Iranian Oil Bourse Set to Open (1 Viewer)

[danarhea]

One of the biggest stories of the year, and of the decade too, ignored by the major mediawhores, is the opening of the Iranian oil bourse, which is going to have 2 effects.

1) This is going to make Iran a major player in regional oil economics.

2) More importantly, oil is to be traded in Euros.

This is a direct assault on the dollar by Iran, and it appears that this could very well be successful, triggering a major recession here in the US, as the value of the dollar makes a precipitous decline. China and Russia both are major players in the bourse, having committed to do business with Iran, using the Euro as the currency oil in the region is to be pegged to. China has already partially jumped ship on the dollar, now using a basket of currencies, and by using the Euro, has managed to save 2% on its oil imports, which is significant.

Any attack on Iran could very well not only cause a crisis in oil markets, but a crisis with China as well.

The articles I have posted are dated, but explain what the bourse is. This is no conspiracy theory, but is now opening.

Announcement article is here.

Article on the politics of the borse is here.

We go to war against Iran at our own peril. Not only will we truly have the world against us if we do, but economically speaking, we will have committed suicide.

 

[Volker]

1) This is going to make Iran a major player in regional oil economics.

Iran still is a major player in regional oil economics and in natural gas economics, too.

2) More importantly, oil is to be traded in Euros.

Iran buys a lot of goods in Europe. To sell oil in Dollar, transfer it in Euro and buy goods is like paying an extra tax to United States. This can be avoided by buying and selling in the same currency.

 

[Volker]

Ok, if there are exchanges with US dollar and there probably will be one with Euro, what is with the ruble?

Well, Mr. Putin proposes a ruble-dominated gas and oil exchange in Russia.

http://en.rian.ru/russia/20060510/47915635.html

 

[zymurgy]

This cloud has a definite silver lining however.


We as a nation will never achieve conservative policy again as long as the goverment can print as much new money as they want and spend without limits. The fiat monetary policy and the oil trade exclusively in dollars is the catalyst that allows the fed to do so.

 

[Volker]

This cloud has a definite silver lining however.

Yes, there could be positive effects to lower inflation, too.