Socio-Economics History Blog

Socio-Economics History Blog

Iran Presses Ahead with Dollar Attack!

by mosesman
  • The war mongering over Iran is about the Illuminists’ global monetary hegemony. Their petrodollar hegemony is being attacked and it will lead to the collapse of the USD!
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    Iran presses ahead with dollar attack! 
    By , http://www.telegraph.co.uk/ 
    Last week, the Tehran Times noted that the Iranian oil bourse will start trading oil in currencies other than the dollar from March 20. This long-planned move is part of President Mahmoud Ahmadinejad’s vision of economic war with the west.
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    “The dispute over Iran’s nuclear programme is nothing more than a convenient excuse for the US to use threats to protect the ‘reserve currency’ status of the dollar,” the newspaper, which calls itself the voice of the Islamic Revolution, said.
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    “Recall that Saddam [Hussein] announced Iraq would no longer accept dollars for oil purchases in November 2000 and the US-Anglo invasion occurred in March 2003,” the Times continued. “Similarly, Iran opened its oil bourse in 2008, so it is a credit to Iranian negotiating ability that the ‘crisis’ has not come to a head long before now.”
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    Iran has the third-largest oil reserves in the world and pricing oil in currencies other than dollars is a provocative move aimed at Washington. If Iran switches to the non-dollar terms for its oil payments, there could be a new oil price that would be denominated in euro, yen or even the yuan or rupee.
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    India is already in talks with Iran over how it can pay for its oil in rupees. Even more surprisingly, reports have suggested that India is even considering paying for its oil in gold bullion. However, it is more likely that the country will pay in rupees, a currency that is not freely convertible.
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    Last week, Indian state-owned group Hindustan Petroleum said that Indian businesses could not pay for Iranian crude imports in rupees unless the federal finance ministry exempted such payments from crippling withholding tax. This issue remains unresolved. India and Iran have agreed – but not yet started – to settle 45pc of payments for Iranian oil in rupees. Iran will then use the currency to buy imports from India.
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    … for more click here!

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One comment

  1. The USD is not just under attack, it is committing financial suicide by repeated cycles of printing more unfunded paper currency (called ‘Quantitative Easing’ to make it sound hareless).

    To keep interest rates low the U.S. treasury buys back its own bonds at auction and say this is to “support the economy”.

    Sooner, rather than later, sellers of commodities such as Gold, Silver, Steel, Potash, and Oil will demand real payment in currency that isn’t being debased by uncontrolled printing of more paper bills.

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