More bad news for the dollar, fast becoming worthless, Iran says Japan must pay in yen for oil

[Herman Munster]

http://www.bloomberg.com/apps/news?pid=20670001&refer=worldwide&sid=aLaColVYu5LA

July 13 (Bloomberg) -- Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, after Iran's central bank said it is reducing holdings of the U.S. dollar.

Iran wants yen-based transactions ``for any/all of your forthcoming Iranian crude oil liftings,'' according to a letter sent to Japanese refiners that was signed by Ali A. Arshi, general manager of crude oil marketing and exports in Tehran at the National Iranian Oil Co. The request is for all shipments ``effective immediately,'' according to the letter, dated July 10 and obtained by Bloomberg News.

The yen rose on speculation for an increase in demand for the currency, the result of Japan's annual 1.24 trillion yen ($10.1 billion) of oil imports from Iran. Central bankers in Venezuela, Indonesia and the United Arab Emirates have said they will invest less of their reserves in dollar assets because of the weakening currency.

``What else can Japan do but to accept the request, once the oil producer sent its wish?'' said Hirofumi Kawachi, an analyst at Mizuho Investors Securities Co. in Tokyo. ``The tensions between the U.S. and Iran are escalating, and it's Iran's measure to hedge risk.''

[Tarheel_Dem]

1. Uh-Oh....

Didn't Saddam threaten to start trading in Euros before his SOVEREIGN nation was invaded?

[Decruiter]

2. Deep shit, here we go..................... n/t

[tom_paine]

4. Yes, the chatter indicates a high possibility the Bushies are going to nuclear 9/11 us

(God Forbid but I believe them easily apable of giving the orders if they feel they are backed into a corner and simply HAVE to get the Iran Nuclear Air Strikes started ASAP)

They can't have the Iran Nuclear Air Strike without a REALLY GOOD EXCUSE and something to reterrorize the American People into fearful submission.

Add in the terrorsist Bushie chatter about Executive Order 51, in which Bushler becomes the entire government (de facto) after a nuclear 9/11 (God Forbid), Chertoff's "gut feelings" and a couple other items that excape me indicate it's almost time for the Bushies to hit us again probably using their al-Qaeda pals.

they are running out of options, the law however slowly, is closing in, but most importantly, they acnnot nuke Iran without setting off a nuke (or a diry bomb) here first.

I don't like the chatter I hear coming from the Imperial Family and their Bushevik Minions.

I think it very possible, even probable, that the Busheviks are getting ready to hit America again.

[cassiepriam]

5. bingo. Here we go again.

[madrchsod]

3. what is japan going to do

with it`s hundreds of billions of dollars? japan` currency and trade intertwined with the usa any pressure iran puts on japan is going to hurt both japan and the usa. if we were not spending 15 billion a month on just the iraq war we would`t be having these problems.