Iran has gone and done it....their oil to trade in other than US dollars...is the dollar doomed?

News Type: Event — Seeded on Sun Jul 13, 2008 12:30 AM EDT

Iran has really gone and done it now. No, they haven't sent their first nuclear sub into the Persian Gulf. They are about to launch something much more deadly ��" next week the Iran Bourse will open to trade oil, not in dollars but in Euros.��"Scottish Socialist Voice, issue 264).

The Iranian Oil Bourse (OIB) was registered on May 5 this year. The consequences are horrendous: with the dollar no longer the sole currency with which to trade oil, its credibility as the benchmark has weakened gravely and thrown all world currencies into a tailspin ��" either crashing in value making essential imports unsustainable, as with Pakistan, or increasing in value reducing their exports drastically causing huge trade deficits, as with Europe. There has been a run on non-oil producing Third World currencies as capital flight continues unabated, as in Pakistan too. That is why soft currencies are weakening against all hard currencies while non-dollar hard currencies are strengthening.

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{"commentId":2176951,"authorDomain":"headinthegame"}

headinthegame

this is bad

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#1 - Sun Jul 13, 2008 12:30 AM EDT

{"commentId":2177967,"authorDomain":"caligiurijoseph"}

Joseph Caligiuri

bad but everyone should have seen it coming. The US always operated under the misguided perception that we dominate the whole world economy based primarily (in their minds) on our almighty military dominance and industrial capacity, well its not true and now the whole world is talking about it, not in closed up,cigar smoke filled rooms but everywhere including the leaders of other countries to the homeless intellect sitting on their park benches.

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#2 - Sun Jul 13, 2008 8:56 AM EDT

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	Is There An Oil Shortage?	Information Clearing House	Sat Jul 12	0
	The Big Secret about Peak Oil and the US Military	marketoracle.co.uk	Sat Jul 12	7

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Iran has gone and done it....their oil to trade in other than US dollars...is the dollar doomed?

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