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.” Apparently someone felt that it was very important to get pesky matters such as control of the banks and control of the money supply out of the way even before a new government is formed.
Of course it is probably safe to assume that the new Central Bank of Libya will be 100% owned and 100% controlled by the newly liberated people of Libya, isn’t it?
Most people don’t realize that the previous Central Bank of Libya was 100% state owned. The Read more…
Barely 48 hours into the Libyan war, the American general running the air strikes came under fire about mission creep even while insisting that allied warplanes won’t hunt Moammar Gadhafi or back the rebels seeking to oust him.
Concerns over mission creep continue to be raised around the world – including in Canada – as a new set of strikes hit Triopoli late Monday. On a day in which Canadian CF-18s flew their first missions over Libya and Defence Minister Peter MacKay said Canada had a “moral duty” to participate, all four opposition parties endorsed Canadian involvement in the mission but pressed for details over how long the mission would last, what it would cost, and how it would Read more…
This is just the first step in a long line for the US on not receiving any oil that is pumped from any country in the Middle East resulting in third world status. Lindsey Williams mentioned it on the Alex Jones Show almost a month ago.
“We do not believe the West any longer, that is why we invite Russian, Chinese and Indian companies to invest in Libya’s oil and construction spheres” Gaddafi told RT in an exclusive interview about how he sees the current situation in Libya and the international reaction to events there.
“He condemned the Western powers, saying Germany was the only country with a chance of doing business with Libyan oil in the future. “We do not trust their firms – they took part in the conspiracy against us.”
The Libyan leader also added that as far as he is concerned, the Arab League has ceased to exist since it stood up against his country.
According to Gaddafi, the recent upheavals in his country were a “minor event” planned by Al Qaeda that will soon end.
Meanwile, Libyan Deputy Foreign Minister Khaled Kaim promised that Libya will honor Read more…
Although Obama might not view what is happening in the Middle East as all that important- he is going to basketball games and concerts and instead directing attempts to riot in WI- I think it is very important because the Middle East region sits on a very important resource- oil. So for fun, I put together a graph this morning to demonstrate the amount of oil production that is affected by the crisis in the Middle East. The graph shows oil production by country based on the most recent data I found in the CIA World Factbook, and shows each nation currently in crisis or about to be in crisis, and then the gray area represents all other nations not currently affected.
Any change in oil production likely will cause the price of gasoline to go up, and as you can see, a large percentage of the world’s oil comes out of this affected region, although if Saudi Arabia stays stable, then the percentages is considerably less although still significant. In my amateur opinion, gas prices are going to rise, the economy will dip again, and Obama will react to this all by supporting our enemies and lowering our oil output. Here is the graph: