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Breaking: Iran Says It Will Soon Exclude The Dollar From The Country's Foreign Revenues And Reserves
Developing story from BNO. Quotes state media reports.
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silver bullets?
(jk)
OK, don't want to get involved in geo-philosophy. About the Iranian dollar question. What are they importing? If they get goods from non-dollar economies then they can do without the dollar quite well. I was told ( by an Armenian engineer ) that they are trying to develope their refinery infrastructure. Does anyone know if this is true? I read on a Russian site that they are providing reactor and power equipment to Iran. If all this is true than the Iranians don't need the dollar at all. This could really piss of the US.
It's true, they have extensive trade agreements with Russia, China and various EU countries that aren't under the US thumb.
The Dollar is not needed in or by Iran.
Sucres! Get your hot sucres!
http://www.google.com/hostednews/afp/article/ALeqM5jisHEg79Cz8uRtYfZR6WK...
Trivia: Iran used to be the number 1 counterfeiter of US dollars until Bernanke came along. Anyway, hold no illusions as to the well planned theatrics of the world's Illuminati elitists. They shall stop at nothing to enslave the masses. No need for finger pointing, I'm sure they have soldiers of all creed working towards their NWO. All you people have great minds. Keep up the good work.
When I fear for the future of America, Iran doesn't even make my top 100 list.
America is falling apart from economic traitor globalists.
We need to focus on them, not Iran. Our elites like to create bogymen to scare and distract us from the constant raping we get.
There is no doubt that our fair and balance media outlets will beat the war drum with Iran, and even pull a few two-bit "plotters" out to scare the bejesus out of everyone to accomplish their real goal of invading Iran. Why do you think we went into Iraq and Afghanistan? They are the two fronts to Iran.
Wow !!! Tyler you hit a nerve with this one . Off topic from the get go . Not to offend any on the board . Islam teaches kill the infidel . You pick whom that is. Islam hates Christianity and its founder . Hard to guess or tell who the "christians" are anymore.
But bottom line , what will repeated threats by Arab groups ( see Gulf Cooperation Council - great google news search to follow ) , do to the world comparable value of the USD? .
/facepalm
http://en.wikipedia.org/wiki/Islam#God
here,learn something
I did!
Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively
I am guessing that this is why they must be eliminated, makes destroying them economically with a credit bomb very difficult. I would like to trademark that as a replacement for a credit bubble, I believe it is more accurate - credit bomb (tm)
BINGO !!!! finally, someone gets it, look what happened to Dubai when they abandoned Sharia economics. They are down the sewer. Also, if you're interested, research on the payments KSA needed to pay the US government after the Gulf war, and research on Charles Freeman. Also, when i'm old enough to retire i know where i'll go. Qatar.http://en.wikipedia.org/wiki/Qatar
Cheeky... somehow I don't see you mixing well with Islamic Law... you might be a bit to "colorful" for them in Qatar... imho :-)
Minnesota; i'll tone it down in the years to come, hopefully they will still be there ( i mean Qatar ) when i decide to go into retirement. I was thinking to retire somewhere like Barbados or Mauritius or Maldives ( rather cheap real estate considering the location ) but those places are just to green for me. Give me desert, cheap oil and 0 taxes and i'm a happy man. Also, al-Thani is cool.
First of all from my perspective you already seemed to be in early retirement because of your... how do you say... not so exhausting work hours :-) Secondly, how come whenever I respond to your posts... I always have to look something up so I don't make a fool of myself... this time it was al-Thani :-)
yes, everything of what you said is true; but the only thing that is keeping me from not putting a bullet in my brain is the knowledge that in x years time i'll be as far away from any civilization as possible. I'm hunting for houses in the remoteness of Gobi desert.
Well.. although I had studied the Gobi desert in 8th grade... I had to look that up as well... thank you very much :-) So either China or Mongolia, hey... nice digs they have on the Mongolian side (top right) http://www.hgpho.to/wfest/house/house-e.html
But you better figure out how to get some satellite internet piped into your "Gel"... otherwise we will miss you on ZH :-)
And cut out the talk about putting bullets into brains... especially one so filled with interesting thoughts, ideas, and perspectives :-)
yeah, the satellite internet is already calculated into my future place of beings.
And the bullet/brain part was a partial joke. I have no intention in doing that. And as for your comments; well having a functioning and somewhat capable brain is a big disadvantage in the world we live in. It seems as if stupidity and utter idiocy is the way to go.
