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Old December 8th, 2007 #1
Walter E. Kurtz
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Default BREAKING: U.S. dollars not accepted for Iranian oil

Looks like Iran has finally broken the dollar link to oil. What will happen to forex markets on MOnday?

U.S. dollars not accepted for Iranian oil


Published: Dec. 8, 2007 at 4:24 PM
TEHRAN, Dec. 8 (UPI) -- The Iranian government reportedly is refusing U.S. dollars as payment for its oil, calling it an "unreliable currency."

Iranian Oil Minister Gholamhossein Nozari was quoted as saying Saturday that because "the dollar is no longer a reliable currency," his country would no longer accept it in oil sales, RIA Novosti reported.

"In line with a policy of selling crude oil in currencies other than the U.S. dollar, the sale of our country's oil in U.S. dollars has been completely eliminated," Nozari reportedly said.

The monetary move comes after Iranian officials proposed excluding U.S. dollars from oil sales at an Organization of the Petroleum Exporting Countries summit in November.

China's official Xinhua news agency said Iran's opposition of the U.S. dollar appears to be a response to growing pressure from the United States regarding the Middle Eastern country's controversial nuclear program.

http://www.upi.com/NewsTrack/Busines...nian_oil/8683/
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Old December 8th, 2007 #2
Jett Rink
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Bombing will commence in 5 minutes........
 
Old December 8th, 2007 #3
Bill
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It's just business, don't take it personal.

The Jews have just about completely sucked the life out of what was once the U.S.A. What is next?
 
Old December 8th, 2007 #4
richyrichard
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But they will take an American Express money order.
 
Old December 8th, 2007 #5
Stan Sikorski
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Fantastic. Bush is such a fuckin failure. I used to think that some 'Oswald' would relieve the world of him but I could see him just putting the ol' S&W to his dome after a few stiff shots of brown party liquors and a snort or two. That of course would leave Cheney in power but a localized EMP burst would do him in pretty fast I suppose.

One day closer to taking it all back though. Of course there will be a massive cleanup when that day comes, but it will be worth the work.
 
Old December 8th, 2007 #6
OTPTT
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Iran switched to the Euro over two to three years ago according to several articles I read back then. That's when all of Bush's saber rattling began. This is what happened before Iraq was invaded and as soon as the U.S. got there they returned the Iraqi oil commodities back to the U.S. dollar.

I'll try and find that article I read way back when. They may now just be reporting it officially in the msm.

Ok, here are two of the articles I read several years ago.

From 2004.
Quote:
by William Clark
www.globalresearch.ca 27 October 2004

The URL of this article is: http://globalresearch.ca/articles/CLA410A.html

The Iranians are about to commit an "offense" far greater than Saddam Hussein's conversion to the euro of Iraq’s oil exports in the fall of 2000. Numerous articles have revealed Pentagon planning for operations against Iran as early as 2005. While the publicly stated reasons will be over Iran's nuclear ambitions, there are unspoken macroeconomic drivers explaining the Real Reasons regarding the 2nd stage of petrodollar warfare - Iran's upcoming euro-based oil Bourse.

In 2005-2006, The Tehran government has a developed a plan to begin competing with New York's NYMEX and London's IPE with respect to international oil trades - using a euro-denominated international oil-trading mechanism. This means that without some form of US intervention, the euro is going to establish a firm foothold in the international oil trade. Given U.S. debt levels and the stated neoconservative project for U.S. global domination, Tehran's objective constitutes an obvious encroachment on U.S. dollar supremacy in the international oil market.
From December 18, 2006.
Quote:
Iran to replace dollar with euro in foreign deals
The Iranian government said it has ordered the central bank to transform the state's dollar-denominated assets held abroad into euros and use the European currency for foreign transactions.

The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions, government spokesman Gholam Hossein Elham told reporters Monday.

We will also employ this change for Iranian assets (in dollars) held abroad.

The move comes amid mounting pressure from the United States for the UN Security Council to agree sanctions against Iran over its controversial nuclear programme.

[EDIT: Which came first? The Euro switch or the talk of sanctions and war? That's right the Euro switch and then they wanted to bomb the hell out of Iran. BASTARDS!]

Elham added that Iran's budget would in future be calculated according to euros.
"Until now the budget has been calculated according to revenues in dollars but this calculation will now change."


Copyright AFP 2005, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium.

Last edited by OTPTT; December 9th, 2007 at 12:36 AM.
 
Old December 9th, 2007 #7
Subrosa
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Not sure how this is going to affect the economy. Isn't it true that Iran exports mostly to China, Japan and other countries, and that there is in fact a ban on importing oil from Iran in the United States? How is not accepting dollars going to really change anything? Most of the world is moving toward a Euro standard, anyway, right?

Now, I can understand that if Iran were to stop exporting oil completely how this would affect the global market but I don't see them doing this.
 
Old December 9th, 2007 #8
Mishko Novosel
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Quote:
Originally Posted by Subrosa View Post
Not sure how this is going to affect the economy. Isn't it true that Iran exports mostly to China, Japan and other countries, and that there is in fact a ban on importing oil from Iran in the United States? How is not accepting dollars going to really change anything? Most of the world is moving toward a Euro standard, anyway, right?

