Comments on: Chris Cook’s critique of Carbon Trading : If you want to keep a donkey healthy, you don’t regulate what comes out of it, but what goes in https://blog.p2pfoundation.net/chris-cooks-critique-of-carbon-tradingif-you-want-to-keep-a-donkey-healthy-you-dont-regulate-what-comes-out-of-it-but-what-goes-in/2008/02/26 Researching, documenting and promoting peer to peer practices Mon, 13 Oct 2014 12:45:16 +0000 hourly 1 https://wordpress.org/?v=5.5.15 By: Ivo Cerckel https://blog.p2pfoundation.net/chris-cooks-critique-of-carbon-tradingif-you-want-to-keep-a-donkey-healthy-you-dont-regulate-what-comes-out-of-it-but-what-goes-in/2008/02/26/comment-page-1#comment-194160 Tue, 26 Feb 2008 13:33:46 +0000 http://blog.p2pfoundation.net/chris-cooks-critique-of-carbon-tradingif-you-want-to-keep-a-donkey-healthy-you-don%e2%80%99t-regulate-what-comes-out-of-it-but-what-goes-in/2008/02/26#comment-194160 s pleas to Saudi Arabia for OPEC, the Organisation of Petroleum Exporting Countries, to lift its production ceiling in order to bring down the price a oil which is now hovering at around 100 US dollar a barrel, the Saudis seem to have adopted the “a friend in need is a pest” attitude. (3) Why can’t observers conclude from this that Saudi Arabia should de-peg the riyal from the US dollar and that OPEC should price its oil in another currency than the US dollar? What is it that prevents the mind from ad-equating itself to these facts? Is it that, as Aristotle writes, when human intelligence is confronted with the highest truths, it is in the same situation as the bat who is dazzled by the light of the sun? And guess what? Former Federal Reserve Chairman Alan Greenspan said on Monday in Jeddah, Saudi Arabia's second-largest city, that dropping the Gulf dollar peg would ease inflation. (4) Hence, the Gulf Cooperation Council (GCC) foreign ministers are to meet on Saturday, March 1, to discuss continuing pegging their currencies to the dollar (5), the next OPEC meeting being scheduled for Wednesday, March 5. Meanwhile, the Iranian Oil Bourse opened on Sunday February 17. The mystery concerning the Bourse remains however complete. Chris Cook, a former director of the London International Petroleum Exchange (IPE) and now a strategic market consultant after being involved from the beginning with the Iranian Oil Bourse, (I don’t know whether this is the same Chris Cook as the Chris Cook Michel is quoting), is even arguing that the Bourse is an illusion. (6) Indeed, we do not know in which currency oil is being traded on the Bourse. Some sources say it’s the Iranian rial. Others say indeed it’s the Russian ruble. (7) Hence the importance of this Friday 21, 2008 International Herald Tribune-article:. Moscow deepens ties to Iran's energy sector (8) SNIP DUBAI: As the United States warns the world away from business with Tehran, Moscow is deepening its ties to Iran's energy sector, underscoring Russia's differences with Washington over Iranian nuclear plans and Kosovo's independence What if it was gold (which is no longer available in Fort Knox, but is marked to market on a quarterly basis by the European Central Bank)? Gold left last week for da moon! We watch this new gold market together, yes? Thank You Another 6/29/98 ANOTHER (THOUGHTS!) (9) Here’s a February 20 article of the Iranian News Agency which says that Iran's Oil Exchange Market, which I suppose is not to be confused with the Iranian Oil Bourse, will be inaugurated on TOMORROW Wednesday, February 27 and that oil dealings on that Market will be based on euro or Iranian rial (10), thus not based on ruble. Still watching … Ivo Cerckel ivocerckel AT siquijor DOT ws http://blogs.siliconindia.com/goldrupee/ ENDNOTES (1) Conformity, con-FORM-ity, concerns only the form. Ad-equation says that not only form, but also the matter/substance/content/ousia of both the thing and the intellect must equalize. (2) Saudi inflation at quarter-century high Dubai: Sat, 23 Feb 2008 http://www.tradearabia.com/NEWS/newsdetails.asp?Sn=ECO&artid=139116 SNIP Saudi inflation hit 7 per cent in January, its highest level in more than a quarter century, as rents and food costs spurred price rises in the world's largest oil exporter for a ninth straight month. Saudi Arabia has been grappling with inflationary pressures as the economy, the largest in the Arab world, booms on a near five-fold rise in oil prices since 2002 and because it pegs its riyal to the weak US dollar, pushing up some import costs. (3) From The Sunday Times February 24, 2008 Sun shines on some as storm clouds gather over US economy American Account Irwin Stelzer http://business.timesonline.co.uk/tol/business/columnists/article3422371.ece SNIP Most important of all, Opec, which accounts for about 40% of world output, refuses to lift its production ceiling, despite personal pleas to the Saudis from Bush. The Saudis seem to have adopted the “a friend in need is a pest” attitude. Opec fears an economic slowdown will cut into demand, and that the dollar will fall further, reducing the purchasing power its cartel members receive in return for their oil. (4) (4a) Greenspan: Dropping Gulf Dollar Peg Would Ease Inflation Monday, Feb. 25, 2008 JEDDAH/ABU DHABI http://moneynews.newsmax.com/money/archives/articles/2008/2/25/085005.cfm Former Federal Reserve Chairman Alan Greenspan said on Monday near-record Gulf Arab inflation would fall "significantly" were the oil producers to drop their dollar pegs, in contradiction to Saudi policy. + Saudi and UAE central bank chiefs spoke in favour on Monday of retaining