Iran conducts all crude trade in euro, yen - link

[negativenihil]

Source: Reuters

TEHRAN, April 30 (Reuters) - Iran, the world's fourth-largest oil producer, is conducting all its crude trading in euro and yen, instead of the U.S. dollar, an Iranian official was quoted as saying on Wednesday.

Iran has been reducing its exposure to the dollar as the United States has ratcheted up sanctions because of a dispute over Tehran's nuclear programme. In December, an official said 90 percent of its oil export earnings were outside the dollar.

"All of Iran's oil trading is being done with euro and yen," Hojjatollah Ghanimifard, international affairs director of the National Iranian Oil Company, told Fars News Agency.

Read more: http://www.reuters.com/article/oilRpt/idUSBLA02024820080430

---

"I've got a bad feeling about this... " - Han Solo

[dipsydoodle]

1. least I could do was recommend it

.

[negativenihil]

2. thank you :) n/t

[havocmom]

3. Now, watch this drive... to drop bombs on Iran

Not about the nuke power plants, not about ideology, ALWAYS about the $$ when cheney is involved. Everything else is just marketing for his war agenda.

[AllexxisF1]

4. Here we go.

Expect OPEC and Other countries to begin their ONGOING ratcheting exposure to U.S. dollars.


This is without a doubt a severe blow to America period, and you can blame Bushy for it.

[Skink]

5. Cheney quitely summons the hunting party.

:nuke:

[dipsydoodle]

6. Don't be cynical

Having ramped up the war situation the USA couldn't possibly still be buying Iran's oil - could it ?:sarcasm:

[Pierre.Suave]

15. I have to answer this even though it is from my iPhone...

no, we do not buy oil from Iran, however Iran sells oil on the world market which is where we buy our oil, therefore, Iran influences the price we pay for a barrel of oil.

[Systematic Chaos]

7. Off to the greatest with ye!

:kick:

[jimmil]

8. I was wondering when this was going to happen.

I had read that the change to the Euro would occur last year around May. This is REALLY a very big deal if it catches on. The US made billions on foreign exchange of money because oil was traded in dollars. If all countries begin to do the same it will be several nails in the coffin of the US dollar.

[Javaman]

9. Bombs away! nt

[raystorm7]

25. Its on NOw! America cannot allow Iran to dismiss made for scrap dollars!

[PassingFair]

10. Economic Terrorism...

time to nuke.

:sarcasm:

:scared:

[Lerkfish]

11. signal for us to invade, that is, youngling.

The Dark Side of the Farce must you avoid

[Hydra]

12. Petrodollar era is over

It won't matter now how many people we kill- it won't force people to use our dollars to buy oil anymore.

[tsdraegeth]

13. .

Yes it will. Once we own Iran as well as Iraq, and refuse to accept anything but dollars for our oil, we can continue on our merry way with debt financing.

*Edited to add "for our oil"

[Hydra]

28. I would normally agree with you

But two problems with that:

1. Iran and Iraq are not the only sources of oil on the planet
2. China is likely to be upset with us if we attack Iran and shut off their gas pump there.

Honestly, I'm surprised we got away with the petrodollar scam as long as we did.

Btw, Welcome to DU.

[dysfunctional press]

30. how will we ever "own iran" ??

unlike iraq, they have a real military, with real weapons.

[bronxiteforever]

64. Agree and importantly they have REAL Allies=China and Russia. American

solo runs to Iran will be opposed by both countries

[MilesColtrane]

50. We won't be owning Iran anytime soon.

It's going on 5 years now, and we still don't own Iraq, or Afghanistan for that matter.
We may have our puppet governments in those countries, but they would be tossed the instant we pull our troops out.

The insane neo-con notion is that bombing Iran will cause the people to rise up and topple the mullahs, which isn't going to happen.

If anything, despots get stronger after a country is threatened. We have to look no further than 9/11 for that lesson.

In the end, all bombing Iran will accomplish is large scale death and misery, the galvanization of the remaining moderate middle eastern countries against America, and possibly the launching of World War III if Russia or China decide that they want to play too.

[4_TN_TITANS]

63. Disagree....

Iran is not the sanction-starved horse that Iraq was. Plus, they have friends. Our disfunctional leaders might attack Iran, but we would fall much shorter of owning them than we own the situation in Iraq.

