Libyan ‘rebels’ form new central bank

If only we could all multitask this well! Fight tyranny by day, set up bank and oil corporations by night:

Libyan rebels in Benghazi said they have created a new national oil company to replace the corporation controlled by leader Muammar Qaddafi whose assets were frozen by the United Nations Security Council.

The Transitional National Council released a statement announcing the decision made at a March 19 meeting to establish the “Libyan Oil Company as supervisory authority on oil production and policies in the country, based temporarily in Benghazi, and the appointment of an interim director general” of the company.

The Council also said it “designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”

If this doesn’t shred the illusion that this is a homegrown rebellion, nothing will. Reports from honest observers on the ground conclude that the so-called freedom fighters are in way over their heads. And yet, while they’re busy running away from Gadhafi’s army, the so-called Transitional National Council somehow has the time to lay claim to the oil and the gold.

In spite of this, the western media dutifully reports this without asking the key question: how does Libya’s new central bank has any more credibility than, say, the gold “Liberty Dollar” coins that circulated in small enclaves here in the U.S. — which just earned the Liberty Dollar’s creator, Bernard von NotHaus, up to 25 years in prison. (Answer: it’s OK for freedom lovers over there do such things. Here at home, it’s “a unique form of domestic terrorism.”)

Only “decisive Western intervention” will save the rebels’ — I mean, Tranitional National Council’s necks at this point. If such intervention comes, in spite of the president’s promise not to send ground forces, you can bet it’s to protect Western investments in Libya — like the new Libyan Oil Company and the Central Bank of Benghazi.

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