Reply #76: Will Iran’s oil kill the U.S. dollar?

[54anickel]

http://www.aljazeera.com/cgi-bin/review/article_full_story.asp?service_ID=9752

Speculations have begun regarding whether the proposed March 2006 launch of the Iranian oil bourse (IOB), will become the catalyst for a significant blow to the position of the U.S. dollar?

Iran is about to begin pricing its oil in euros. Unfortunately, just about everyone would benefit--except the United States- Without some form of U.S. intervention, the euro is going to establish a firm foothold in the international oil trade.

The U.S. dollar has been the strongest currency of the world for more than half a century, with about 70% of percent of all currency reserves in American dollars.

This could be a logical explanation for why the Islamic republic would be the U.S.’s next target.

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