dollar pegs, while QATAR's prime minister advocated regional currency reform to avert possible unilateral revaluations designed to curb inflation. (4b) Russia quietly prepares to switch some oil trading from dollars to rubles By Andrew E. Kramer Published: February 25, 2008 http://www.iht.com/articles/2008/02/25/business/place.php http://www.iht.com/articles/2008/02/25/business/place.php?page=2 SNIP from page 2 Alan Greenspan, the former Federal Reserve chairman, said Monday that high inflation in Gulf states would fall "significantly" if the oil producers drop their dollar pegs, Reuters reported from Jeddah, Saudi Arabia. The pegs restrict the ability of governments in the Gulf to fight inflation by forcing them to shadow U.S. monetary policy at a time when the Fed is cutting rates to ward off recession, while Gulf economies are surging on a near five-fold jump in oil prices since 2002. The central bank chiefs of Saudi Arabia and the United Arab Emirates spoke Monday in favor of retaining dollar pegs, while Qatar's prime minister advocated regional currency reform to avert possible unilateral revaluations designed to curb inflation. (5) GCC foreign ministers council to meet Saturday http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=1074112 RIYADH, Feb 25 (KUNA) -- The ministerial council of Gulf Cooperation Council (GCC) foreign ministers will hold their 106 meeting in the Saudi capital, Riyadh, under QATAR's chairmanship on Saturday March 1. In a press statement on Monday, GCC Secretary-General Abdulrahman Al-Attiyah said this meeting held much significance as it will take place after the 28th GCC Leaders Summit in Doha which included announcing the establishment of the GCC's common market. While saying discussions will include regional and international developments, he added that the meeting's sidelines will include a forum between GCC foreign ministers with their Yemenite counterpart as part of supporting development projects in Yemen. (end) ay. ayh (6) Feb 27, 2008 THE ROVING EYE Russia gas pact energizes Iran By Pepe Escobar http://www.atimes.com/atimes/Middle_East/JB27Ak01.html Chris Cook, a former director of the London International Petroleum Exchange (IPE) and now a strategic market consultant after being involved from the beginning with the Iranian oil bourse, told Asia Times Online "the trading 'system' is the rudimentary one [not much more than a spreadsheet] used by the Tehran Metal Exchange. As far as we know it is not even web-enabled". Iranian ministers say the bourse will soon be online. Cook said, "There may be the odd 'spot' trade in petrochemicals, but these will probably be existing business - done over the phone - which would use the system for registration. There is no clearing house, nor is there likely to be, as the skills do not exist in Iran: therefore you can forget forwards or futures trading, even were they Islamically sound, which they are probably not. "We were told by the Iranian OPEC rep in London a few years ago that the trading of crude oil on any system was a medium-term project, at best." In fact, Iranian ministers insist this is a medium-term project. According to Cook, "The long and short of it is that the recently launched Iranian oil bourse is an illusion. There is no real interest among the Iranian elite in any further transparency than exists now." (7) Russian ruble could be used in oil trade deals in Iran - envoy 15:30 | 15/ 02/ 2008 http://en.rian.ru/world/20080215/99314908.html MOSCOW, February 15 (RIA Novosti) - The Russian ruble could be used as a payment instrument for deals on an Iranian oil exchange, the Islamic Republic's ambassador to Moscow said on Friday. "Possibly in the future, we'll be able to use the ruble, Russia's national currency, in our operations," Gholamreza Ansari said, adding that the Islamic Republic was currently busy launching a new oil trade exchange. The Islamic Republic's oil minister, Gholam-Hossein Nozari, earlier said that Iran would launch on February 27 a commodities exchange for oil, petrochemicals and natural gas on the Persian Gulf island of Kish and that all financial settlements would be made in Iran's national currency, the rial. (8) Moscow deepens ties to Iran's energy sector By Simon Webb and Amie Ferris-Rotman Reuters Published: February 21, 2008 http://www.iht.com/articles/2008/02/21/business/irangas.php DUBAI: As the United States warns the world away from business with Tehran, Moscow is deepening its ties to Iran's energy sector, underscoring Russia's differences with Washington over Iranian nuclear plans and Kosovo's independence (9) http://www.usagold.com/goldtrail/archives/another4.html (10) Russian expert says oil dealings in Iranian Oil Exchange Market soon Moscow, Feb 20, IRNA http://www2.irna.ir/en/news/view/menu-237/0802200909234811.htm Head of Iran Contemporary Studies Center in Russia Rajab Safarov says in the coming months, Iran wants to privatize its oil companies, whose number is no more than 40, and start oil deals in Iran's Oil Exchange Market. Safarov told Moscow-based daily Vermianovesti that Iran's Oil Exchange is a crucial body that is expected to leave a drastic impact on the world oil market. He said in the market, oil dealings will be based on euro or Iranian rial. + Vermianovosti said Iran will inaugurate its Oil Exchange market on February 27. It quoted Iranian Oil Minister Gholam-Hossein Nozari as saying the exchanges will be in rial and possibly euro and the Exchange will be located in Kish island in Persian Gulf.]]> TRUTH AND THE HUMAN PSYCHE

