Iran Drops US Dollar

[T.Ruth2power]

Iran drops dollar from oil deals: report
10 hours ago

TEHRAN (AFP) — Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an "unreliable" currency.

"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency.

"The dollar is an unreliable currency, considering its devaluation and the oil exporters' losses," he added.

The world's fourth largest oil exporter, Iran has massively reduced its dependence on the dollar over the past year in the face of US pressures on its financial system and the fall in the dollar.

<edit>

http://afp.google.com/article/ALeqM5jGC7KSKjsKYUTGAF1oR04-yOpBgg

[fascisthunter]

1. Ooooops.... This Idiot American Government Does It Again

when you bully countries, don't expect them all to do what you want. Thanks for effing up the American dollar. I blame the US in this case. We have really stupid people representing us. All that BS rhetoric towards Iran and now this. Really stupid!

[Cerridwen]

2. With tinfoil hat firmly in place, I ask...

isn't one of the arguments given for why we invaded Iraq because Sadam had threatened to drop the dollar?

Over the past year, Iran has "massively reduced its dependence on the dollar" and we've been sabre-rattling in their direction the whole time; including suppressing the NIE.

/end tinfoil material

:tinfoilhat:

[dysfunctional press]

4. now that the world knows that they don't have an active nuke program...

they felt it was safe to do so, without fear of a spontaneous u.s. invasion.

plus- since they've been lying abouttouting how well "The Surge" has been working- they can't use the excuse of Iran sponsoring violence and supplying weapons to iraqi insurgents as a reason to launch an invasion either. :shrug:

cheney really has to be grinding his teeth down to the nubs about now.

[Gidney N Cloyd]

5. And now that the NIE lowers the risk of an invasion, Iran finishes dumping the dollar.

I don't see the need for tinfoil on that one. Seems pretty straightforward to me.

[malaise]

8. Not tin foil at all

just reality but their plans were thwarted just in time. Still don't rule out the Zionists completing the deed.

[TheWraith]

25. No, it wasn't.

Some people have speculatively linked the Iraq War with Iraq allegedly planning to move to Euros, but that's purely supposition.

[Cerridwen]

31. It was speculated but not proven one way or the other; is that an

accurate statement? Or was it in fact proven inaccurate?

I ask because your response is a conclusive "no" so I presume you have some knowledge of the speculation that Saddam was moving to Euros away from dollars being shown as wrong.

I'd not yet heard that.

[TheWraith]

33. I've never seen any credible evidence that it was true.

All the references I see online are from extremely unreliable sources; secondhand rumor, semi-conspiracy theory sites, and "independent media" with little regard for accuracy or journalism.

I suppose it's possible that Iraq was considering a move to Euros, but I doubt it--the petrodollar is still the official currency of OPEC, and that's not something that one country can change, although they can accept payment in other currencies. For that matter, since 2003 Iran has only been taking payment for oil in Euros, and we haven't bombed them yet.

[blogslut]

3. Woops

There it is

[malaise]

6. This and the oil itself was what all the

huffing and puffing was all about. Bush and his goons have succeeded in blowing their own house down. Put simply a fool and his money will soon be parted. Stupid dumb fucks.

[Postman]

7. Bush's extremism has resulted in a loss of control, by the US, of other nations' economies

I'd get off the crack too if I were trying to get clean...

in other words, the fall of the Empire of the United States has begun.

[T.Ruth2power]

9. Yes

Fall of the Dollar

Due to record high US trade and budget deficits and declining investor confidence in US bonds, stocks and currency, the dollar has been losing value, weakening its status as the world’s major currency. By 2005, the rest of the world was subsidizing the US economy at a rate of more than $50 billion per month. But the US administration has largely ignored the issue. Washington’s policy of “non-intervention” may prove to have dangerous consequences, not only for the US economy, but for the entire dollar-tied global economy. After a decade of global currency crises, broad economic distress, and wrenching neo-liberal reorganization, the US crisis -- as well as that of ailing Japan -- may spell deeper international instability in the period ahead.

http://www.globalpolicy.org/socecon/crisis/tradedeficit/index.htm

[cliss]

10. Now we'll see what the next step will be.

Iran is part of OPEC. Opec pretty much sets prices for oil. They are a cartel, and obviously they have enormous power. They also set production levels.

THEY are really the Man behind the curtain. THEY control how much oil we get, and that determines the price of oil.

We ARE SO unbelievably helplessly dependent on them, it's absolutely pathetic.

YES Saddam considered getting out of the dollar. In fact, he did. Back in 2002, he switched to trading in Euros. He allegedly made around $450 million dollars in the currency exchange.
OF COURSE they dropped bombs on him for that.

[Postman]

11. Could Iran be using the Dollar as a hedge against an Israeli attack?

In other words,

we'll (i.e Iran) make you a deal.

You don't attck us and we'll reinstate the Dollar as oil currency.....

