Iran Calls For OPEC to Stop Selling Oil in US Dollars
In a meeting with OPEC Secretary General Abdalla Salem el-Badri Iranian President Mahmoud Ahmadinejad has reiterated his calls for the US dollar to be dumped as the trading currency for oil.
Ahmadinejad is of the belief that OPEC "should establish a joint bank as well as having joint currency." The falling value of the US currency has devalued many currency reserves and pushed up the price of crude oil.
Ahmadinejad's calls to move oil trade to a basket of currencies is unlikely to find sufficient support in OPEC with countries such as Saudi Arabia, a major oil producer and US ally, opposing the move.
the Euro is a great idea. The US turning on the printing presses for more money has seriously devalued their currency. Add to that failed foreign policy across the board, it's about time for change.
actually hurt everyone. If you dumped the dollar very quickly in place of the Euro, it sounds good... but you would probably loose in the long run. The dollar would plummet if everyone stopped trading in petrodollars. This collapse would then cause the european markets to falter and possibly even collapse. The markets are very closely tied together now and if a major currency like the US dollar was to simply die, it would drag everyone else down.
The trick would be to gradually get rid of the dollar over say a 5-10 year period.
If the U.S. oil is tied to the euro the price of fuel in the states will sky rocket evan further. Its a shakey balance that holds it together now. When the collapse of the states economy takes place it will take its trade partners with it. Bush has done the Al Qaedas work. He may have ruined the U.S. and all of its friends.
which seems very likely now. What with an 80% stated chance of invading Iran, which will by the way cause oil prices to skyrocket probably upwards to 200$ a barrel almost doubling the price at the pumps. The US economy will probably collapse as a result.
Oil is tied to everything and since everything is tied to oil, it will increase the prices of everything. From food, to clothes to toys. Everything will see a huge price increase while simultaneously peoples wages will remain the same.
This is what will kill the US economy. There will only be one way out as well. At least for the US side of things anyhow. At this point I would bet that lobbying groups will step up their actions on implementing a NAU. Try to abolish the dollar altogether and implement an Amero. This will link in 2 other foreign economies into a single currency which will make it very powerful.
Of course this is just all hypothetical speculation. But The part about the US invading Iran and the price at the pump doubling is probably going to happen.
The NAU part is still just theory. Albeit there are some powerful people, including the Bush admin, trying to push for an NAU.
The sad part is, most of the people will probably be begging for it since the US dollar will be worth about as much a the Cuban Peso after we manage to destroy our economy with an invasion of Iran...
Is responsible for the printing of moneys. Its a PRIVATE bank that charges the us tax payers interest rates to print there own money. Thats why its going down the hole... You can NOT run a country like a corporation. so until we get big business out of the government we are all screwed... New World Order "with ultimate power comes ultimate corruption" -<Viva La Revolution>-
That'll be a hard sell n Canada. We don't have a lot of trust in the US gov't in the best of times, but seeing where the greenback is heading isn't really leading people up here to want to tie ourselves to that particular anchor. You can be sure there's be an election over it before such a thing were to happen, and I doubt the "yes" side would win.
You guys with your doom and gloom... Sorry folks the dollar has been here before. Check out the oil prices and inflation of the early 80's. And today's prices are easy to blame on the dollar. But the simple terms of supply and demand are dictating the price of oil. Asia's demand for oil has never been so high.
Wondering what part of Canada you reside? Here in Quebec Eh! most likely we would opt for Greenback, we would also most likely veer towards one currency (AmeXiCana)but it wont be because we know better, because as a distinct society we will be swallowed by the Big bad wolf.
This is also expected if we are to annex from the rest of Canaduh.
What we like is bargains, we cross Plattsburgh so often for bargains, that we forget by the time we are back and customs/Duty's etc etc. It arrives to the same thing as though you just purchased it from Maxis but then to each their own.
Good bargains are with Vehicles, electronics etc, other than that, we are just gullible.
The reason the Doom and Gloom exists is because it shows NO sign of getting better. Okay, maybe if there was hope that this was just a spike in Oil Prices ... nope, it's all downhill from here. Okay, maybe the demand of Oil by Asia will decrease? ... LOL!!!
At least in the 80's we knew it was only temporary...
The oil market is very volatile also. Every time some guy straps a grenade to a pipeline in Africa or something minor happens to an oil producing country, the price temporarily spikes usually 5-10$ higher. These spikes are then passed onto the consumers...
What we are talking about is a massive spike. Most likely a doubling of oil prices based on US actions. Now this will probably only be temporary. However this could tip the US into a massive depression. Even if it were to spike for say 3 - 12 months... That would mean just about everything you can purchase would double in price during this period.
Imagine 1 gallon of milk costing 12$ or one carton of eggs costing 7$. Or even cheap things being 2x as much. Ex: Say your monthly food bill is 200. Now you are paying 400. Now also say you are paying 200 p/month in gas. Now you are paying 400 p/month.
With food and gas only, you are up to 800 a month...
This would just cripple the US economy. This is why an invasion of Iran will destroy us.
Yes we will beat the crap out of Iran and win within weeks more than likely. But all they will have to do is use guerrilla warfare and hide out in the mountains and deserts and they will win simply because we will starve economically.
Oil is tied into just about everything in our lives. We increase the price and then we increase the price of everything else as well...
would say anything to distract from his failings as President, Iran is feeling the squeeze from the second round of UN sanctions so convincing OPEC from the USD would be aways to ease the economic squeeze on Iran, using the 'weak' dollar as an excuse to switch is silly, If the dollar was as strong as it was before I have no doubt Iran would still try to convince OPEC to switch further more, such a move would cause other dependant countries to collapse such a move is not plausible especially when some of those countries don't even trust Iran and are staunch US allies.
War vs Iran would send such a fuel price panic across the economy that we'd see a massive market crash and then guess what? Depression...
A military strike against Iran? If a mix match of Iraqi militias can hold out for 5 years against our military, how long do neo-nuts think Iran can hold out?
Much, much longer... and our usd would be monopoly money before the dust settled.
Shock and Awe is great and that's all there is to it, right? Well guess what, you blow out Iran and you open up yet another doorway for Al Qaeda.
Iran is consists mostly of Shi'ite, as does 60% of Iraq. They are natural enemies to the Sunni (Al Qaeda). If you wipe out Iran, Iraq would re-ignite with militia insurgency and all our support in we've spent the past 5 years building, would fling apart.
Meanwhile the Sunnis (Al Qaeda) would be throwing a Mardi Gra. We just did all the heavy lifting again to dissolve another sovereign government and disrupt the stability of the middle east.
Al Qaeda would have yet another open door to setup base and nationalize in.
Our usd will continue to erode in value, eventually we can no longer afford the war efforts. We will have to pull out and Iran could easily rebuild with their oil reserves, they don't need the US as a consumer, they have china... 1.3 billion people strong and now industrialized.
China only consumes 1/4 of what we do. I doubt they would mind seeing our buying power erode and seeing an additional supply of oil onto the market.
They've already been dumping their multi billion dollar surplus of USDs onto the market along with other us holdings.
Too often I hear that our empire will always, alway, ALWAYS stay the world super power b/c the simple fact that the world will always need us. We are therefore untouchable, unaccountable, unstoppable to do as we will on our own terms. The rest of the world will always be there to carry us and pick up the pieces.
We certainly won't be the first empire to prove that arrogance offers no such guarantee.
But all you neo-cons nuts out there, just keep patting yourselves on the back that it's all going great, the history of arrogant empires falling could never possibly repeat itself under the regime of G.W. Bush. That's impossible.
