BS: Hang on - Iran refuses U.S. currency

Subject: BS: Here we go - Iran refuses U.S. currency
From: dianavan
Date: 28 Mar 07 - 03:45 PM

"Iran is planning to stop using the US dollar to price oil, with less than half of its oil income now paid in the US currency, Iran's central bank governor said...

...almost all of Iran's European clients and some of its Asian customers have accepted making payments in non-dollar currencies."

http://www.jpost.com/servlet/Satellite?cid=1173879194960&pagename=JPost%2FJPArticle%2FShowFull

The article also states that Iran is the world's 4th largest oil producer. Somebody please tell me that the U.S. and Britain are prepared for this and that it won't effect the economy.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: GUEST,lox
Date: 28 Mar 07 - 04:00 PM

I would have thought that if it worked out badly for anyone it would be the Iranians.

If you're being paid, you want to be paid in money that is likely to keep it's value.

If they're paid in rupees they will lose in the long run due to inflation won't they?

Probably over simplistic on my part, but it seems logical.


Perhaps it could mean something for Europe if the favoured currency became the Euro.

I suppose the rules of demand and supply dictate that the currency more in demand will appreciate in value.

So maybe it comes down to what proportion of US dollar traffic trade in Iran constitutes?

Probably fairly small, but then when you are talking huge amounts, a tiny percentage can mean a big deal to jo schmo on the high road.

Just thinking off the top of my head like.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: artbrooks
Date: 28 Mar 07 - 04:13 PM

Iran? Who really cares?

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: GUEST,petr
Date: 28 Mar 07 - 04:16 PM

actually the US dollar has lost quite a lot of its value since George W. took over.. so in a way everyone else that buys oil, suffers when the US $ tanks (Europeans know this and they knew that Bush was letting the US$ slide and they were ticked)

but there was a time when oil was purchased in Pounds sterling..

heres how an empire taxes other states.. oil bourse

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Wolfgang
Date: 28 Mar 07 - 04:19 PM

Somebody please tell me that the U.S. and Britain are prepared for this

Let me tell it to you. Since mid 2003 Iran has accepted other currencies than petrodollars. Its EU customers have since then payed mostly with Euros. 2003 is long ago, so they must have been prepared for this act.

I don't see why this should affect Britain that belongs to the EU. But it may affect China that has most of its reserves in dollars and would love to spend them in Iran.

Wolfgang

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: GUEST,petr
Date: 28 Mar 07 - 04:30 PM

basically since 1971 the US $ was no longer backed by gold .

in 72-73 the US got an agreement with the House of Saud
to accept only US$ for oil and got the rest of OPEC to go along..
so essentially since then the dollar has been backed by oil instead of gold.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Little Hawk
Date: 28 Mar 07 - 04:31 PM

The major currency which has lost the most value since George Bush became president is the US dollar. The Euro, the Australian dollar, and the Canadian dollar have all strengthened against the US dollar.

I used to get CD $1.50 or better for each US dollar. I now get about CD $1.13 for a US dollar. There has been a dramatic drop in the value of the US dollar in the last few years. Hardly surprising, because the USA is tremendously in debt, building high-tech war materials while others (such as China) make most of the world's consumer goods and earn the proceeds from that accordingly. Building war machines is like dumping your money in a hole in the ground and burning it. They're no good for anything except smashing things up and killing people.

You can't spend more annually on arms and warfare than the next ten countries in the world put together and expect not to go heavily into debt. When you do, your currency loses value...specially if you are simultaneously exporting most of your civilian production overseas wherever labor is cheaper and impoverishing your own domestic work force and middle class in the process.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: GUEST,lox
Date: 28 Mar 07 - 04:34 PM

LH

Reading your posts is like watching a horse race. I feel like cheering when I get to the end.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Rapparee
Date: 28 Mar 07 - 05:52 PM

Nothing on it as news on Al Jazeera, AP, BBC, or CNN websites.

China, on the other hand, is going to diversify its US$1 trillion or more cash reserves. The first go-round is going to be US $220,000,000,000.

