LIBYAN REBELS CREATE
CENTRAL BANK,
OIL COMPANY
As analysts debate possible motives behind President Obama’s United Nations-backed military intervention in Libya, one angle that has received attention in recent days is the rebels’ seemingly odd decision to establish a new central bank to replace dictator Muammar Gadhafi's state-owned monetary authority ~ possibly the first time in history that revolutionaries have taken time out from an ongoing life-and-death battle to create such an institution, according to observers.
In a statement released last week, the rebels reported on the results of a meeting held on March 19. Among other things, the supposed rag-tag revolutionaries announced the “[d]esignation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”
The Gadhafi regime’s central bank ~ unlike the U.S. Federal Reserve, which is owned by private shareholders ~ was among the few central banks in the world that was entirely state-owned. At the moment, it is unclear exactly who owns the rebel’s central bank or how it will be governed.
The so-called Interim Transitional National Council, the rebels’ self-appointed new government for Libya purporting to be the “sole legitimate representative of Libyan People,” also trumpeted the creation of a new “Libyan Oil Company” based in the rebel stronghold city of Benghazi. The North African nation, of course, has the continent’s largest proven oil reserves.
The U.S. government and the U.N. have both recently announced that the rebels would be free to sell oil under their control ~ if they do it without Gaddafi’s National Oil Corporation. And the first shipments are set to start next week, according to news reports citing a spokesman for the rebels.
But the creation of a new central bank, even more so than the new national oil regime, left analysts scratching their heads. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” noted Robert Wenzel in an analysis for the Economic Policy Journal. “This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences.”
The so-called Interim Transitional National Council, the rebels’ self-appointed new government for Libya purporting to be the “sole legitimate representative of Libyan People,” also trumpeted the creation of a new “Libyan Oil Company” based in the rebel stronghold city of Benghazi. The North African nation, of course, has the continent’s largest proven oil reserves.
The U.S. government and the U.N. have both recently announced that the rebels would be free to sell oil under their control ~ if they do it without Gaddafi’s National Oil Corporation. And the first shipments are set to start next week, according to news reports citing a spokesman for the rebels.
But the creation of a new central bank, even more so than the new national oil regime, left analysts scratching their heads. “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising,” noted Robert Wenzel in an analysis for the Economic Policy Journal. “This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences.”
Not a banker or a CEO in this lot!
How did they do it so fast?
Wenzel also noted that the uprising looked like a “major oil and money play, with the true disaffected rebels being used as puppets and cover” while the transfer of control over money and oil supplies takes place. And other analysts agreed.
A popular blog called The Economic Collapse used sarcasm to express suspicions about the strange rebel announcement. “Perhaps when this conflict is over those rebels can become time management consultants. They sure do get a lot done,” joked the piece, entitled “Wow That Was Fast! Libyan Rebels Have Already Established A New Central Bank Of Libya.”
The blog also commented, sarcastically again, on the possibility of outside involvement. “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! … 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,” read the piece.
Even mainstream news outlets were puzzled. “Is this the first time a revolutionary group has created a central bank while it is still in the midst of fighting the entrenched political power?” wondered CNBC senior editor John Carney. “It certainly seems to indicate how extraordinarily powerful central bankers have become in our era.”
But some observers are convinced that the central bank issue was actually the primary motivation for the international war against Libya‘s dictatorship. In an article that has spread far and wide across the web, entitled “Globalists Target 100% State Owned Central Bank of Libya,” author Eric Encina maintains that the world’s “globalist financiers and market manipulators” could not stand the Libyan monetary authority’s independence, explaining:
A popular blog called The Economic Collapse used sarcasm to express suspicions about the strange rebel announcement. “Perhaps when this conflict is over those rebels can become time management consultants. They sure do get a lot done,” joked the piece, entitled “Wow That Was Fast! Libyan Rebels Have Already Established A New Central Bank Of Libya.”
The blog also commented, sarcastically again, on the possibility of outside involvement. “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! … 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,” read the piece.
