England is going the same…seting debt at record levels and the pound is being de-valued every time he annouces a new Economic package.
For instance if i was trader…i would currently be short selling(selling) US Dollars at 1.46(atm?) and hope to rebuy that currency 2 years later at 1.55 or something like that. Thats how the likes of big money is made on the markets.
Basically betting
"I just think that opulence stinks"
You referring to me Himself?….if you are i don’t know what opulence means but i am sure its not something to be proud of.
I can hear what you saying and your right…my point was that some people would be lauging at Dubai’s implosion. I should have left it at that…
…My point mearly was that Coolmore are having the laugh on Sheikh Mo ATM….
I don’t think so, not after the events of the last couple of days. If the Maktoums stop buying and start offloading, that will
reduce
Coolmore’s wealth, not increase it.
Meh a few hundred Million here or there. Not going to worry them as they will have complete control over the Stallion Market.
I am sure there are some wry smiles in Fethard over the implosion. Its only human nature to want your main competitors to face a bit of a squeeze.
However Shiekh Mo is still buying flesh by the hundred….me thinks even if the country does go broke he won’t give up his HOOOOSSEESS!!!!!!
"I just think that opulence stinks"
You referring to me Himself?….if you are i don’t know what opulence means but i am sure its not something to be proud of.
No,whatever gave you that idea – I’m was referring to opulence and those who are opulent – e.g. the Al Maktoums. Their wealth and their sybaritic extravagance ( not to mention their power ) repulses me.
Yes, I do have socialist leanings.
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