What is it that prevents the human mind to acknowledge the Truth when it discerns/sees the Truth?

Truth is ad-equation between the thing and the intellect, said Thomas Aquinas. (1)

In Saudi Arabia, inflation is at quarter-century high because the country pegs its riyal to the weak US dollar. (2)
As a result of Bush’s pleas to Saudi Arabia for OPEC, the Organisation of Petroleum Exporting Countries, to lift its production ceiling
in order to bring down the price a oil which is now hovering at around 100 US dollar a barrel,
the Saudis seem to have adopted the “a friend in need is a pest” attitude. (3)

Why can’t observers conclude from this
that Saudi Arabia should de-peg the riyal from the US dollar
and that OPEC should price its oil in another currency than the US dollar?

What is it that prevents the mind from ad-equating
itself to these facts?

Is it that, as Aristotle writes,
when human intelligence is confronted with the highest truths,
it is in the same situation as the bat who is dazzled by the light of the sun?

And guess what?

Former Federal Reserve Chairman Alan Greenspan said on Monday in Jeddah, Saudi Arabia’s second-largest city, that dropping the Gulf dollar peg would ease inflation. (4)

Hence,
the Gulf Cooperation Council (GCC) foreign ministers are to meet on Saturday, March 1, to discuss continuing pegging their currencies to the dollar (5),
the next OPEC meeting being scheduled for Wednesday, March 5.

Meanwhile,
the Iranian Oil Bourse opened on Sunday February 17.

The mystery concerning the Bourse remains however complete.
Chris Cook, a former director of the London International Petroleum Exchange (IPE) and now a strategic market consultant after being involved from the beginning with the Iranian Oil Bourse, (I don’t know whether this is the same Chris Cook as
the Chris Cook Michel is quoting), is even arguing that the Bourse is an illusion. (6)

Indeed, we do not know in which currency oil is being traded on the Bourse.
Some sources say it’s the Iranian rial.