Ouch.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: GUEST,petr
Date: 28 Mar 07 - 07:06 PM

thats exactly what I mean LH, the US dollars has lost 1/2 its value,
but do you think Bush cares, theyre all laughing in the whitehouse because they know everyone else pays for oil in US $. Its a way of passing off their huge debt to everyone else.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Barry Finn
Date: 28 Mar 07 - 07:40 PM

And that is one of the reasons that we invaded Iraq. They were selling their oil off in non US currency & we needed to put a stop to it. Imagine that ingrate, Sad man!

Barry

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Donuel
Date: 28 Mar 07 - 08:05 PM

The oil companies can afford to use the US military to do their bidding.

The banks AND oil companies can afford our entire nuclear arsenal.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: McGrath of Harlow
Date: 28 Mar 07 - 08:08 PM

If you're being paid, you want to be paid in money that is likely to keep its value.

So why would they want to be paid in US dollars?

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: The Fooles Troupe
Date: 28 Mar 07 - 08:24 PM

Why would you want to be paid in the currency of a country that is planning to invade you?

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Donuel
Date: 28 Mar 07 - 08:46 PM

Petro dollars are US dollars. If we lose that status we lose billions* in interest almost daily.

I don't know how much, almost no one does, but to quote Mel Brooks, "ITs a shitload"

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Donuel
Date: 28 Mar 07 - 08:54 PM

The American Council on Foreign Policy is running commercials here in DC to tell people to call COngress and support a war with IRan.

I just saw it 1 minute ago.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Rapparee
Date: 28 Mar 07 - 08:59 PM

I got it! The US allows its currency to plunge until, like Germany in the 1920s, the devaluation becomes so great the the US can pay off its debts at ten cents or less on the dollar.

Then it issues new currency in New Dollars, pegged at, oh, say, 1000 Old Dollars to 1 New Dollar.

What a fantastic plan!

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: The Fooles Troupe
Date: 28 Mar 07 - 09:04 PM

"Petro dollars are US dollars. If we lose that status we lose billions* in interest almost daily. "

I seem to remember several 'Old Chinese Proverbs' about those who have much to lose needing to sit quietly lest others wake up...

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Wolfgang
Date: 29 Mar 07 - 05:35 AM

The American Council on Foreign Policy is running commercials here in DC to tell people to call COngress and support a war with IRan.

I just saw it 1 minute ago. (Donuel)

I can't know what you have seen, but there is no indication on the web that such an institution big enough to do commercials exist.

My guess at what you may mean is the National Committee on American Foreign Policy, but I can't be sure. However, I'm sure we all here would appreciate your checking your posts for accuracy. Too often you mix up facts and fantasies in your posts.

Wolfgang

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: dianavan
Date: 31 Mar 07 - 03:55 AM

What the current hellbent political leaders seem to ignore is the potential for continued and amplified economic and financial retribution and vengeance on the most vulnerable façade to the United States monolith, its faulty financial flank."

http://www.marketoracle.co.uk/Article586.html

Are we in for a new age hubris?

Somebody should tell Bush and Blair that they are looking pretty naked and vulnerable these days. Unfortunately, the more scared they become, the more dangerous they are.

Subject: RE: BS: Hang on - Iran refuses U.S. currency
From: Stringsinger
Date: 31 Mar 07 - 05:50 PM

Petroeuros scare the hell out of K street, Bushies and Washington. This fuels the invasion rhetoric.

If the US invades Iran, watch oil prices go through the roof.

China just someday might go with petroeuros instead of dollars. So might Central and South American countries.

The dollar is getting weaker every day we are beholden to the foreign countries that own US now. We export less finished goods than we ever have. We have little GDP economic base.We import so much now that we have no incentive to produce American goods. WTO has robbed our country of any home-grown products and as the American working class and the middle class goes belly up, we can expect a major downturn in American standard of living, more debts incurred through sub-prime borrowing of which will be defaulted, and the dollar less valuable on the world market. There are many countries in the world that wouldn't be unhappy to see this happen.

Frank Hamilton