It may be tricky and take time to dump billions of dollars in American assets, however, the Saudis could always trade oil in another currency overnight. Similar threats lead to the removal of Saddam Hussein and Muammar Gaddafi.
Perhaps we’ll be seeing another “Arab spring” in Saudi Arabia soon.
WASHINGTON — Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.
The Obama administration has lobbied Congress to block the bill’s passage, according to administration officials and congressional aides from both parties, and the Saudi threats have been the subject of intense discussions in recent weeks between lawmakers and officials from the State Department and the Pentagon. The officials have warned senators of diplomatic and economic fallout from the legislation. Continue reading →