Tuesday, July 17, 2007

Nuclear Weapons My Ass


Today's headline "Iran to maximize oil income in non-U.S. currency" is a straightforward explanation of why the war drums are beating toward Iran, which has the courage to advance its own economic interests, but upsets the pyramid scheme that the Federal Reserve set up since Nixon took the United States off the gold standard (for more on this topic, see post below entitled "New Money, Old Money").

Hojjatollah Ghanimifard, international affairs director of the state-owned National Iranian Oil Company (NIOC), confirmed that Tehran has asked customers in Japan to pay for their crude oil in yen instead of dollars.

NIOC is now asking customers in Japan -- all of whom previously bought Iranian oil in dollars -- to open letters of credit in yen, the official said. The state oil company will also issue its invoices in the Japanese currency.

After Japan makes the switch, more than 70 percent of the Islamic Republic's oil revenue will be in currencies other than the dollar, said Ghanimifard.


Iran, OPEC's second biggest producer, exports around 2.3 million barrels per day (bpd) of crude, with up to 65 percent of that volume moving into Asia.

***

Iran gives one of America's biggest creditor nations, Japan, an incentive not to hold dollars in its reserves and our media pretend that this is a dispute about nuclear weapons.

11 Comments:

At 10:38 AM, July 18, 2007 , Blogger skip sievert said...

Globalism must maintain the feed back system of the dollar hegemony to keep functioning.

A meltdown is in the offing. Why that is going to happen is the subject of lots and lots of reasons and motivations, but suffice it to say that the dollar will be the last currency standing.
When it goes, the others will have gone.
We are rapidly destroying our resource base in North America by shipping our resources into the Global feedback system.
That is all done in an effort to make profit.
This system will defeat itself, as it does not measure anything 'real' but measures 'value' in debt tokens or money.
Very big trouble on the horizon.

 
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