Iran's oil exchange to trade oil for euros, not dollars

[lovuian]

http://english.pravda.ru/world/asia/14-05-2006/80261-iran_oil-0

On the 5th of May Iran registered its Oil Exchange, which will become the fifth Stock Exchange of its kind in the world. Other exchanges operate in New York, London, Singapore and Tokyo. Which exact companies will be allowed to trade at this Exchange is, like the official opening, still unknown. Yet the Iranian Exchange will be unique, as all trading will be conducted in Euros. On the already functioning Stock Exchanges business is conducted in dollars and, because of this, the specific term ‘petrodollars’ came into use. If the Iranian Petroleum Exchange allows the major oil companies to trade on its floor then the dollar seriously risks losing its position in the world market. This is a possibility that many experts already consider very plausible.




snip...

Will the situation change on the World Oil Market? How will the opening of the Oil Exchange affect the rate of the dollar?

The present happenings in the Oil Market are already well known – the price of oil will continue to grow. But what changes will occur with the creation of the new Exchange? From now on will all the oil have to be purchased from the Iranian Exchange? With the opening of the new exchange neither the price of milk will rise nor will it decrease in quantity. This is a fully political gesture on the part of Iran.

As concerns the introduction of trading with the euro, this corresponds perfectly with the present direction of the world economy: the dollar falls and the euro gets stronger.

If we compare the presumed turnover of the Iranian Exchange and the full turnover of the economy of the USA we will see that the same mistakes are still being made. The dollar will continue to fall while the price continues to grow on oil. The growth will continue as long as American pursues its present political agenda. The USA of course has its dividends - to raise the competitiveness of its own goods
more...
Now the collapsing doallar makes sense!!!

[zonmoy]

1. anybody else doubt that this is the real

reason for bush and co wanting to invade them so badly

[still_one]

2. that is one of the reasons they believe iraq was invaded

though I still believe this is all about PNAC, and very little to do with the dollar

[katty]

6. one of the big reasons

[katty]

7. stop bush&co financially-the real weapon

[bigbrother05]

3. If it doesn't take dollars to buy what you need

there won't be any reason to keep any around or feel compelled to prop up their value. Why would China care anymore about buying into the US market. The dollar is going down against the euro, the only upside is that our stuff is a better value in the EU now. That would be great if we hadn't exported our manufacturing jobs and the profits were helping out the overall economy, not just the "ownership" society. Now we know what that means, they "own" our society and we should just get used to it. Dante himself would be pressed to invent the appropriate levels of hell for these jackals.

[lovuian]

4. I think this is the real WMD that Iran has

:nuke: the dollar...Yes America we are economically under attack...

[cliss]

5. Our bombs won't save us.

The use of force is simply an action to take when everything else has failed. I know the folks in Washington believe it will protect them from any and all threats. If we pull out the nukes, that will settle the dispute.

The believe the road to success is paved with weapons and armaments.

History has had some experience with people like this. They are part of the 'colossal failures' category.