Iran to implement Petro dollar by March

[compuwiz1]

Once again, the Iranians are delusional, if they think they are going to wreak havoc on our economy. BTW, that sounds like a threat to me. Didn't Saddam make threats too? I see he's no longer in power these days.

What is their oil worth, if we were not buying it? I think we're brazen enought to just say, fsck you guys, we're not buying your oil. Then what will they do, sell sand for hour glasses? :shocked:

Our dependency on Iran's oil is nowhere near what some of you may believe.

 

[ntdz]

Originally posted by: 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.

You made one of the stupidest posts in the history of ATPN. Iran hasn't sent a drop of oil to us since the hostage crisis 25 years ago...we have an embargo on them bright one. How exactly are they supposed to cut the USA off of oil if they don't send them any oil to begin with?

And then later in the post, you have the audacity to call Bush stupid and proceed to misspell "glad"...I have news for you, you're the idiot...

 

[LunarRay]

The article speaks to Iran's move to the Euro for ITS oil transactions with whomever it transacts with. It is a first step toward a movement of all OPEC moving in that direction. What Iran has in oil reserves is not all that much but the notion of the first step is what unsettles some.
The nexus between our possible invasion of Iran and Iranian economics regarding oil transactions just can't be considered viable. We exert way too much influence on the major oil reserve holders for Iranian actions to induce their cousins to do the same.. but it is a first step.

 

[jpeyton]

Originally posted by: ntdz

Originally posted by: 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.

You made one of the stupidest posts in the history of ATPN. Iran hasn't sent a drop of oil to us since the hostage crisis 25 years ago...we have an embargo on them bright one. How exactly are they supposed to cut the USA off of oil if they don't send them any oil to begin with?

And then later in the post, you have the audacity to call Bush stupid and proceed to misspell "glad"...I have news for you, you're the idiot...

Well, he is not a complete idiot. He should edit his post to say "Iran should stop selling to foreign subsidiaries of US oil companies".

 

[rahvin]

Originally posted by: jpeyton
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.

99% of the worlds nations don't "hoard" dollars to trade oil. They hoard them because they want to sell products to US consumers. Without the american consumer there is no world economy. A swift decline in the US dollar would send the world into the biggest recession it has ever seen. This is the primary reason why, when the Bush administration pursed a "soft dollar" policy, some of the world had a hissy fit. A number of nations (China and Japan included) were forced to buy vast pools of dollars to keep the value inflated. Iran trading Oil in euro's will have as much effect as Iraq doing it, none. Just like before, China, Japan and others will buy huge quantities of dollars and bonds to keep our dollar artificially inflated because their economies are 100% tied to our own. Without the trade deficet both countries enjoy with the US their economies would collapse.

Through this action Iran might buy up enough EURO's though to severely inflate the EURO which will boost American Exports massively (unless Europe violates the WTO and impliments tariffs) and improve the US economy while severely harming the European economy.

 

[Stunt]

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Canadian Dollar soon enough.

 

[Ozoned]

Originally posted by: Stunt

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Canadian Dollar soon enough.

Worthless????

 

[zephyrprime]

Originally posted by: jpeyton

Originally posted by: charrisonYour 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.

Exactly. It's a matter of supply and demand. If the petro euro becomes popular, the demand for the dollar will fall and the US will be less able to simply print money to finance our spending. Of course, one of the the whole reason the euro was invented was to challege the dollar's supremecy as a reserve currency.

 

[kage69]

BTW, that sounds like a threat to me. Didn't Saddam make threats too? I see he's no longer in power these days.

3 words: Kim Jong Il.

 

[Stunt]

Originally posted by: Ozoned

Originally posted by: Stunt

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Canadian Dollar soon enough.

Worthless????

Take a look at how much the Canadian dollar has run up against the American.

My dad's investments in the US have done very well but taking into account exchange he has actually lost money.

Given the way oil is headed (tied to our currency), and the way the US deficits are (tied to your currency), many Canadian investors are hesitant to put money in the US.

 

[Engineer]

Originally posted by: Stunt

Originally posted by: Ozoned

Originally posted by: Stunt

Originally posted by: Whoozyerdaddy
WTH is a petro dollar?

Canadian Dollar soon enough.

Worthless????

Take a look at how much the Canadian dollar has run up against the American.

My dad's investments in the US have done very well but taking into account exchange he has actually lost money.

Given the way oil is headed (tied to our currency), and the way the US deficits are (tied to your currency), many Canadian investors are hesitant to put money in the US.

Judging by the growth of the indexes of the US markets, I would dare say that the US people are hesitant to put money into the US!