[Indenturedebtor]

14. We're screwed

Play with fire... But that's ok, our benevolent masters will care for us in the coming dark time :sarcasm:

[KansDem]

36. "our benevolent masters will care for us "

You mean the same "benevolent masters" who moved their world headquarters to UAE? The same "benevolent masters" who bought 100,000 acres in Paraguay? Those "benevolent masters?"

It looks like our "benevolent masters" are gettin' out while the gettin's good!

[krispos42]

16. Well, we're going to attack Iran now

Yippe.

Maybe Bush's plan to get us out of Iraq is for the Iranian Army to push us back into the Persian Gulf?

[lutherj]

17. Time to drop the Democracy Bomb. n/t

[mckeown1128]

18. War with Iran will be starting in 5...4...3...2...

Seriously we just so happen to have two aircraft carrier fleets in the persian gulf...


I am predicting an Iranian "incident."

[Pachamama]

19. The REAL reason we assaulted Iraq and will now assault Iran!!!

Yep, all the Weapons of Mass Destruction/Nukes is all just a distraction and fear....

The second aircraft carrier is on its way to the Persian Gulf and it looks like this administration is ready to launch another "product campaign" either prior to August or after....

Sigh....I've got a bad feeling about this too.... :eyes:

[Dukkha]

20. wouldn't you considering the downward spiral of the USD

Same reason Nintendo corp ships the majority of their Wii consoles to Euro markets and they're in scarce supply here in the US

[dixiegrrrrl]

21. Help me out here, pls...

Where did I read that he real reason of invading Iraq was
that SHussain was threatening to switch to Euros???

So Iran just signed its own death warrant, obviously.

[tsdraegeth]

22. death warrant?

Not necessarily. They are a much stronger country than Iraq, and we are already overextended. That is why the chimp cabal is planning on airstrikes only, but airstrikes only might not work.

[ShortnFiery]

26. Air strikes to Iran would serve to "Open up the Gates of Terroristic Hell."

IraN is not IraQ. They have networks and well trained operatives all over the f**king World.

We're not talking "little league" pockets of homeless men in Florida - but highly sophisticated intelligence networks.

Our bombing of Iran will truly OPEN UP THE GATES OF HELL within the Middle East Theater. :nuke:

Destruction. Murder. Vengeance.

Wash. Rinse. Repeat.

[Skink]

38. Not to paranoid

:scared:

[IndependentDem]

27. i remember hearing the same thing...

i just don't remember where it was.. maybe part of the PBS special on Bush's war???

[dipsydoodle]

34. Iraq had already previously switched to oil for Euros years before

which cost Saddama huge bundle - it's called cutting your nose to spite your face. Then the Euro gained strength and in return Saddam made a huge windfall which more than offset the original loss. Meanwhile back at the ranch - that had meant that any Iraqi oil bought by the USA needed to be paid for in real money and not fiat petrodollars which by definition of agreed use can only be invested back in the USA.

Yes that is conceived as being one of the primnary reasons for the invasion of Irag.

Now , if the USA wants or needs to buy Iranian oil ,they will need to buy Euros to do so at whatever is the current commercial exchange rate - not a lot as I write and likely now to strengthen the Euro further.

[WCGreen]

46. It's true....

[MilesColtrane]

51. Iraq didn't just threaten to do that.

It stopped selling it's oil in dollars in 2000.

BushCo™ considered that move a de facto declaration of war, and will with Iran.

[harmonicon]

23. this is old news

They announced plans to do this months ago.

[ShortnFiery]

24. It's coming to fruition NOW ... and our Rulers are not happy about it ... time to whip up the FEAR

and WARMONGERING rhetoric.

May it NOT WORK this time.

Oh please, make them stop?!?

[LSK]

33. years ago actually

[cambie]

29. Iraq was attacked because

they really did have a weapon that could cause mass destruction of the US. They changed oil sales to Euro in November 2000. The Shock and Awe television show happened to them as an advertisement to others on the advantage of staying with the Dollar.

[dysfunctional press]

31. could a deal have been made to let china have taiwan in exchange for us attacking iran...?

without having to worry about china coming to it's aid?

[MilesColtrane]

52. I'm not sure it would be to China's advantage to try to take on the US over Iran.

If they did, it would be an economic move, not a miltary one.

Russia, on the other hand....:yoiks:

[rateyes]

32. Uh oh. This is a big problem created, yet again, by the Bush administration.

Way to go, Georgie Boy.

[defendandprotect]

35. What took them so long --- ???

However, another excuse for the criminals in the WH to attack Iran ---

[formercia]

37. Oh, it's one, two, three, what are we fighting for?

Don't ask me, I don't give a damn.

next step is bomb Iran.

