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12/09/2007 01:13 PM ID: 67048 Permalink   

Iran Drops the US Dollar

 

Tehran, Iran- Oil Minister Gholam Hossein Nozari announced that "At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies." Sales of crude oil will now be priced in euros.

OPEC member nations exporting oil in USDs have been hard-hit by the decline in value and have been urged by Iran, the fourth largest producer of crude, to follow their lead.

Recently, Iranian banks have also been blacklisted by the US Government for supporting terrorism, and pursuing nuclear weapons.

 
  Source: www.nasdaq.com  
    WebReporter: theironboard Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  16 Comments
  
  So  
 
The table doth turn.
 
  by: captainJane     12/09/2007 02:27 PM     
  Whooooohoi hoi hoi!  
 
Watch the market tomorrow, folks.
 
  by: theironboard     12/09/2007 03:31 PM     
  the heart of the conflict  
 
and it always has been. Saddam wanted his oil to be traded in Euros back in 2000, so the cartel executed him. Iran is now hoping the NIE report will stop any chance of the american empire invading. Now we will see is Chavez really is as big as he talks and started trading in euros also.

Although it is the money makers own fault. The currency has been artificially lowered to devalue foreign reserves of US dollar, namely china, and to encourage it to be moved back to US owned businesses.
 
  by: bobloblaw   12/09/2007 04:03 PM     
  This reminds of a  
 
Quantum Leap "Oh Boy!" kind of moment.

The Flip has just been Switched as they say, and we will soon see if the Fit hits the Shan.
 
  by: Lagnar   12/09/2007 06:34 PM     
  "Oh Boy" indeed  
 
If you understand the workings of a monetary system, not backed by hard currency, you'd know this a historically significant event.

bobloblaw is absolutely right about what the Iraq conflict was really all about. Oil and the currency used in the transaction.

Operation "iraqi freedom" was suppose to be the beginning of sealing off liability of this specific type of event from ever happening and sever our dependency on royal saudi princes.

It's worked out well so far.

Sell USD, buy gold.
 
  by: ukcn001XYZ   12/09/2007 10:09 PM     
  as a cashier  
 
I always joke when I give or receive American coins. (Lives in Canada)
"Better get rid of em while they're still worth something"
"I might need another one of those"

:p
 
  by: JayWar   12/09/2007 10:36 PM     
  25%...  
 
Only about 20-25% of the oil the US uses comes from the middle east anyway... Never mind this little nugget of information, the prices will still go up and the oil companies will use this as the reason.
 
  by: Dark_Stang   12/10/2007 02:16 AM     
  China...  
 
Expect that crap at wal-mart to cost more now.
 
  by: steme   12/10/2007 04:04 AM     
  Looks like the only choice now is to invade  
 
At least those are probably the thoughts of the admin goons.

I have switched my opinion of peace to one of war with Iran. Not that I advocate war. Anything but. However I think that the US needs a good kick in the ass to figure out what they have done(going to do) is wrong and also very stupid. I think we will easily beat Iran but I also think that starting such a war will be more costly than we realize.

I believe it may be the beginning of a regional war in the Gulf or Middle Eastern Nations. The US will have no choice but to reinstate the draft. All of the neocon supporters will quickly be silenced as their own children are sent into the meat grinder to be slaughtered. Instead of comfortably sitting back and agreeing with whatever stupid decision comes from DC, they will question our leaders.

At least that is only one possible outcome. There are many others but I believe that most of them require a military draft to be reinstated to continue any new wars that this admin wages. The price will be high but I am sure our children's lives will be sufficient payment. However if this becomes the case, Americans will quickly realize how false the promises and lies are.
 
  by: slavefortheman     12/10/2007 05:38 AM     
  What  
 
did the US expect? They were obnoxious and tried to bully Iran, this is the response.

I find the "pursuing nuclear weapons" bit quite funny, it shows up the hypocrisy of the US admin "nukes are bad... unless their ours".

I'm with slavefortheman, it would appear that the American population is going to have to watch their children bleed before they see war and the Bush admin as a bad thing. It's very sad that the blind patriotism, lies and rhetoric are bringing a population to this awful point.

I hope the UK sees sense, I don't want to have to leave to avoid a draft over here. I equally would never follow the Americans into something quite so awful as WW3 they seem to want so badly.
 
  by: Maxx20     12/10/2007 10:17 AM     
  @above  
 
Don't judge americans so generally. Ron Paul has a large following. There are a lot of folks who consider themselves conservative that are not happy with the direction Bush has taken us and are looking to stop trying to police the world.

Bush initially ran on a humble foreign policy campaign and then changed his tune later.
 
  by: DooblaJ   12/10/2007 06:08 PM     
  You know  
 
The biggest reason our currency is sucking out there, is because of all the crap Bush has done... I seriously hope we don't end up in a depression, and I hope the next president can quickly turn things around for the country.
 
  by: jediman3     12/10/2007 06:17 PM     
  @DooblaJ  
 
Bush also lied in his campaign about mandatory emissions standards. Politicians will sell their soul for a few more votes.

Ron Paul is probably one of the best candidates on the trail right now. However he is honest, believes in the constitution, wants to get the US out of Iraq, he wants to change our foreign policy to a more isolationist stance(in with how the founder fathers envisioned), he wants to abolish the IRS, Federal Reserve, DEA, etc. etc. etc.

Anyhow the above things are very good for you and me. However for the Corporitists that run this country do not believe so. That is why they have tried to paint him as none other than the devil himself and this is why he will lose. Simply because Corporate American does not will it.
 
  by: slavefortheman     12/10/2007 06:26 PM     
  Although I hate to interupt  
 
I feel I must.

The USD has fallen because of the actions bubbles Greenspan and a quiet trade war with China, in theory being waged by bernake.

Irans announcement has had little effect on the $, possibly because they're accepting a $10billion loan, in $, from China, as we speak.

They cant trash the $, their only friend has a trillion of them
 
  by: AnsweringQuestions     12/10/2007 07:02 PM     
  Old News?  
   
  by: MmmMan     12/10/2007 07:48 PM     
  Nope. More recent.  
 
Updated version of what you reported-- this is dealing with a 100% full stop on USD transactions; yours was at a time when it was 85% mix of yen and euro.

 
  by: theironboard     12/10/2007 10:25 PM     
 
 
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