Others say indeed it’s the Russian ruble. (7)
Hence the importance of this Friday 21, 2008 International Herald Tribune-article:.

Moscow deepens ties to Iran’s energy sector (8)
SNIP
DUBAI: As the United States warns the world away from business with Tehran, Moscow is deepening its ties to Iran’s energy sector, underscoring Russia’s differences with Washington over Iranian nuclear plans and Kosovo’s independence

What if it was gold
(which is no longer available in Fort Knox,
but is marked to market on a quarterly basis by the European Central Bank)?

Gold left last week for da moon!

We watch this new gold market together, yes?
Thank You
Another
6/29/98 ANOTHER (THOUGHTS!) (9)

Here’s a February 20 article of the Iranian News Agency which says
that Iran’s Oil Exchange Market, which I suppose is not to be confused with the Iranian Oil Bourse, will be inaugurated on TOMORROW Wednesday, February 27
and that oil dealings on that Market will be based on euro or Iranian rial (10),
thus not based on ruble.

Still watching …

Ivo Cerckel

ivocerckel AT siquijor DOT ws
http://blogs.siliconindia.com/goldrupee/

ENDNOTES

(1)
Conformity, con-FORM-ity, concerns only the form.
Ad-equation says that not only form,
but also the matter/substance/content/ousia of both the thing and the intellect must equalize.

(2)
Saudi inflation at quarter-century high
Dubai: Sat, 23 Feb 2008
http://www.tradearabia.com/NEWS/newsdetails.asp?Sn=ECO&artid=139116
SNIP
Saudi inflation hit 7 per cent in January, its highest level in more than a quarter century, as rents and food costs spurred price rises in the world’s largest oil exporter for a ninth straight month.
Saudi Arabia has been grappling with inflationary pressures as the economy, the largest in the Arab world, booms on a near five-fold rise in oil prices since 2002 and because it pegs its riyal to the weak US dollar, pushing up some import costs.

(3)
From The Sunday Times
February 24, 2008
Sun shines on some as storm clouds gather over US economy
American Account
Irwin Stelzer
http://business.timesonline.co.uk/tol/business/columnists/article3422371.ece
SNIP
Most important of all, Opec, which accounts for about 40% of world output, refuses to lift its production ceiling, despite personal pleas to the Saudis from Bush. The Saudis seem to have adopted the “a friend in need is a pest” attitude. Opec fears an economic slowdown will cut into demand, and that the dollar will fall further, reducing the purchasing power its cartel members receive in return for their oil.

(4)
(4a)
Greenspan: Dropping Gulf Dollar Peg Would Ease Inflation
Monday, Feb. 25, 2008
JEDDAH/ABU DHABI
http://moneynews.newsmax.com/money/archives/articles/2008/2/25/085005.cfm
Former Federal Reserve Chairman Alan Greenspan said on Monday near-record Gulf Arab inflation would fall “significantly” were the oil producers to drop their dollar pegs, in contradiction to Saudi policy.
+
Saudi and UAE central bank chiefs spoke in favour on Monday of retaining dollar pegs, while QATAR’s prime minister advocated regional currency reform to avert possible unilateral revaluations designed to curb inflation.

(4b)
Russia quietly prepares to switch some oil trading from dollars to rubles
By Andrew E. Kramer
Published: February 25, 2008
http://www.iht.com/articles/2008/02/25/business/place.php
http://www.iht.com/articles/2008/02/25/business/place.php?page=2
SNIP from page 2
Alan Greenspan, the former Federal Reserve chairman, said Monday that high inflation in Gulf states would fall “significantly” if the oil producers drop their dollar pegs, Reuters reported from Jeddah, Saudi Arabia.
The pegs restrict the ability of governments in the Gulf to fight inflation by forcing them to shadow U.S. monetary policy at a time when the Fed is cutting rates to ward off recession, while
Gulf economies are surging on a near five-fold jump in oil prices since 2002. The central bank chiefs of Saudi Arabia and the United Arab Emirates spoke Monday in favor of retaining dollar pegs, while Qatar’s prime minister advocated regional currency reform to avert possible unilateral revaluations designed to curb inflation.