Even mainstream news outlets were puzzled. “Is this the first time a revolutionary group has created a central bank while it is still in the midst of fighting the entrenched political power?” wondered CNBC senior editor John Carney. “It certainly seems to indicate how extraordinarily powerful central bankers have become in our era.”
But some observers are convinced that the central bank issue was actually the primary motivation for the international war against Libya‘s dictatorship. In an article that has spread far and wide across the web, entitled “Globalists Target 100% State Owned Central Bank of Libya,” author Eric Encina maintains that the world’s “globalist financiers and market manipulators” could not stand the Libyan monetary authority’s independence, explaining:
Currently, the Libyan government creates its own money, the Libyan Dinar, through the facilities of its own central bank. One major problem for globalist banking cartels is that in order to do business with Libya, they must go through the Libyan Central Bank and its national currency, a place where they have absolutely zero dominion or power-broking ability.
Hence, taking down the Central Bank of Libya (CBL) may not appear in the speeches of Obama, Cameron and Sarkozy but this is certainly at the top of the globalist agenda for absorbing Libya into its hive of compliant nations.
And when Gadhafi is gone and the dust has settled, according to Encina, “you will see the Allied reformers move in to reform Libya’s monetary system, pumping it full of worthless dollars, priming it for a series of chaotic inflationary cycles.” The future of Libya’s vast gold stockpiles could also be in jeopardy, he noted.
Numerous other analysts and experts have also pointed to the central banking issue as one of the top factors leading up to the Western backing of Libyan rebels. Monetary historian Andrew Gause, for example, recently shared his concerns about the matter publicly.
Other points made in the rebels’ odd announcement last week included preparations to send Gadhafi to the U.N.’s International Criminal Court for trial, the selection of diplomats to send abroad, and the desire for other governments to recognize the Transitional National Council as the legitimate new rulers of Libya. France has already done so, and other governments may soon follow suit.
Of course, the U.S. government claims to have very little knowledge about who the rebels actually are. But the U.S. Commander of NATO forces recently admitted to the Senate that hints of al Qaeda involvement have been detected among the rebels. The terror group was created, armed, funded, and trained by the U.S. government decades ago, as Secretary of State Hillary Clinton admitted even recently. But since then, it has targeted American embassies and other U.S. targets.
As The New American reported over the weekend, elements of al Qaeda and affiliated terror groups are indeed among the leadership of the revolution. But despite that fact, the U.S. government and the international coalition are providing air support and weapons for the new central-bank-creating rebels. Where the conflict goes from here is uncertain, but Western regimes have vowed not to let Gaddafi remain in power.
Numerous other analysts and experts have also pointed to the central banking issue as one of the top factors leading up to the Western backing of Libyan rebels. Monetary historian Andrew Gause, for example, recently shared his concerns about the matter publicly.
Other points made in the rebels’ odd announcement last week included preparations to send Gadhafi to the U.N.’s International Criminal Court for trial, the selection of diplomats to send abroad, and the desire for other governments to recognize the Transitional National Council as the legitimate new rulers of Libya. France has already done so, and other governments may soon follow suit.
Of course, the U.S. government claims to have very little knowledge about who the rebels actually are. But the U.S. Commander of NATO forces recently admitted to the Senate that hints of al Qaeda involvement have been detected among the rebels. The terror group was created, armed, funded, and trained by the U.S. government decades ago, as Secretary of State Hillary Clinton admitted even recently. But since then, it has targeted American embassies and other U.S. targets.
As The New American reported over the weekend, elements of al Qaeda and affiliated terror groups are indeed among the leadership of the revolution. But despite that fact, the U.S. government and the international coalition are providing air support and weapons for the new central-bank-creating rebels. Where the conflict goes from here is uncertain, but Western regimes have vowed not to let Gaddafi remain in power.
Yesterday I posted on this very thing. Amazing how quickly the CIA, oops, the rebels are so accomplished. I knew this same feeling when I saw the posters, money spent, a healthy looking populace, a beautiful city. And before the North African King is
WOW THAT WAS FAST!
