Switzerland Identifies $1bn Worth of Dictators' Assets
THE GUARDIAN: Three-year freeze for Swiss bank assets of Libya's Muammar Gaddafi, Egypt's Hosni Murbarak and Tunisia's Zine El Abidine Ben Ali

The Swiss government says it has identified potential assets to be frozen worth 830m Swiss francs (nearly $1bn or £600m) belonging to Libyan leader Muammar Gaddafi and the ousted presidents of Egypt and Tunisia.

Swiss president and foreign minister Micheline Calmy-Rey, speaking in the Tunisian capital, Tunis, said the assets include 360m Swiss francs that may belong to Gaddafi or his entourage.

She said Switzerland had also linked 410m Swiss francs to the former Egyptian president, Hosni Mubarak, and 60m Swiss francs to Tunisia's deposed autocrat, Zine El Abidine Ben Ali.

Switzerland has ordered banks and other financial institutions to freeze possible assets belonging to the three men and their key supporters to prevent the funds from being secretly withdrawn. The Swiss government has said Tunisia and Egypt have already started legal proceedings to claim the assets.

The government added that neither country has yet provided the necessary evidence of possible criminal wrongdoing involving the money. » | Associated Press in Geneva | Tuesday, April 03, 2011

Libya Turmoil Hits Oil, Restrains Equities
REUTERS: Oil prices charged to a fresh 2-1/2 year high on Monday as traders eyed increasing violence in major producer Libya, feeding fears about rising inflation and restraining gains in equities.

Global stocks were slightly higher with emerging markets down and European shares flat. U.S. markets were closed for a national holiday.

Protests broke out in the Libyan capital Tripoli for the first time following days of unrest in the city of Benghazi and some army units defected to the opposition in what has become one of the bloodiest revolts to convulse the Arab world.

Financial markets are particularly sensitive to the violence in Libya because it exports around 1.1 million barrels per day of crude.

Brent oil was up $1.90 a barrel at $104.44 having earlier risen to a new high of $104.60. >>> Jeremy Gaunt, European Investment Correspondent, London | Monday, February 21, 2011

REUTERS: Swiss franc, Treasuries gain on Mideast tensions: The safe-haven Swiss franc and U.S. government bonds rallied on Thursday, while crude oil prices rose as unrest in the Middle East and tensions between Israel and Iran escalated. >>> Wanfeng Zhou, New York | Thursday, February 17, 2011

It’s Time to Adopt the Euro
Staying out of the Eurozone is costing the average Brit dear. The value of the pound sterling continues to decline and decline. The pundits are now already talking of parity with the euro. This is happening because of mismanagement of our economy and mismanagement of our currency.

Gordon Brown is guilty of the mismanagement of both the economy and the currency; but he is not alone. Successive governments since World War II have allowed the value of the pound sterling to halve approximately every ten years. That means to say that what one could buy for ten shillings in 1940, one would have had to pay a pound for in 1950, two pounds in 1960, four pounds in 1970, eight pounds in 1980, sixteen pounds in 1990, thirty-two pounds in 2000, and in 2010, it will cost one a staggering sixty-four pounds.

This rule holds for so many goods and services. If you don’t believe me, ask your grandmother what she paid for goods and services back in ‘the old days’, and compare prices today. Do some research on prices inbetween. You’ll find that the rule works a treat. I should be surprised if your conclusion will not be the same as mine: namely, that the value of our beloved pound sterling has halved approximately every ten years. Interestingly, in 1961/62, there were eight US dollars to the pound, and twelve Swiss francs. How many are there now? As of writing this, the pound is worth 1.62650 US dollars, and 1.68912 CHF, or Swiss francs. (Verify these figures here.) So if this is allowed to go on, we shall all be using the currency of a banana republic in just a few years. The pound sterling is becoming worthless!

I, for one, would prefer the euro, for the euro is proving itself to be a strong currency. I would like to handle such a currency on a day-to-day basis. I would have more faith in it than I have in the pound. The British authorities cannot be trusted to manage our currency; otherwise, they would not have allowed it to go to the wall as they have.

To all the sentimental people, I say this: We can’t afford to be sentimental; there is no room for sentiment in business. And to all those naysayers who worry about our sovereignty, I say this: We lost our sovereignty when we entered the European Union. That happened long ago. That train has already left the station. It’s time to catch the next train. The one that leads to the Eurozone!

Bring on the euro, I say. I can’t wait! – © Mark Alexander

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