Iran dumps U.S. dollar for oil trades

[Pred]

Well, this won't end well....

TEHRAN, Iran (AP) -- Iran, OPEC's second-largest producer, has stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, in a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq.

Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American currency.

Iran dumps U.S. dollar for oil trades - CNN.com

[ezearln]

Who cares what Iran does ? Personally I don't like to think anyone in their government has ever handled money that touched our soil.

[Pred]

Umm... you do realize what happens once many countries STOP dealing in the dollar right?

[ezearln]

We don't have to print so much extra currency and save some actual money?

[Pred]

Care to guess again?

[Windwalker]

Unfortunately the Government has printed so much paper money with nothing backing it that I don't know if there is any silver or gold backed currency anymore.

[ezearln]

Truth be told there are only three or four HARD currencies in the world maybe less now because of the almighty Euro, the U.S. Dollar, the English Pound, The Duesche Mark and the Japanese Yen. So it ain't like there is a whole lotta competition, further Irans choice in this is a political one not a monetary one and I doubt seriously it's impact will have any real significance.

[Pred]

It will as more and more countries decide to switch to another currency. The dollar will lose value.

[Big Dog]

As Pred was hinting....

Uncle Saddam tried that - look what happened to the old boy.

[Legba]

Originally Posted by ezearln

Truth be told there are only three or four HARD currencies in the world maybe less now because of the almighty Euro, the U.S. Dollar, the English Pound, The Duesche Mark and the Japanese Yen. So it ain't like there is a whole lotta competition, further Irans choice in this is a political one not a monetary one and I doubt seriously it's impact will have any real significance.

Its already happening. Thats why gas is almost 4 dollars a gallon now. Face it the Middle East has what we want..Oil. They can pretty much name the price. Now they are switching currency so our dollars will buy less oil along with the higher prices they are charging. One of the best ways to take out your enemy is to destroy his infrastructure. Terrorism isn't all about blowing things up.

[HARDERTR]

Originally Posted by Legba

Terrorism isn't all about blowing things up.

True... "terrorists" can always try mandate WHICH currency your country must recognize as a primary basis regarding pricing of a natural resource YOUR country has full rights to. If that doesn't work, those same terrorists can mandate sanctions against your country and try to get other sympathizing nations to support your economic jihad. They can also threaten military action if a country's energy plan doesn't meet their approval.

And by the way.... the Deutsche Mark is no longer a valid currency. The Mark is not being circulated anymore (it was phased out and replaced by the Euro in 2002)

[Pred]

Someone correct me if I'm wrong. But the members of OPEC all throw their oil into a big "pot" and the rest of the world buys said oil from said pot. If I'm not mistaken, Venezuela has also stopped selling oil for dollars, and with Iran doing this also, that equals out to almost 20% of OPEC's sales are no longer in our currency. Thats not a good sign of things to come.

[Rave]

Stay the course,life is good,the DOW broke 13,000 yesterday,how can anything be wrong?

[TXplt]

Originally Posted by Rave

Stay the course,life is good,the DOW broke 13,000 yesterday,how can anything be wrong?

See the oil post...........The dow's being propped up by the fed -- and it ran out of "ideas" yesterday.

[nathangdad]

Our foreign policy under the Bush administration has "played the wild"
when it comes to those nations such as Russia and China who can
turn loose many billions of dollars in reserves thus dramatically lowering the value of the dollar versus their currencies.

It is one thing to threaten a third world country with currency hardly worth the paper upon which it is written. It is quite another thing to announce without consultation a missile base suposedly to protect us from the middle east built closer to Moscow than to the middle east.

America should not live in fear but America should have policies well thought out before implementation. Bush, Condi, Cheney, and Rumsfeld
have hurt us more than they have helped us. Now they are leaving
power with America far more economically vulnerable to the whims of other great economic powers than when they went into office. All the Homeland Security in the world cannot protect us from a world market flooded with dollars we have sent to Russia and China for petroleum and goods we should have produced and manufactured at home. A sad and tragic legacy.

[Pred]

Originally Posted by Rave

Stay the course,life is good,the DOW broke 13,000 yesterday,how can anything be wrong?

The DOW may have broke 13,000 yesterday, but that was before the FED announced the rate cut. After the cut it went from being up over 100 points to down like 12. As of this post it is down this morning. Thats not a good sign, usually when the FED cuts the rates the market rebounds, but not now. And they've also said they can't go any further, this is it.

[TXplt]

Originally Posted by nathangdad

Our foreign policy under the Bush administration has "played the wild"
when it comes to those nations such as Russia and China who can
turn loose many billions of dollars in reserves thus dramatically lowering the value of the dollar versus their currencies.

It is one thing to threaten a third world country with currency hardly worth the paper upon which it is written. It is quite another thing to announce without consultation a missile base suposedly to protect us from the middle east built closer to Moscow than to the middle east.

America should not live in fear but America should have policies well thought out before implementation. Bush, Condi, Cheney, and Rumsfeld
have hurt us more than they have helped us. Now they are leaving
power with America far more economically vulnerable to the whims of other great economic powers than when they went into office. All the Homeland Security in the world cannot protect us from a world market flooded with dollars we have sent to Russia and China for petroleum and goods we should have produced and manufactured at home. A sad and tragic legacy.

I agree--at least with the economic part; by not industrializing and using everything we have here, we've let our currency be used against us. This continues today. We keep resources in "reserve" and lock up industry with over the top regulation by a Congress that would do better to simply repeal the stupid laws they have on the books and (if they're not going to do something constructive) GET OUT OF THE WAY. We have an executive branch that has totally failed to take the lead to build energy sources and encourage industry. Huge trade imbalances allow countries to turn that money around and start buying industry, property, and influence HERE, in the good ol' US (all at bargain basement prices). By buying politicians, they can then subvert our liberty and constitutional form of government under the guise of "globalization."

[Seabeescotty]

Well, there it is, we need to go back to doing for US. We've sat back, while industry and jobs have been moved overseas, and others have shut down our oil industry, and raised the bar so high that we can't compete with countries who don't give a shit about pollution or the plight of their own workers. We need to stop sending good money after bad. Our gummint has been trying to buy friends since WW2 ended, and guess what? It hasn't worked. We've bolstered them to the point where they think they can finally take us down. If we don't start thinking about US first, they may just do that!!

[mym1a]

rock and roll time is just around the corner.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[tlarkin]

Here comes the North American Union...and the Amero!