Iran to implement Petro dollar by March

[envy me]

I've read that by March, Iran will stop using the US dollar and implement the petro dollar.

This will wreak havoc on the US economy, and if you remember correctly just before we invaded Iraq, Saddam pulled a similar move (trading in Euro's instead of US dollars)

So if this does happen in March like they say, it should be interesting to see what type of excuse will be used to invade.

 

[sandorski]

The potential excuses have been in play for awhile. Now it's just a matter of ratcheting the rhetoric to whip up the war frenzy.

 

[Whoozyerdaddy]

WTH is a petro dollar?

 

[sandorski]

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

 

[TRUMPHENT]

It's an oil exchange market based on a currency. In this case the euro.
Good Linky

"In 2005-2006, The Tehran government has a developed a plan to begin competing with New York's NYMEX and London's IPE with respect to international oil trades - using a euro-denominated international oil-trading mechanism. This means that without some form of US intervention, the euro is going to establish a firm foothold in the international oil trade. Given U.S. debt levels and the stated neoconservative project for U.S. global domination, Tehran's objective constitutes an obvious encroachment on U.S. dollar supremacy in the international oil market"

 

[dahunan]

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Is what started the Iraq War

It is the way they can all get back at the US Dollar and fvck us up.. economically

 

[2Xtreme21]

"America must be allowed to continue its way of life."
- Donald Rumsfeld.

 

[dahunan]

http://www.google.com/search?hl=en&q=re...Iraq+war+eurodollar&btnG=Google+Search

 

[BaliBabyDoc]

IMHO, something dramatic has to happen to get this country to wake up with regards to 3 issues:
1) our abuse of oil
2) poor foreign policy
3) worse fiscal policy

Just like higher credit card payments, cuts in Medicare, and cuts in Medicaid . . . sometimes medicine tastes bad.

 

[Aimster]

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

N/m It is the Euro

 

[Aimster]

& how in the world is this going to wreck havox on the U.S economy?

Iran is not Japan/China.

 

[BaliBabyDoc]

Originally posted by: Aimster
& how in the world is this going to wreck havox on the U.S economy?

Iran is not Japan/China.

Assuming US fiscal policy remains suspect . . . buying oil in dollars would likely cost us more.

 

[Whoozyerdaddy]

Originally posted by: Aimster

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

N/m It is the Euro

Oh, ok... I knew about the Iraq/Euro thing. Just never heard it called a petro dollar before.

 

[LunarRay]

Oil dependent nations keep their dollar reserves with the US to insure a constant with regard to oil. Oil producers keep their dollar revenue with us because there are not too many viable alternatives. Well, they think that I guess.
Now comes a change to the Euro - assume a total change - the oil dependent nations pull out dollars and buy Euros and the Oil producers getting paid in Euros invest in Euro investments but who needs to borrow Euro money to fund their massive growth. Not the US but maybe China.
I figured it would occur anyway when the Euro got to 1.25usd. This is another twist but a neat one.
He who holds the money holds the world.

 

[judasmachine]

Originally posted by: sandorski
The potential excuses have been in play for awhile. Now it's just a matter of ratcheting the rhetoric to whip up the war frenzy.

I think the comic debacle has already done that. Some here on this very forum are foaming at the mouth.

 

[charrison]

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

 

[lozina]

Originally posted by: charrison

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

article

It does make a difference

 

[BaliBabyDoc]

Originally posted by: lozina

Originally posted by: charrison

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

article

It does make a difference

Interesting article but some of the analysis is a little soft.

 

[lozina]

Originally posted by: BaliBabyDoc

Originally posted by: lozina

Originally posted by: charrison

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

article

It does make a difference

Interesting article but some of the analysis is a little soft.

Quite a fast reader. takes me 4 minutes just to read one paragraph!

what do you mean though?

 

[LunarRay]

The Article attempts to sway by logical inference. Nice but the tactic is... well necessary because it can be argued each way with force.
We should, I think, look at what is visible and reasonable and what my reasonable eye sees is what this article tries to argue.
Why do nations save in dollars and would they if they bought oil in Euros. I don't think so. But! We'd fund our needs by borrowing Euros and turning them into dollars. Simple. We'd just be at the mercy of another group that could regulate the interest we paid but no matter we just increase our exports and all is well.

 

[ericlp]

If I were Iran, I'd cut the USA off of oil.

Just sell directly to China. We are making such progress making friends all over the world. Damn bush is stupid.... everytime that idiot opens up his mouth we sink lower and lower.

Sure glade we got people like LunarRay to solve all of our problems. Oh well, at least we still can get Iraq to pump out a 20billion gallons of oil every day this country consums.

 

[jpeyton]

I think you meant to say petro euro.

And the invasion will cut short Iran's plans.

 

[charrison]

Originally posted by: lozina

Originally posted by: charrison

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

article

It does make a difference

Your do realize the euro is a fiat currency like the dollar. Neither is back by gold. If gold is selling for $60/barrel it will sell at the same price in euros. OF course the euros are not really happen with iran, so i dont see this making much of a difference.

 

[jpeyton]

Originally posted by: charrison

Originally posted by: lozina

Originally posted by: charrison

Originally posted by: sandorski

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Good question.

Using euros instead of the dollars to sell oil. In the end it makes no difference what currency the oil is sold in. Exchange rates exist for a reason.

article

It does make a difference

Your do realize the euro is a fiat currency like the dollar. Neither is back by gold. If gold is selling for $60/barrel it will sell at the same price in euros. OF course the euros are not really happen with iran, so i dont see this making much of a difference.

Sure it does. When you favor one currency over another in the world market, its value goes up with respect to the other.

Countries that hold huge dollar reserves will stop hording our currency in favor of euros. Why deal with currency conversions that take a little off your bottom line?

Ultimately, this means more dollars on the open market, running up inflation and decreasing its value.

 

[bsobel]

Originally posted by: ericlp
If I were Iran, I'd cut the USA off of oil.

:roll: And how much Oil do you think we import from Iran?