[Longsword]

http://www.middleeastforex.com/index.php?section=147

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The United Arab Emirates said it was considering moving one-tenth of its dollar reserves to the euro, while the governor of the Saudi Arabian central bank condemned the decision by the United States to force Dubai Ports World to transfer its ownership to a ‘US entity,’ the UK Independent reported.
“Is it protectionism or discrimination? Is it okay for US companies to buy everywhere but it is not okay for other companies to buy the US?” said Hamad Saud Al Sayyari, the governor of the Saudi Arabian monetary authority.

[mekrob]

It's not that much obviously. But I think they're just testing the waters. The dollar hasn't been that great while the euro has been pretty strong, and these will continue into the short term and probably well into the long term as well. You can never be sure of anything, so they don't want to make a big leap all at once. But once they find that the euro is fairly secure and that the dollar obviously is not, they'll continue to switch over to other foreign currencies, not just the euro, but the yen, Canadian dollar, etc.

The effect on the dollar will be very slight if anything. The holdings that are going to be dumped are only .00001% of US dollars around the world. The only real effect it can have is if other majors such as China and SA do the same thing, which I would bet they will within the next 5-10 at latest. China can't keep supporting America if it wants to be able to become the sole superpower, or even a greater superpower than the US. SA can't keep trading away their national resource for paper. It'd be much better just to sell the oil for desalination plants, and plant trees.

[MrBill]

Maybe they should diversify some of their wealth away from US treasury bills to adequately pay their migrant workers?
$this->bbcode_second_pass_quote('', 'S')HARJAH, United Arab Emirates, April 11 -- A sweltering fog still shrouded the East Coast & Hamriah Co. labor camp when, dressed in the equivalent of their Sunday best, the migrant workers set out after dawn Tuesday. They didn't shower beforehand. Water was cut last year to their shantytown, now abandoned by their employer. They didn't eat breakfast. They have no electricity to cook.

They simply bundled into plastic bags their yellowing court papers, an 18-month chronicle of their attempt to get paid by a now bankrupt company, and began their trek on foot -- six, maybe seven miles -- to the Sharjah Federal Court. They walked out a bent and rusted gate, past a crumbling cinder-block wall and through a sprawling pool of sewage, which splashed over their sandaled feet.

[Jellric]

$this->bbcode_second_pass_quote('', ' ')China can't keep supporting America if it wants to be able to become the sole superpower