Apr 30, 2008

Iran dumps U.S. dollar for oil trades


Mahmoud Ahmadinejad, Iran's President, has called the dollar a 'worthless piece of paper.'

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.  Two months ago, partly as a rebuke against American threats and interference, Iran opened the Iranian Oil Bourse (IOB), an oil trading market priced in currencies other than the dollar.  

PAUL CRAIG ROBERTS said it best, "When the dollar ceases to be the reserve currency, foreigners will cease to finance the US trade and budget deficits, and the American Empire along with its wars will disappear overnight. Perhaps Bush will be able to get a World Bank loan, or maybe one from the "Chavez bank," to bring the troops home from Iraq and Afghanistan."

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Thanks to Rome for making me research this!

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4 comments:

JB said...

well, paul craig roberts was spot on. tsk.

Carol said...

Hi JB,
Thanks for stopping by and leaving a comment. Don't expect me to have 'Dinner in the Sky' with ya though :)

Bobby said...

It's true, the dollar is becoming worthless. The North American Union concept is something people aren't talking about...yet. The USA, Mexico and Canada are going to be one country with the Amero as it's currency. I think it will be reality very soon.

Anonymous said...

Paul Craig Roberts can fund all the countries that cry for American help in Dollars when that happens.That way maybe Americans can take care of they're own instead of everyone else.The wars will end Americans want nothing more than to have our troops home.What an a@@!!!!!!!