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Sunday, March 18, 2012

Iran presses ahead with dollar attack

Could this mean that war with Iran is virtually guaranteed? The dollar is really a petro dollar and its value is tied to the price of oil but only so long as oil trades in dollars. Once oil starts to trade in any currency other than dollars and in significant quantities, the dollar could easily end its domination as the world's reserve currency.  Translation:  the dollar would be toast and America would be just another banana boat republic with mountains of debt.   Iran is a major oil exporter.
Last week, the Tehran Times noted that the Iranian oil bourse will start trading oil in currencies other than the dollar from March 20. This long-planned move is part of President Mahmoud Ahmadinejad’s vision of economic war with the west. “The dispute over Iran’s nuclear programme is nothing more than a convenient excuse for the US to use threats to protect the 'reserve currency’ status of the dollar,” the newspaper, which calls itself the voice of the Islamic Revolution, said.
Read the rest here
The Telegraph 

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