Posted on 08/19/2002 4:51:41 PM PDT by Pokey78
Saudi's richest investors are threatening to pull billions of dollars out of America in anger at suggestions they helped fund Osama bin Laden.
A lawsuit filed by relatives of 900 people who were killed in the September 11 attacks is provoking fury among wealthy Saudis.
The suit filed in a Washington court last week seeking damages of $100,000 billion names three members of the Saudi royal family, including defence minister Prince Sultan bin abd al-Aziz al Saud.
The lawsuit alleges that Saudi money has "for years been funnelled to encourage radical anti-Americanism as well as to fund the al Qaeda terrorists".
Banks and charities named in the suit are calling on Saudi Arabia to review its financial and political ties to the US.
Bishr Bakheet of the Bakheet Financial Consultancy said: "Naming Prince Sultan is the equivalent of saying J Edgar Hoover was a communist spy. Assuming the court proceeds with this lawsuit, the Saudi investment community, already in shock, will start withdrawing their money. People are really going to walk out."
This threat comes as foreign investment in the US dries up because of business scandals, lower corporate earnings and the collapse of the technology boom. According to government figures, foreigners put $124 billion into the US last year, down from $301 billion in 2000.
Economists say the reluctance of wealthy outsiders to expand their business interests in America is a major threat to the world's largest economy.
Saudi investors have $750 billion in the US. A mass walkout would seriously impede the US's attempts to pull away from recession.
A spokesman for the Al Rajhi Investment and Development Corporation, a bank named in the lawsuit, said: "This is an act to extort Saudi money deposited in the United States and a way of meddling in the region."
Fifteen of the 19 hijackers involved in the September assaults have been identified as Saudi, though the government has repeatedly denied any involvement.
Muslim groups in both Saudi Arabia and Britain believe there is a media campaign against the kingdom aimed at pressuring it to support an attack on Iraq.
Saudi Arabia, you haven't seen meddling yet. Wait till we start bombing.
In other words we could afford to have two companies like Microsoft completely leave the US market with less of an impact on our economy and jobs, than would result if the Saudis pulled their investments.
That's comforting.
It's $750 billion of our own money, come back home to roost. If we retake our oilfields, the Saudis will be back to cooking scorpion stew over a camel crap fire, and praying the next sandstorm doesn't blow them halfway to Haifa.
2.What ever they get, they put it into a fund/back, whatever. Naturally this fund/bank will be looking for good buys-like U.S. investments that have dropped in price. So, the money comes back.
3. The political situation will become so uncertain that money worldwide will fly to security, like US Treasury notes.
4. Frankly, a lot of rich, fat, no account Saudis are going to keep, if not increase their investments. Saudi Arabia will go tapioca before the US ever does. Look for Beverley Hills mansion prices to skyrocket.
Sequestration of enemy assets is incredibly and immediately effective.
Give the Saudis 96 hours to surrender all the supposed Al-Qaeda 'fighters' they've 'captured' (what a crock), suspend ALL asset transfers as of the very minute of the announcement, and when they don't comply (and ALSO allow use of their physical facilities to the US Armed Forces regarding Hussein and his Ba'athists), sequester all Saudi assets.
Probably the highly predatory Swiss will go along with this, perhaps even (no bets) the Dutch. The Brits certainly will, New Labour are **desperate** for revenue to maintain their idiotic welfare-state posture.
Sequestration of enemy assets is incredibly and immediately effective.
Give the Saudis 96 hours to surrender all the supposed Al-Qaeda 'fighters' they've 'captured' (what a crock), suspend ALL asset transfers as of the very minute of the announcement, and when they don't comply (and ALSO allow use of their physical facilities to the US Armed Forces regarding Hussein and his Ba'athists), sequester all Saudi assets.
Probably the highly predatory Swiss will go along with this, perhaps even (no bets) the Dutch. The Brits certainly will, New Labour are **desperate** for revenue to maintain their idiotic welfare-state posture.
I think the point is that they'd rather do so than lose it in a lawsuit, which is natural enough. But the reason that this sort of economic warfare hasn't become common is the prohibitive price the manipulator has to pay for manipulating the victim's economy.
Either kbd bounce or a nervous disorder on my part (g!).
As Casey Stengel, the old Yankee maanger, used to say: 'Ya could look it up.'
Dont talk about it...Do it!
You're talking about a World War over a half a century ago..and comparing the Saudi situation to the Nazis...and this is supposed to be a convincing argument. LOL
They don't seem to work quite right either.
And I concur....
The US should have no qualms at all implementing into action your suggested plan. In fact the Saudis should consider themselves lucky if this was the only extent of a retributive phase regarding their blatant and overt support of terrorism aimed at America.
As for the Euro-wusses, the only ones worth consulting with on any basis are the Brits.
Tokyo.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.