US, Europe Consider Crippling Worldwide Bank Penalty Against Iran, Though Costs Could Be High

[Purveyor]

By Associated Press,

WASHINGTON — The United States and Europe are considering unprecedented punishment against Iran that could immediately cripple the country’s financial lifeline. But it’s an extreme option in the banking world that would come with its own costs.

The Obama administration wants Iran evicted from SWIFT, an independent financial clearinghouse that is crucial to the country’s overseas oil sales. That would leapfrog the current slow-pressure campaign of sanctions aimed at persuading Iran to drop what the U.S. and its allies contend is a drive toward developing and building nuclear weapons. It also perhaps would buy time for the U.S. to persuade Israel not to launch a pre-emptive military strike on Iran this spring.

The last-resort financial effort suggests the U.S. and Europe are grasping for ways to show immediate results because economic sanctions have so far failed to force Iran back to nuclear talks

But such a penalty could send oil prices soaring when many of the world’s economies are still frail. It also could hurt ordinary Iranians and undercut the reputation of SWIFT, a banking hub used by virtually every nation and corporation around the world. The organization’s full name is the Society for Worldwide Interbank Financial Telecommunications.

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http://www.washingtonpost.com/business/looking-for-fast-action-to-avert-israeli-strike-us-europe-consider-risky-iran-bank-penalty/2012/02/14/gIQA9aVrDR_story.html

[dipsydoodle]

1. Bring it on

$10 a gallon might do you some good.

Lot to be said for bicycles.

[Bad_Ronald]

2. And this will persuade Iran not to develop nukes?

Or, maybe make them more determined than ever to stick it to us? All of these measures are counter-productive, and seem more likely to produce the result they're trying to prevent...a nuclear armed Iranian state.

Perhaps for an encore we can officially remove Iran from the White House Christmas card list. That'll really teach 'em.

[earthside]

3. Soaring gasoline prices AND war.

Boy, it sure looks like the Obama administration is pursuing a winning foreign policy approach here .... (sarcasm).

How can the elites in power in Washington and Europe not comprehend that this constant threatening of Iran is driving us all down the road to a Middle East holocaust and a worldwide economic depression?

It's almost as if they want Iran to finally defend itself in some sort of reciprocal way ... so they can justify a military attack on Tehran.

And remember, Israel has illegal nuclear weapons. In a major war we could actually see mushroom clouds blooming in Iran ... what would that lead to?

[teddy51]

4. And Israel would be the first to use Nukes under a deluded Netanyahu I believe. Just

to add; They don't get any crazier than that F***wad.

[dipsydoodle]

5. Great way to lose an election

[lastlib]

6. Irradiated Iranians?

(answer to your last question)

A glow-in-the-dark Ahmadinejad action figure?

Fried Ayatollah under glass?

[fascisthunter]

7. all because of oil