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Financial Heist of the Century: Confiscating Libya's Sovereign Wealth Funds (SWF) by Manlio Dinucci

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PurityOfEssence Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 01:12 AM
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Financial Heist of the Century: Confiscating Libya's Sovereign Wealth Funds (SWF) by Manlio Dinucci
None of this is new, but it's surprising how little of it penetrates our media. Qaddafi is being attacked because he is not compliant: he threatened to nationalize Total's (the French Oil Giant) operations in 2009 unless they'd change their contracts from receiving 50% of what they pump from their leased fields to 27%, among other things. He probably cast the die at that very point, showing that he would not provide an acceptable deal and keeping the terrifying possibility of nationalization looming large. Once the French recognized the rebels, of course, there was no turning back.

Anyway, it's a quick article, and I look forward to hearing your thoughts...

The objective of the war against Libya is not just its oil reserves (now estimated at 60 billion barrels), which are the greatest in Africa and whose extraction costs are among the lowest in the world, nor the natural gas reserves of which are estimated at about 1,500 billion cubic meters. In the crosshairs of "willing" of the operation Unified Protector there are sovereign wealth funds, capital that the Libyan state has invested abroad.

The Libyan Investment Authority (LIA) manages sovereign wealth funds estimated at about $70 billion U.S., rising to more than $150 billion if you include foreign investments of the Central Bank and other bodies. But it might be more. Even if they are lower than those of Saudi Arabia or Kuwait, Libyan sovereign wealth funds have been characterized by their rapid growth. When LIA was established in 2006, it had $40 billion at its disposal. In just five years, LIA has invested over one hundred companies in North Africa, Asia, Europe, the U.S. and South America: holding, banking, real estate, industries, oil companies and others.



Centre for Research on Globalization


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DeSwiss Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 01:16 AM
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1. An example of.....
...Predatory Capitalism at its finest.

K&R
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PurityOfEssence Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 03:17 PM
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3. Yes, it's pretty hard to excuse...
...much as it is easy to ignore by the partisans.
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-25-11 05:21 AM
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2. kr
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mopinko Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-11 09:42 AM
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4. locking
the website linked in this post is among those sites that we do not host here. besides being reliable, they 'mainstream' bigoted and hateful content from other hate sites.
thanks.
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