Now, I can understand that if Iran were to stop exporting oil completely how this would affect the global market but I don't see them doing this.
Well I think it forces China, who's holding trillions of dollars to exchange it to Euros prior to any exchange. What this will do is drive the dollar down in value even more.... We see tomorrow how the dollar index is on the asian markets.....
 
Old December 9th, 2007 #9
remnant
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This is big

Gulf plans revaluation talks in days: Bahrain

Gulf Arab oil producers are considering revaluing their dollar-pegged currencies together and will hold talks on a change in the exchange rates "in the next few days", Bahrain's foreign minister said on Saturday.

Saudi Arabia and five neighbors preparing for monetary union as early as 2010 ruled out dropping pegs to the tumbling dollar after a summit last week and said any talks on revaluation would be kept secret.

Since the summit the United Arab Emirates, which has been pushing for currency reform, said it would not change exchange rate policy for "the foreseeable future."

Bahraini Foreign Minister Sheikh Khaled bin Ahmed al-Khalifa said the six states were working together to shift exchange rates, although they would keep their dollar pegs.

"That's being discussed between the central banks and there will be a meeting between the ministers of finance and the central bank governors in the next few days," he told Reuters, when asked about revaluations.

Sheikh Khaled declined to say where the meeting would take place. "That will not really change a lot. It will not mean a big change." he said on the sidelines of a conference in Bahrain.

"COMMON POLICY"

All countries with dollar pegs have no plans to drop them, Sheikh Khaled said. Kuwait broke ranks with its neighbors in May and started tracking a currency basket, saying the dollar's slide was fuelling inflation by making imports more expensive. Continued...

http://www.reuters.com/article/ousiv...BrandChannel=0
 
Old December 9th, 2007 #10
Vonganis
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living off the euro sucks- as the exchange rate is a rip off-

instead of 90 dollars a barrel- the price may go down to 70 or 80 euros a barrel but as you do the math - look to see what the exchange rate is for 80 euros-

if it stays the same number 90 but instead of dollars then go check what 90 euros a barrel will cost in dollars-

this isn't good news as any sort of world fart sets the oil higher
 
Old December 9th, 2007 #11
Jett Rink
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Nobody ever mentions the fact that those fucking Saudi's stole those oil wells in 1950, everyone just acts like they developed them on their own when nothing could be farther from the truth.
 
Old December 9th, 2007 #12
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What we are really seeing here is the United States being sanctioned by the world because of Bush being such a massive failure. Once again the citizenry of the United States is punished for the failures of its govt.. But just try telling or explaining that to the lemming on the street and you will get the standard "Oh well I've got shopping to do...." lifeless response from them.

This is signalling the end of the U.S. economy. The United States no longer produces hard tangible items. What it produces is funny money created by the Federal Reserve for the world to trade in. The income is from the interest on that funny money and is what represents the U.S.'s GDP these days. Without the need to trade in devalued money the world is moving on and away from an imperialist capitalist controlled fiat money system and is moving towards currencies that can be traded back in to tangible items. What are left in dollar holdings around the world are being traded in for publicly held systems and property in the United States - water resources, large swaths of timber, businesses, port agreements. Make no mistake, there is a silent auction going in the United States and the elite are selling off as much public land and commodities as they can get away with in order to attempt to make their last stand at world imperialism. Instead it's turning out like Custer's Last Stand. It's a route and the United States is surrounded and the battlefield is littered with the carnage of the American citizen.
 
Old December 9th, 2007 #13
Walter E. Kurtz
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Quote:
Originally Posted by Vox Populae View Post
What we are really seeing here is the United States being sanctioned by the world because of Bush being such a massive failure. Once again the citizenry of the United States is punished for the failures of its govt.. But just try telling or explaining that to the lemming on the street and you will get the standard "Oh well I've got shopping to do...." lifeless response from them.

This is signalling the end of the U.S. economy. The United States no longer produces hard tangible items. What it produces is funny money created by the Federal Reserve for the world to trade in. The income is from the interest on that funny money and is what represents the U.S.'s GDP these days. Without the need to trade in devalued money the world is moving on and away from an imperialist capitalist controlled fiat money system and is moving towards currencies that can be traded back in to tangible items. What are left in dollar holdings around the world are being traded in for publicly held systems and property in the United States - water resources, large swaths of timber, businesses, port agreements. Make no mistake, there is a silent auction going in the United States and the elite are selling off as much public land and commodities as they can get away with in order to attempt to make their last stand at world imperialism. Instead it's turning out like Custer's Last Stand. It's a route and the United States is surrounded and the battlefield is littered with the carnage of the American citizen.
This reminds me of Napoleon selling a large portion of what is now the USA (the "Louisiana Purchase") to raise cash for the imperialist expansion of France.
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Old December 9th, 2007 #14
Gott
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Napoleon knew that Louisiana was not a workable extension of France, and also, that if he didn't see it, we would take it.
The Russians sold Alaska for the same reason - it was a gigantic financial drain on the Russian Empire and their interests (their genuine national interests) were elsewhere.
 
Old December 9th, 2007 #15
Hell Raising Woman
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The jews are going to die! The end of the world is coming to get them. Ha Ha! No more jewish control, no more niggers in our neighborhoods, no more illegal mexicans. No more jews making money off of anyone and causing chaos and destruction. I love it!


Bye, bye jews! You lowlifes are screwed. Down you go!
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