LIBYAN REBELS HAVE ALREADY ESTABLISHED
A NEW CENTRAL BANK OF LIBYA
March 30, 2011
By crescentandcross
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 f
The Central Bank of Libya (CBL) is 100% state owned and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya, and to promote the sustained growth of the economy in accordance with the general economic policy of the state.
Since the old Central Bank of Libya was state owned, it was essentially under the control of Moammar Gadhafi.
But now that Libya is going to be “free”, the new Central Bank of Libya will be run by Libyans and solely for the benefit of Libyans, right?
Of course it is probably safe to assume that will be the case with the new national oil company as well, isn’t it?
Over the past couple of years, Moammar Gadhafi had threatened to nationalize the oil industry in Libya and kick western oil companies out of the country, but now that Libya will be “free” the people of Libya will be able to work hand in hand with “big oil” and this will create a better Libya for everyone.
Right?
Of course oil had absolutely nothing to do with why the U.S. “inva~” (scratch that) “initiated a kinetic humanitarian liberty action” in Libya.
When Barack Obama looked straight into the camera and told the American people that the war in Libya is in the “strategic interest” of the United States, surely he was not referring to oil.
After all, war for oil was a “Bush thing”, right? The Democrats voted for Obama to end wars like this, right? Surely no prominent Democrats will publicly support this war in Libya, right?
Surely Barack Obama will end the bombing of Libya if the international community begins to object, right?
Obama won a Nobel Peace Prize. He wouldn’t deeply upset the other major powers on the globe and bring us closer to World War III, would he?
Russian Foreign Minister Sergei Lavrov has loudly denounced “coalition strikes on columns of Gaddafi’s forces” and he believes that the U.S. has badly violated the terms of the UN Security Council resolution….
“We consider that intervention by the coalition in what is essentially an internal civil war is not sanctioned by the U.N. Security Council resolution.”
So to cool off rising tensions with the rest of the world, Obama is going to call off the air strikes, right?
Well, considering the fact that Obama has such vast foreign policy experience we should all be able to rest easy knowing that Obama will understand exactly what to do.
Meanwhile, the rebels seem to be getting the hang of international trade already.
They have even signed an oil deal with Qatar!
Rebel “spokesman” Ali Tarhouni has announced that oil exports to Qatar will begin in “less than a week“.
Who knew that the rag tag group of rebels in Libya were also masters of banking and international trade?
We sure do live in a strange world.
Tonight, Barack Obama told the American people the following….
“Some nations may be able to turn a blind eye to atrocities in other countries. The United States of America is different.”
So now we are going to police all of the atrocities in all of the other countries around the globe?
The last time I checked, the government was gunning down protesters in Iraq and Syria.
Is it time to start warming up the Tomahawks?
Or do we reserve “humanitarian interventions” only for those nations that have a lot of oil?
In fact, atrocities are currently being committed all over Africa and in about a dozen different nations in the Middle East.
Should we institute a draft so that we will have enough young men and women to police the world with?
We all have to be ready to serve our country, right?
The world is becoming a smaller place every day, and you never know where U.S. “strategic interests” are going to be threatened next.
The rest of the world understands that we know best, right?
Of course the rest of the world can surely see our good intentions in Libya, can’t they?
Tensions with Russia, China and the rest of the Arab world are certainly going to subside after they all see how selfless our “humanitarian intervention” has been in Libya, don’t you think?
In all seriousness, we now live in a world where nothing is stable anymore. Wars and revolutions are breaking out all over the globe, unprecedented natural disasters are happening with alarming frequency and the global economy is on the verge of total collapse.
By interfering in Libya, we are just making things worse. Gadhafi is certainly a horrible dictator, but this was a fight for the Libyan people to sort out.
We promised the rest of the world that we were only going to be setting up a “no fly zone”. By violating the terms of the UN Security Council resolution, we have shown other nations that we cannot be trusted and by our actions we have increased tensions all over the globe.
No comments:
Post a Comment
If your comment is not posted, it was deemed offensive.