Iran poses threat to dominance of the US dollar

[lovuian]

http://english.pravda.ru/world/asia/77628-0/
This week in the world of economics began with the opening of the international oil exchange in Iran. The intrigue of the situation is accentuated by the fact that trading will take place in the European currency. This in itself is setting a precedent: in modern history oil has been quoted exclusively in dollars.



Alarmists and antiglobalists from all countries have rushed to describe this as yet another sentence against the hegemony of the dollar and the USA. It can not be ruled out that this idea is what is motivating the Iranian authorities. At the height of tension in relations between the USA and Iran the latter’s move looks like a blow to the economic power of its enemy.

This cannot be deemed a weak blow – Iran has a share of at least 4% of worldwide oil production. Moreover, it has been declared that the format of the exchange will meet international norms: the question now is: which other of the Persian Gulf states will support Iran?

“The situation there will depend on the extent to which other countries and regions will want to convert from the dollar to the euro,” the analyst of IK ‘FINAM” Olga Belenkaya told Pravda.Ru. “It is not a fact that Saudi Arabia will want to convert to the euro. If this is just something inside Iran, which will be selling oil in euros, then it is not very dangerous, because all the same its share in oil production is not that great.”

Analysts are for the moment being cautious in their predictions – everyone is advising to wait and see how this week at least will turn out. The dollar has slipped somewhat in world markets, but experts tend to think that this small fall was caused by the events of last week
more...
A interesting article about the future Iranian Bourse...

[katty]

1. another good one-i read so much on this

[muriel_volestrangler]

2. Iran denies reports it will open euro oil exchange

TEHRAN, March 20 (RIA Novosti) - Iran denied Monday media reports that it was to open a euro-based oil exchange.

"We have no information on opening an oil exchange in the free economic zone on Kish Island ," a spokesman for the Iranian Oil Ministry told RIA Novosti.

He said the ministry would have had been informed if the exchange had opened.

The spokesman said the exact date of the oil exchange opening on Kish Island was still unknown.

http://en.rian.ru/world/20060320/44575239.html

[lovuian]

3. Now thats interesting???

still unknown???

[ThomWV]

4. Do You Remember When The Texas Railroad Commission

ceased to control oil production in the US? Well, this switch to the Euro from the dollar is an event of equal importance.

[Roland99]

5. Check out this statement from Rep. Ron Paul >>>>>>>>>>>>>>>

The End of Dollar Hegemony
http://www.house.gov/paul/congrec/congrec2006/cr021506.htm


Too long to post any snippets. Wouldn't do it justice.