Whatever happened to the Iranian Oil Bourse, and the fall of the dollar?

[muriel_volestrangler]

Many people (not just here on DU) said the Iranian Oil Bourse, which has now been running for just over a year, could be big trouble for the US dollar - even Iranian-run Press TV was pushing that angle. So, after a year, how has the dollar done, against the world's currencies?

http://quotes.ino.com/chart/?s=NYBOT_DX

Not too bad - flat for 5 months, and then a rise of about 18% in value. Does this mean that people are a little more sober about things now? For once, I haven't seen people renting their clothes that Russia has proposed selling Iranian oil on the St. Petersburg market.

[rockymountaindem]

1. People stopped rooting against Bush

so now there's no reason to hope for the collapse of the dollar, either here or elsewhere.

[FredStembottom]

3. Ouch!

...... but true.

[rockymountaindem]

5. Those were the bad old days

of people so clearly hoping for some kind of crowning failure for the Bush administration in terms of an economic collapse. Now that we finally have it, I wonder how the cheerleaders-for-failure feel.

[FredStembottom]

9. It's one thing to cheerlead for that......

..... but I have to balance that against a conviction I have held for more than 20 years.

That only the arrival of the severe failure that all this Conservative fairy-thinking promised from the beginning would end it.

It was just too good of a con! Vote Republican (and DINO) and live in America for free - in fact we'll send you checks in the mail! No responsibility. No consequences. Just eat Freedom Fries and fart.

Too good of a con.........

[NoPasaran]

2. Chicken Little has moved on to other problems

The sky falling has been set aside for another day.

[Malikshah]

4. It went the way of Dust soup, and learning to field-dress mice you catch in the

house.


Oh. Sorry.


We'rrrrrrreeeeeee Doooooooooooooooooooooooooooooooooooooooooommmmmmmmmmmmmmmmmmmmmmmmmmmmmeeeeeeeeeeeeeeeeedddddddddd!!!!!!!!!!!!!!!!!!

*rends clothes, ululates, wails, soils himself*

[Skink]

6. The price of oil has collapsed.

[stillcool]

7. maybe it needs more time?

The Kish Bourse was officially opened in a videoconference ceremony on February 17, 2008, despite last minute disruptions to the internet services to the gulf regions. Currently the Kish Bourse is only trading in oil-derived products, generally those used as feedstock for the plastics and pharmaceutical industries. However, officially published statements by Iranian oil minister Gholamhossein Nozari indicate that the second phase, to establish trading in crude oil directly, which has been suggested might one day perhaps create a "Caspian Crude" benchmark price analogous to Brent Crude or WTI will only be started after the Bourse has demonstrated a reasonable period of trouble-free running

[Winterblues]

8. The value of the dollar fell considerably under the Torture pResident

If you compare the dollars current standing with what it was when Bush* took office you will see a major cause of our current fiscal problems. This also gives us a new goal, to rebuild the dollar and regain the esteem of the USA. We are on the path to do just that, but things must first take place on the home front. We must rebuild America's confidence before we try and rebuild the world's confidence in our ability to Govern and manage our finances. Republicans will be fighting us at every step of the way but they have proved to the world and the very great Majority of Americans what they can do, and it hasn't been pretty. They have lost any and all credibility on virtually every single subject.

[dipsydoodle]

10. Regardless of the outcome

as far as I'm aware they don't accept payment for oil or bi-products in petro dollars allowing only other currency transactions instead. I suppose that may even include actual US dollars rather than the Micky Mouse form which requires recycling by reinvestment back in the USA. I think its just that their turnover isn't that high to have had much effect - they've only turned over the equivalent of US$1.5 billion in the first 6 months or so.
http://en.wikipedia.org/wiki/Iranian_Oil_Bourse