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GodSaveTheTeam Moderator
Joined: 30 Nov 2006 Posts: 575 Location: the eyevolution
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Posted: Tue Sep 29, 2009 5:34 am Post subject: Tehran Dumps the Dollar- Will History Repeat? |
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OK, now I'm worried.
Quote: | Iran's President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in calculating the value of the country's Oil Stabilisation Fund (OSF). |
The last time the dollar was dumped in favour of the Euro was a Very Bad Move by Saddam...
http://www.arabianbusiness.com/568241-tehran-dumps-dollar-for-euro
Could this be it for Iran? |
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GodSaveTheTeam Moderator
Joined: 30 Nov 2006 Posts: 575 Location: the eyevolution
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cem Trustworthy Freedom Fighter
Joined: 28 May 2008 Posts: 484
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Posted: Tue Sep 29, 2009 12:39 pm Post subject: FLASHBACK: The March 20, 2008 US Declaration of War on Iran |
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http://japanfocus.org/products/topdf/2707
The March 20, 2008 US Declaration of War on Iran
by John McGlynn, Japan Focus, 22 March 2008
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IanFantom Validated Poster
Joined: 31 Jan 2007 Posts: 296 Location: Halifax, West Yorkshire
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Posted: Tue Sep 29, 2009 5:38 pm Post subject: Re: FLASHBACK: The March 20, 2008 US Declaration of War on |
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This page seems to have been zapped:
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IanFantom Validated Poster
Joined: 31 Jan 2007 Posts: 296 Location: Halifax, West Yorkshire
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Posted: Tue Sep 29, 2009 5:41 pm Post subject: Re: FLASHBACK: The March 20, 2008 US Declaration of War on |
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But it seems to have turned up here: http://www.japanfocus.org/-John-McGlynn/2707
IanFantom wrote: | This page seems to have been zapped:
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IanFantom Validated Poster
Joined: 31 Jan 2007 Posts: 296 Location: Halifax, West Yorkshire
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Posted: Tue Sep 29, 2009 6:10 pm Post subject: Re: Tehran Dumps the Dollar- Will History Repeat? |
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The New Internationalist article gives an assessment in terms of Petrodollar Warfare. It looks to me as if Ahmadinejad might have thought this one out rather better than Saddam did.
An Iranian friend of mine told me a couple of years ago that Ahmadinejad seems to be making exactly the same mistakes that Saddam made, in going out to provoke the US. I had asked him whether Iranians thought that they would be invaded, and he thought at the time that they would be bombed, though not invaded, since the terrain was too difficult.
The author of The New Internationalist article also wrote the book: Petrodollar Warfare: Oil, Iraq and the Future of the Dollar
http://www.amazon.co.uk/Petrodollar-Warfare-Iraq-Future-Dollar/dp/0865 715149/ref=sr_1_1?ie=UTF8&s=books&qid=1254247458&sr=8-1
GodSaveTheTeam wrote: | OK, now I'm worried. |
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scienceplease 2 Trustworthy Freedom Fighter
Joined: 06 Apr 2009 Posts: 1702
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Posted: Fri Oct 09, 2009 1:54 pm Post subject: |
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http://crooksandliars.com/ian-welsh/what-dollar-going-oil-means
Quote: | The big news this week on the financial front was the Independent’s claim that Gulf Arabs and France, Japan, Russia and Japan were planning to move from buying oil in dollars to buying it in a basket of currencies, including gold and a new universal currency shared by the Gulf nations.
Buying oil in dollars is one of the foundations of the dollar’s role as the world’s primary reserve currency. Because the the dollar is the world’s primary reserve currency Americans have been able to borrow money for significantly less than other countries are able to. This has both made America more prosperous, and through the perverse incentives of cheap money, helped lead to the high indebtedness of American citizens and the financial crisis.
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So one consequence of going off the dollar is that a major benefit of the strong dollar play is taken off the table, and the US loses its ability to control the price of oil. Since at this time, contrary to what the Feds are saying, a strong dollar play isn’t in the cards (the US needs to borrow way too much money) that’s not a big deal in the short run—in the long run it is. |
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