War Drums Going to Pound Louder?

[babylonsister]

http://www.afterdowningstreet.org/node/32525

War Drums Going to Pound Louder?
Submitted by davidswanson on Sun, 2008-04-06 21:09.


Iran to OPEC: Stop Oil Sales in Dollars
Iranian President Urges OPEC to Form Joint Bank, Stop Pricing Oil Trades in US Dollars

TEHRAN, Iran (AP) -- Iranian President Mahmoud Ahmadinejad is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars.

According to the Iranian government's Web site, Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel "should establish a joint bank as well as having joint currency."

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves.

Iran has repeatedly urged OPEC members to shift sales away from dollar. But Iran's proposal to trade oil in a basket of currencies is not supported by enough OPEC members, which include staunch U.S. allies such as leading producer Saudi Arabia.

[gateley]

1. Even Saudi Arabia

isn't going to mess with dollars for much longer (my opinion).

The walls come tumbling down.

Thanks as always, babylonsister! :yourock:

[Selatius]

2. The value of the Dollar would drop through the floor if OPEC nations dumped their dollars.

The US economy would suffer as the price of imports grows at staggering rates due to decreased value. Also, the US government would have a harder time selling more Treasury bonds if the demand that was once there disappears. It would either have to cut spending or raise taxes.

[Subdivisions]

3. He's just begging for it, isn't he?

I mean, when your country is surrounded by the most powerful military hardware in the world and you're still willing to poke an administration bent on oil empire in the eye, aren't you just asking for it?

Don't let this be misconstrued. I do not want to see it happen and I think Iran has the right to do whatever the heck it wants to do. It's not their fault the Dollar is headed for the dumper.

[Thickasabrick]

4. The pukes have to bomb Iran before January - they see the

writing on the wall. This is their last chance.