[Angela Shelley]

12. IMHO, why should they bargain?

Is there one good reason for Iran to "display trust" in the USA by wanting to use our currency?

[countryjake]

13. kick and recommend

Don't have time to comment but really appreciate the facts you've given in this post.

[Orwellian_Ghost]

14. Petrodollar Warfare

Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse
by William Clark

“This notion that the United States is getting ready to attack Iran is simply ridiculous...Having said that, all options are on the table.”
– President George W. Bush, February 2005


Contemporary warfare has traditionally involved underlying conflicts regarding economics and resources. Today these intertwined conflicts also involve international currencies, and thus increased complexity. Current geopolitical tensions between the United States and Iran extend beyond the publicly stated concerns regarding Iran’s nuclear intentions, and likely include a proposed Iranian “petroeuro” system for oil trade.

Similar to the Iraq war, military operations against Iran relate to the macroeconomics of ‘petrodollar recycling’ and the unpublicized but real challenge to U.S. dollar supremacy from the euro as an alternative oil transaction currency.

It is now obvious the invasion of Iraq had less to do with any threat from Saddam’s long-gone WMD program and certainly less to do to do with fighting International terrorism than it has to do with gaining strategic control over Iraq’s hydrocarbon reserves and in doing so maintain the U.S. dollar as the monopoly currency for the critical international oil market. Throughout 2004 information provided by former administration insiders revealed the Bush/Cheney administration entered into office with the intention of toppling Saddam Hussein.<1><2>

.....

http://usa.mediamonitors.net/content/view/full/17450

[gateley]

16. Orwellian Ghost cited:

"It is now obvious the invasion of Iraq had less to do with any threat from Saddam’s long-gone WMD program and certainly less to do to do with fighting International terrorism than it has to do with gaining strategic control over Iraq’s hydrocarbon reserves and in doing so maintain the U.S. dollar as the monopoly currency for the critical international oil market. Throughout 2004 information provided by former administration insiders revealed the Bush/Cheney administration entered into office with the intention of toppling Saddam Hussein.<1><2> "



The reason we were able to get the funding for the was was because we intended to 'pay' for it from Iraq's oil revenue, in which we, as liberators, would share.

This all just makes me sick.

[bonito]

18. I recall the pnac crowd saying that the war (oil) would pay for

Itself.

[gateley]

20. Yep. Oops. nt

[losthills]

15. This is meaningless, really.

It just makes Ahmedinejad look (more) ridiculous...

[Orwellian_Ghost]

17. I'm not sure I understand

How does he look ridiculous when he is now trading a commodity in a currency that has higher value (Euro)?

What would seem ridiculous is if he were to continue to trade in beads when everyone else was rejecting the value of beads.

What do you think?

[bonito]

19. Could the amero

come in to play here? I don't know, :shrug:

[TheWraith]

26. There is no "Amero."

It's a silly idea put forward by a Canadian think-tank that the tin-foil crowd and the far right have siezed on as a part of the new world order mythology.

[losthills]

30. To take this story seriously, you have to brlieve...

that Iran has the power to damage the US economy-- that is laughable.

And you have to believe that they are really going to refuse US dollars-- that is even more laughable.

It's just more foolish bluster from a man who is leading hi country astray...

[Orwellian_Ghost]

32. Could you talk a little more

on how US dollars are connected to the oil industry, in particular OPEC?

Could you realte this to the bonds market?

You do know that this isn't a matter of "refusing US dollars" at all.

While you're at it google "Mossadegh 1953."

[lectrobyte]

23. Really? I think not. Seems like a good financial move on their part

from everything I can see.

[Greyhound]

21. The most important story of the year, maybe the decade, and there is a virtual

blackout in the media. The loss of hegemony will be a tremendous blow to what's left of our economy.
:kick: & R

[countryjake]

28. I still can't find a thing about it in our national news...

the empire takes a blow but we get gob-smacked with space-shuttle stories and Oprah stumping for Obama.

[Mr_Jefferson_24]

22. And...the obligatory dollar toilet tissue graphic...

No need to thank me, just doin' my job.

[dysfunctional press]

24. now that the world knows that their nucular bomb program doesn't exist-

they know it's safe to drop the dollar without fearing the type of military retaliation that saddam got just for thinking out loud about switching to euros.

and since they say that "The Surge" is going so swimmingly- cheneyco can't use interference by iran as an excuse for military action against tehran either...:shrug:

[Greyhound]

27. How is the next President going to put this omelet back together?

Housing is headed south (unless you are talking to someone who's living depends on the real estate industry), and the USD hegemony has been broken (how long before Venezuela joins Iraq?), what is left? What do we have that the rest of the world needs?

[SpiralHawk]

29. "Take that, you lying republicon homelander oil crusaders." - Eyeranians

http://mchughwatch.com/Supporting%20documents/Images/Blood,%20Oil,%20Fears%20and%20Debt.jpg