[ninty]

The Iranians are setting up an Oil Bourse whereby oil will be sold in Euros instead of US dollars. It is possible that this will add to the collapse of the dollar

They were supposed to do this back in March, but they delayed it for some reason. There was essentially a media blackout on the issue, but I think some stations are picking it up now.

[quote:f3543]But if one day the world's largest oil producers allowed, or worse demanded, euros for their barrels, “it would be the financial equivalent of a nuclear strike,” said A.G. Edwards commodities analyst Bill O'Grady.[/quote:f3543]

http://www.theglobeandmail.com/servlet/ ... iness/home

As a result of this, there are some interesting articles. For example, conservative Jerome Corsi:

http://worldnetdaily.com/news/article.a ... E_ID=50100

[quote:f3543]“If Iran wants also to seriously threaten the dollar's position as a dominant foreign reserve currency, a war becomes almost certain. The Iranian oil bourse may never be mentioned by U.S. policymakers as a official reason the United States decides to go to war with Iran, but it may end up being the straw that broke the camel's back.”[/quote:f3543]

The bourse has not opened yet, however I have head anywhere from a few days to a few months from now.

It is important for the US economy to continue selling oil in dollars because this creates demand for the dollar. With the huge trade and budget deficit the US has accumulated, without this demand for the dollar, the currency would likley collapse.

Gold and other metals have risen to new highs. Gold reached $700 an ounce, the highest since 1980.

[Simo Häyhä]

hmmm these are dark days we live in

[Simo Häyhä]

the rebuttle to the argument:
[quote:34758]For starters, Iran is not a very attractive site for a market, given the volatile nature of its politics, the U.S. sanctions against it and the lack of a fair legal system. Moreover, there is no indication that the European Union is interested in vying to become the world's central bank, which requires a willingness to run large currency deficits, he said[/quote:34758]