(5)
GCC foreign ministers council to meet Saturday
http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=1074112
RIYADH, Feb 25 (KUNA) — The ministerial council of Gulf Cooperation Council (GCC) foreign ministers will hold their 106 meeting in the Saudi capital, Riyadh, under QATAR’s chairmanship on Saturday March 1.
In a press statement on Monday, GCC Secretary-General Abdulrahman Al-Attiyah said this meeting held much significance as it will take place after the 28th GCC Leaders Summit in Doha which included announcing the establishment of the GCC’s common market.
While saying discussions will include regional and international developments, he added that the meeting’s sidelines will include a forum between GCC foreign ministers with their Yemenite counterpart as part of supporting development projects in Yemen. (end) ay.
ayh

(6)
Feb 27, 2008
THE ROVING EYE
Russia gas pact energizes Iran
By Pepe Escobar
http://www.atimes.com/atimes/Middle_East/JB27Ak01.html
Chris Cook, a former director of the London International Petroleum Exchange (IPE) and now a strategic market consultant after being involved from the beginning with the Iranian oil bourse, told Asia Times Online “the trading ‘system’ is the rudimentary one [not much more than a spreadsheet] used by the Tehran Metal Exchange. As far as we know it is not even web-enabled”. Iranian ministers say the bourse will soon be online.
Cook said, “There may be the odd ‘spot’ trade in petrochemicals, but these will probably be existing business – done over the phone – which would use the system for registration. There is no clearing house, nor is there likely to be, as the skills do not exist in Iran: therefore you can forget forwards or futures trading, even were they Islamically sound, which they are probably not.
“We were told by the Iranian OPEC rep in London a few years ago that the trading of crude oil on any system was a medium-term project, at best.” In fact, Iranian ministers insist this is a medium-term project.
According to Cook, “The long and short of it is that the recently launched Iranian oil bourse is an illusion. There is no real interest among the Iranian elite in any further transparency than exists now.”

(7)
Russian ruble could be used in oil trade deals in Iran – envoy
15:30 | 15/ 02/ 2008
http://en.rian.ru/world/20080215/99314908.html
MOSCOW, February 15 (RIA Novosti) – The Russian ruble could be used as a payment instrument for deals on an Iranian oil exchange, the Islamic Republic’s ambassador to Moscow said on Friday.
“Possibly in the future, we’ll be able to use the ruble, Russia’s national currency, in our operations,” Gholamreza Ansari said, adding that the Islamic Republic was currently busy launching a new oil trade exchange.
The Islamic Republic’s oil minister, Gholam-Hossein Nozari, earlier said that Iran would launch on February 27 a commodities exchange for oil, petrochemicals and natural gas on the Persian Gulf island of Kish and that all financial settlements would be made in Iran’s national currency, the rial.

(8)
Moscow deepens ties to Iran’s energy sector
By Simon Webb and Amie Ferris-Rotman Reuters
Published: February 21, 2008
http://www.iht.com/articles/2008/02/21/business/irangas.php
DUBAI: As the United States warns the world away from business with Tehran, Moscow is deepening its ties to Iran’s energy sector, underscoring Russia’s differences with Washington over Iranian nuclear plans and Kosovo’s independence

(9)
http://www.usagold.com/goldtrail/archives/another4.html

(10)
Russian expert says oil dealings in Iranian Oil Exchange Market soon
Moscow, Feb 20, IRNA
http://www2.irna.ir/en/news/view/menu-237/0802200909234811.htm
Head of Iran Contemporary Studies Center in Russia Rajab Safarov says in the coming months, Iran wants to privatize its oil companies, whose number is no more than 40, and start oil deals in Iran’s Oil Exchange Market.
Safarov told Moscow-based daily Vermianovesti that Iran’s Oil Exchange is a crucial body that is expected to leave a drastic impact on the world oil market.
He said in the market, oil dealings will be based on euro or Iranian rial.
+
Vermianovosti said Iran will inaugurate its Oil Exchange market on February 27.
It quoted Iranian Oil Minister Gholam-Hossein Nozari as saying the exchanges will be in rial and possibly euro and the Exchange will be located in Kish island in Persian Gulf.

]]>