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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