Home > Uncategorized > Euro to go way of Afro

Euro to go way of Afro

In today’s you you can’t make this stuff up department:

MarketWatch has an article titled, “Why Gadhafi’s demise may presage end of the euro”.

The article opens with:

Nobody quite realizes it. With the demise of Moammar Gadhafi, the specter of monetary union in Africa has crashed to earth, too.

What caught my immature eye, however, was this paragraph (emphasis mine):

At the monetary gathering a few weeks ago in Tripoli, Gadhafi’s henchmen apparently locked the doors and declared the airport closed in a bid to force through agreement that the ill-conceived date of 2021 for introducing the Afro (with the headquarters of the African central bank to be based in Nigeria) was still valid. Desperate times, desperate measures.

So, in short, the Euro will go the way of the Afro.

On a more serious note, there are those who believe the war in Libya is primarily a result of Libya’s effort to create an African monetary union which would undermine the petrodollar

The Daily Bell outlines this theory nicely:

But there may be another reason for the Libyan attacks that explain their timing. According to a Russia Today news story, for which I was interviewed (See – Real Cause for Gaddafi’s Expulsion: Wanted Gold Currency?), Gaddafi was planning to introduce a gold dinar – “a single African currency made from gold, a true sharing of the wealth.”

The idea, according to Gaddafi, was that African and Muslim nations would join together to create this new currency and would use it to purchase oil and other resources in exclusion of the dollar and other currencies. RT calls it “an idea that would shift the economic balance of the world.”

Still, despite the seriousness and intrigue of the matter, I still come back to one thing – were they really going to call it the Afro? 
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