News Saudi Arabia using secret 1974 US debt deal to block the release of 9/11 information

Discussion in 'The Howard Stern Show' started by dawg, May 31, 2016.

  1. dawg

    dawg In The Dog House Staff Member

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    Richard-Nixon-and-King-Faisal-National-Archives-800x430.png

    Saudi Arabia agreed to prop up American debt and spending in exchange for military aid and equipment as part of a secret agreement dictated by former President Richard Nixon.

    The diplomatic and economic agreement was reached in July 1974, at the height of the oil crisis, on the condition of secrecy — but newly revealed documents show how the kingdom entangled its fortune with the economic survival of the U.S., reported Bloomberg News.

    Nixon insisted on the deal to neutralize crude oil as an economic weapon and to prevent the Soviet Union from establishing a foothold in the Arab world, and the former president also hoped the kingdom would finance the growing U.S. deficit with its new oil wealth, the website reported.

    But the recent collapse of oil prices has stoked fears that Saudi Arabia might sell off those Treasury assets to raise money, and some economists and other observers fear the kingdom could use its U.S. debt holdings as a political weapon.

    Saudi Arabia warned in April that it would sell up to $750 billion in Treasury securities and other assets if the U.S. Congress passed a bill that would allow the kingdom to be held liable in court for the Sept. 11, 2001, terrorist attacks.

    That threat comes during a bipartisan push by presidential candidates and lawmakers to declassify a 28-page section of the 9/11 investigation report that is believed to detail Saudi ties to the terrorist attacks.

    The bill passed the Senate on May 17 and is now under consideration by the House of Representatives.

    The U.S. hitched its economy to Saudi Arabia’s oil wealth nearly 42 years ago following high-level meetings between Nixon’s treasury secretary, William Simon, and Saudi royalty — who insisted that details about the arrangements and negotiations remain secret.

    Saudi Arabia did not want other Arab nations to discover its money was helping stabilize the American economy after OPEC nations punished the U.S. with an oil embargo for its support of Israel during the 1973 Yom Kippur War.

    Those details did remain secret until the U.S. Department of the Treasury complied with a Freedom of Information Act request submitted by Bloomberg News, which reported details of the kingdom’s heavy investment in American debt.

    Saudi Arabia is one of America’s largest foreign creditors, with $117 billion in holdings, but one former Treasury official said the official figure “vastly understates” its investment in U.S. government debt.

    The real figure might actually be twice the official amount, that former official said on the condition of anonymity.

    The current amount represents about 20 percent of the $587 billion of foreign reserves, which below the two-thirds that central banks typically keep in dollar assets, the website reported.

    But some analysts believe Saudi Arabia may be hiding its U.S. debt holdings by buying Treasury securities through offshore banks, which show up as investments by other nations.

    The U.S. concealed Saudi investment by arranging Treasury sales that were excluded from official government auction totals and bypassed the competitive bidding process, and by 1977 the kingdom held about 20 percent of all Treasuries held abroad.

    The Treasury hid those investments by lumping Saudi holdings with 14 other nations — such as Kuwait, the United Arab Emirates and Nigeria — and described them as generic “oil exporters.”

    Treasury officials then guarded the arrangement from public scrutiny with the International Investment and Trade in Services Survey Act of 1976, which shields individuals in countries where Treasuries are narrowly held.

    That practice continued even after the Government Accountability Office found “no statistical or legal basis” in 1979 for the secrecy, and concluded the U.S. must have made “special commitments” to Saudi Arabia and possibly other OPEC nations to keep their financial investments confidential.
    http://www.rawstory.com/2016/05/rev...deal-to-block-the-release-of-911-information/
     
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  2. Stew Nod

    Stew Nod Hello VIP

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    Not many people understand how this works

    It pretty much explains all of the seemingly insane mid-east geopolitics in a nutshell

    Thanks Nixon
     
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  3. Father O'Blivion

    Father O'Blivion Well-Known Member

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    [​IMG]
     
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  4. broccoli rob

    broccoli rob thanks for the memories DW3

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  5. FSFN

    FSFN Well-Known Member

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    Maybe we should just invade Iraq again. Seemed to work out so well the first time.
     
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  6. Tickle Shits

    Tickle Shits Special Needs Typist. Gold

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    We can't get away from fossil fuels fast enough.. I wish these progressives would realize solar and wind isn't going to cut it. We need Nuclear power. Safe and clean.. We can dump the spent fuel rods on these brother fucking assholes..
     
    Last edited: May 31, 2016
  7. yahoo

    yahoo Well-Known Member

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  8. yahoo

    yahoo Well-Known Member

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    Actually solar power has seen explosive growth and is doing quite well.

    By 2050, solar power is anticipated to become the world's largest source of electricity
     
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  9. Vincenzo69

    Vincenzo69 Well-Known Member

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    The 9/11 hijackers were trained and funded by the Saudi govt. the same govt republican politicians keep telling us is our ally
     
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  10. oldpaddy

    oldpaddy Well-Known Member

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    I think a case could be made that both parties are at fault and both have lied to us.
     
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  11. Tickle Shits

    Tickle Shits Special Needs Typist. Gold

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    Really because I invested in sun Edison (SUNEQ) and I lost my ass :)
     
  12. crazypreacher

    crazypreacher Hey yo

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    Solar rules. I can crank my ac whenever now.
     
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  13. MAGA

    MAGA Made Board Retarded Again Banned User

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    fixed
     
  14. yahoo

    yahoo Well-Known Member

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    Fire your broker for investing in a company that made awful decisions.

    Seems like every third house in my neighborhood has solar panels (I'm in California and all we get is sun).
     
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  15. cg256

    cg256 Well-Known Member VIP

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    Since when was Obama a Republican? Or did he not just go over there?

    Also, Obama has sold more arms to the Saudis than both Bushs combined.
     
  16. Chicken Soda

    Chicken Soda Unknown Member

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    China's cheap labor did a number.
     
  17. lastlaugh

    lastlaugh Well-Known Member

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    This puts a bunch of things in perspective. Also shows why we're hated over in the Middle East.
     
  18. Tickle Shits

    Tickle Shits Special Needs Typist. Gold

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    I'm my own broker :) I made plenty with them got greedy.
     
  19. Pussy Tendon

    Pussy Tendon Wet! CUNT!!!!! Gold

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    Fucking PREACH! This is what needs to occur.
     
  20. JessOnCrack

    JessOnCrack Check out my maniacal laugh! Banned User

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    How do you know that?