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..There's a little Samuel Pepys in all of us..

Sunday, September 21, 2003

Not been a particularly good weekend for Tony..
Snubbed by Gerhard and Jacques at a meeting designed to encourage UN support in the stabalization if Iraq.. still the lingering indigestion of Brent East..
But then it's not been good for many of the European leaders either..
Germany's as confused politically as ever, and Gerhard's Social Democrats suffered a defeat equally as humiliating as Labour, on a far grander scale in Bavaria.. the Bavarians apparently of the mind the conservative Christian Social Union can't do a worse job.. and have put them in power... For Gerhard, this follows heavy losses in Hesse and Lower Saxony back in February.. One wonders what directions Germany and France will take, when their economies, already unstable, begin to reflect the implications of all these new members into the EU, the injection of rampantly captalistic eastern Europeans, all wanting a piece of the pie..
Interesting points of note here..
China's refusing to float the value of the Yuan.. at least not yet.. There have been complaints for decades China's currency's vastly undervalued.. and while the Bank of China agrees, it's not yet ready to take the economic upheaval that would follow, with it's work worth what the market would pay anywhere else.. The G7's made oblique references.. China's smiling..
The war of attrition continues in Iraq.. with US troops taking most of the casualties.. only to be expected for as long as there is a western presence, armed, walking the streets of an eastern town or city.
What is interesting, is the speed with which the Iraqi council, has agreed to sell off all of the formerly state-owned industries.. other than those involved with the oil sector.. This opens the door for investors, wanting a share of the multi-billion dollar reconstruction process..
It'll be a gold rush.. watch the price of firms involved in construction.. telecommunications.. food importation and processing.. and banking..
Under new bank rules, six foreign banks will be allowed "fast-track" entry into the country and will be permitted full ownership of the local banks within five years...
The World Bank says it should have a better idea of Iraq's long-term financial needs by the end of this week..
Perhaps this approach will have more success. Open wallets create more smiles than armed occupational forces, and, as in any part of the world, create far more allies..
Welcome to the west..

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