Iran sends a massive Fuck You to Cheney

[LibertyorDeath]

Oil Min: Iran Has Halted Oil Transactions In Dollars -AFP

TEHRAN (AFP)--Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labeling the greenback an "unreliable" currency.

"At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency.

"The dollar is an unreliable currency, considering its devaluation and the oil exporters' losses," he added.

The world's fourth-largest oil exporter, Iran has massively reduced its dependence on the dollar over the past year in the face of U.S. pressures on its financial system.

The U.S. has successfully encouraged major European and Asian banks to cut their dealings with Iran in a bid to make the Islamic republic give way on its controversial nuclear program.

Washington has also blacklisted major Iranian banks for alleged support of terrorism and seeking nuclear weapons, charges denied by Tehran.

Iran has reduced its assets in dollars held in foreign banks and urged OPEC to take collective action to price oil in other currencies such as the euro, instead of the U.S. currency which is used across the world at present.

The decline of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the U.S. currency.

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071208%5cACQDJON200712080440DOWJONESDJONLINE000007.htm&

[peacetalksforall]

1. Why would Iran want to take losses for themselves - for our masters?

But, be on the lookout for spin - our masters, our kings, may try to it on us, their disobedient and obedient servants.

[LibertyorDeath]

2. It's a gain not a loss

They are taking euros instead of dollars

The Euro is at $1.47 against the dollar


http://finance.yahoo.com/currency/convert?amt=1&from=EUR&to=USD&submit=Convert

[peacetalksforall]

3. Yes, I understand - that's what I'm saying - they're smart to protect themselves, but

the message may not be delivered that way.

[LibertyorDeath]

4. LOL think I need another Coffee....

[dantyrant]

5. Of course, and rightfully so. This was what the wars were about...

Controlling Mid-East oil and therefore requiring that payment be made in dollars for that oil. Economic leverage via reserve currency status and political 'veto power' by being able to deny other nations oil as a tool of 'persuasion'.

[cliss]

6. Mahmoud Ahmadinejad (president of Iran):

"They get our oil, and we get worthless dollars". How humiliating. Unbelivable that it would ever get to this. How Cheney must be cringing in Washington.

The statement by Ahmadinejad is not completely true. We don't buy any Iranian oil. China and Japan are their biggest buyers. But - Iran is a member of OPEC and they have a lot of influence in this matter. Also, most oil trade is done using Petrodollars, a currency monopoly which has kept our country afloat all these years. I read somewhere that in fact we derive SO much benefit from it, that our oil has been essentially for free (due to the dollar hegemony in trading). Also, Saudi Arabia is getting set to un-peg itself from the Dollar. It's causing huge inflation in that country, as well as others in the region.

Well, the dollar superiority is definitely gone.