The beginning of the end of the American Empire? http://edition.cnn.com/2008/BUSINESS/04/30/iran.oil.ap/index.html?iref=mpstoryview
****. They will soon be invaded by us. We invaded Iraq partly because they switched to Euro for oil money.
Why did they wait unitl now, why didn't they start in 2004. For them it makes every bit of sense, why have falling dollars in your reserves? You lose money on them every day. But the US doesn't even buy oil from Iran, how big a deal could it be?
Well, reducing the World's dependence on the dollar does mean we can't finance our extravegance with our printing presses...as much. Other countries that receive dollars, and buy oil from Iran have to convert to Euro's or Yen at an ever declining rate, accelerating the fall of the dollar, making it harder for us to finance the deficit spending for our military. So for them it's a reasonable defense tactic. But, are China, Malaysia, Korea, Taiwan, Mexico, Canada etc. etc. going to shut down their export economies by not taking dollars? No, and that amount of trade dwarfs Iran's oil exports, so, it's mostly a symbolic thumbing.
Venezuela's only significant foreign market for crude is the United States. Their crude is lousy, and only certain refiners can take it. While I'm sure Chavez would love to stop trading crude in dollars, he effectively cannot.
Well, he could take his dollars and spend them in West Houston to buy his own refining technology and then ship refined products. I'm sure KBR would fix him up.
so what's Iran's goal as a nation? it seems to me that they are pretty isolated. aren't they a democracy already?
There are democracies and faux democracies. The real ones depend on free speech, free elections, freedom of religion and individual rights. The faux ones use a controled elective process to placate the populace and have precious little freedom. Even the US treads the line too closely with it's special interest financed two party system, methinks.
I think a lot of other nations were waiting for each other to drop the U.S dollar, even though Iran is isolated within the region they are taking a route others are already thinking about.....it’s not good news, regardless of its impact being minimal. Bigtexxx the oil tycoon is going to set the record straight for us.....
lol this doesn't matter. You guys don't know much about the forex market. ChrisBosh hates America and wants the dollar to keep dropping....I wonder why? hmmmm... it matters whether foreign countries invest in US assets, not whether oil is quoted in dollars. That doesn't matter, because although you need to purchase dollars to buy oil, nothing forces those countries to hold those dollars they receive for the oil
no more like the ultimate bottom tick trade. people thought giselle demanding payment in euros was the bottom...this is the bottom. combine this with the sentiment that the euro and pound are significantly overvalued and that total destruction has been priced into the dollar and you have the makings of a bottom. terrible timing on this decision by iran. just absolutely horrendous timing.