[futureliveshere]

39. Oh Shit.. Guess which was the last MAJOR Oil nation to do this.. Yup - IRAQ

No wonder Hillary and the rest are rattling their sabres more loudly now.

[ayeshahaqqiqa]

40. the fears of the neocons are realized

I thought one reason for the whole Middle East disaster was to keep countries from abandoning the dollar. How long before the Saudis decide it isn't worth shoring it up any more?

[indimuse]

41. This is exactly what Saddam said he was going to do...

here we go...


Thanks for the post! K&R!

[mcollier]

43. Hillary joins in song with McCain...

Bomb bomb bomb bomb bomb Iran...

Im Kidding...!!!???

[lovuian]

42. this is why we really will bomb Iran

they are not falling in line like the Saudis

[cyberpj]

44. AND THE ANSWER IS....... "Hostile" Iran Sparks U.S. Attack Plan - read here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3290374&mesg_id=3290374

[indepat]

45. Iran might be careful lest they really piss off a superpower already with a hard on, just itching to

teach someone a lesson, and having the balls and moxie not to be too concerned with such niceties as diplomacy, international law, and goodwill among nations. :D

[pleah]

47. So this is why they want to bomb the hell out of them.

[jtrockville]

48. Anyone think this will be interpreted as a declaration of war?

[dixiegrrrrl]

49. Y'all are having very weird and paranoid thoughts..

which is the only way to think in this nightmare without end....

Here's another one...

Since the Ne-Cons have alienated almost every country
and trashed our dollar
and given those who bought our debt power over us...
it makes perfect sense that those alienated countries
( like, 3/4 of the planet by now )
would sink us economically by ignoring our dollars.

We go belly up, no more money to pay for war, no economy,
and the world cheerfully chugs along, skirting the USA
like week old road kill.

is there a DU smilie for blow back? Oughta be one....

:yoiks:

[MilesColtrane]

53. But, the thugs in power are just mean and nasty enough to counter economic warfare...

With real warfare.

They may not have the capacity to invade and occupy the whole world, but they can sure as hell turn a few countries into flat, glowing, glass, and they don't seem to have the least bit of problem with doing it either.

[cliss]

54. Outcome - > not good for the U.S.

Iran is a powerful member of OPEC. As Saudi oil starts to flatten out, Iran will continue to grow in importance and influence.

The other countries are obviously still accepting Petrodollars as payment. But with Iran abandoning the dollar, it puts tremendous pressure on the other OPEC countries. They are all experiencing horrendous inflation due to the dwindling dollar. As the US dollar swirls in the toilet, these countries look at their bank balance, and it keeps going down down down every day.

At some point, they are going to follow Iran's lead.

[hunter]

55. The rats are chewing off the toes of the mean old drunk.

This is one of the more disturbing parts of the movie.

[ohio2007]

56. So far there is only one country that has dropped the dollar in favor of the Euro

No arab OPEC country following the Persian lead in this one.

[bluesmail]

57. Iran took the carpet of bombs over carpet of gold, so it seems.

WW111 is peeking out around the next corner

[earth mom]

58. Here comes 911.5 as a way to justify war with Iran!

:nuke:



:scared:

[Ilsa]

59. Here's an old link to CNN from 2000 about IRaq getting U.N. approval for Euro trading:

http://archives.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/

[dipsydoodle]

62. Cost to Iraq of at least $270 million

by doing the switch was subsequently dwarfed by the windfall profits dreived from the substantial rise in the value of the Euro. So what he did out of apparent spite turned out ok anyway - funny old world :)

According to post #15 the USA don't buy Iranian oil anyway which presumably means it must all go to the EU, India and China wherever and so payment in Euros ain't much of an issue. But that also means that the total value of their oil sales don't need to be re-invested back inside the USA. Life's a bitch................

Thanks for your link to the past - sometimes those are hard to find.

[cyberpj]

65. I may have missed it but I didn't hear a thing about this on my news last night. nt

[nebula]

60. Doesn't Iran know they are inviting a US invasion?

unless they have some sort of mutual defense pact with China or Russia,
they must realize this move would likely lead to a full-scale war with the US.

[Freedom Train]

61. So the petrodollar scam is finally being brought to an end

Now we need to fight with all we have to keep the scum-in-charge from attacking Iran. And if God forbid it would happen, we should bring our own government down by force. The armed forces would probably join ranks with us to point their guns at Bushco at that point.