I've blogged a bunch about the petrodollar--don't know what that is? In a nutshell, it's kind of a nickname for dollars used to buy oil from OPEC countries. A lot of folks don't know that the only way to get oil from OPEC member nations is by using USD. What happens if you don't have USD? You have to buy it. Read more about petrodollars here: http://en.wikipedia.org/…etrodollar
What does this have to do with Iran? Well, for a couple years now (see my first post on it here: http://thepete.com/…vade-iran/ ) Iran has been trying to get it's own oil bourse going. What's a bourse? Just a fancy-shmancy word for a commodities exchange. In this case, the commodity would be oil. Well, Iran has had a bit of trouble getting their bourse off the ground but they finally pulled it off on February 17, 2008--yep, just a couple of months back. Guess what currency they're selling oil with.
It ain't dollars.
And now, according to the above-screencapped April 6, 2008 article from AP.org (available here: http://biz.yahoo.com/…_opec.html ), Iran wants other OPEC nations to bail on the dollar, too. From the article:
"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.""
Sure, other OPEC nations don't support the change, but Iran isn't the first nation to stop trading oil with dollars--Venezuela doesn't.
Why am I so sure that Iran will be invaded because they don't want to sell oil with USD? Well, remember Saddam? He swapped out the dollar for the euro.
Yeeeah.
Middle East oil, not traded with the USD?
Good luck with that Iran.
Read more about that bourse here: http://en.wikipedia.org/…Oil_Bourse
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