Interdum stultus opportuna loquitur...

Tuesday, August 09, 2005

OIlRant III: Bad Grammar...

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

This mornings USRant did several things: confused me, conflated Saddam's currency speculations with my own, and got an important date wrong.

First: Saddam Hussein repriced Iraq's oil into Euros in 2000... I became aware of it in 2002 as a part of a more general awakening, and it prompted me to add oil to the SuperTrade.

It was the SuperTrade that came alive in late Jan 2002 (at a swing low in the Euro, to the day). But Naughty Evil Saddam (who is still President of the Repubic of Iraq under international law, having been removed by illegal aggressive war that violated the Nuremberg Principles) picked the all-time low in the Euro to make his announcement.

Soros needed deep pockets for his bet against the GBP to pay off... Saddam could trade with a tight tight stop.