I have found over the years (and my brain likely does not come equipped with all the capabilities as yours... clearly since Wiki is my best friend when I am talking to you) that the more powerful your brain the easier it is to intellectualize things away... just my perspective though :-)
No, it's just easier to laugh at the world and see all the absurdity; it is the ultimate freedom which is achievable; to know that everything is absurd up to the point where all fear vanishes and where you just don't give a shit anymore. It is not that you stop trying or anything like that, it is just that you achieve a certain state of viewing the world and it becomes natural the just wait. Yes, up to certain point you have the capability to drift away into something totally abstract and hang there for x years. But eventually it becomes simple, boring and knowable. Then you move on. The only thing that remains constant is waiting. For what; i don't know.
Mmmmm... yes... you have a very 'big picture' take on the world... so you must have done a lot of thinking about that over the years. And yes... the world, people, and life can look absurd when you look at them from a 'big picture' framework... kind of like flying in a small jet over the countryside... and looking down below and imagining the absurd things that are going on in the tiny people's lives below... which they themselves find quite meaningful... but from up above appear quite meaningless to us.
But, I also believe that there is a reason we are here... and to fully understand that reason we have to engage in the absurdity of life... as difficult as that can be sometimes.
you can say it like that. but it not so much as flying over a landscape, as it is sitting on a sofa watching all the madness and all the futility around you, and the ramifications of such behaviour. After some time you start to doubt your own sanity, and inevitably you come to a conclusion that you are mad, but only when compared to the madness of your environment. i really really really hope that the present form of homo sapiens is not the ultimate form of intelligentsia, and that the evolution will make it happen for us ( better said future us ) to overcome the antinomies such as love-hate, good-bad etc etc. All judgement and all conflicts rise from the antinomies of the human mind, and it is essential to the survival of the specie for those antinomies to be overcomed.
I think we spend our entire lives learning to become better souls... otherwise why would we be endowed with the capacity to learn beyond what is needed to meet the physiologic and safety levels of our body in Maslow's hierarchy.
So then if you extrapolate this onto greater society... then society is perhaps also learning to become 'better'... and can only do that by watching and even participating in some of the the atrocities that take place... just like individual humans do when they cause intentional or unintentional harm to someone else and feel remorse or pain.
I think that the greater 'world society' is learning a lot right now from watching the 'antics' of the United States over the last 20 years... with the hopeful outcome of avoiding the same unsustainable path of greed, intimidation, and corruption.
So hopefully in 500 years the 'world society' will have learned a great deal... but it can only be accomplished by the participation of all societal members... look how much many of us have learned from your unique perspectives... so unfortunately CB you can't just take a 'pass on life' :-)
Note to Marla - wow, these comments are almost entirely unreadable when it's down to one word per line
Yeah.
Maybe it has something to do with your settings... because I still have a 7-8 word line on my view...
Get a wider monitor and stretch IE. I use three 24 inch LCD's so I can go as wide as I want. But I have ZH on one 24" monitor and I don't have a problem. Time to upgrade if you want to really enjoy ZH.
CB, CB, CB, I am so f-ing there it is not even funny. I completely understand. I am an expert at having a good time so it makes everything tolerable.
Qatar is more like Bahrain than Saudi, so unless one is a wild-eyed hedonist, it does not take much effort or sacrifice to fit in. And you've got to love the way they do things BIG (not just in their ironically named leader from the anything-but al Thani family.) I recall in the early 1980's when the total Qatari population was about 65,000, the government built an 80,000 seat football stadium.
The Gulf (Persian or Arab as you wish) is beautiful and the people of the Gulf (to the open minded) are as warm as one can find anywhere on this planet. And a short hop to the Ruub al Khali is as close as most of us will get to the surface of the moon, appearance-wise.
Very interesting perspectives... thanks :-)
Not into monarchies, nor democracies for that matter. Looking for a good liberty leaning republic if you know of one. I marked the US off this list a long time ago.
I am a man I am ... check this out, it is on my list http://en.wikipedia.org/wiki/Kiribati
maybe you should reconsider your list of retirement homes
http://en.wikipedia.org/wiki/The_Sex_Lives_of_Cannibals
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_422488.html
ASSETS held by the world's 100 biggest Islamic banks grew 66 per cent in 2008 from the previous year despite the financial turmoil that clobbered mainstream lenders, a report said on Friday.
Iranian banks also took up 40 per cent of the total assets of the top 100 banks, with the UAE, Malaysia, Saudi Arabia and Kuwait accounting for a combined 40 per cent. Smaller banks in 10 other markets accounted for the rest.
http://www.reuters.com/article/IslamicBankingandFinance09/idUSTRE53F3T620090416
Please know what u r talking about, especially when it involves sensitive religious matters.
These links might help,
http://en.wikipedia.org/wiki/Jesus_in_Islam
http://en.wikipedia.org/wiki/Islamic_military_jurisprudence
Khuda Hafiz
Wow, extremely ignorant of the fact that Islam considers Jesus one of their prophets.
Non-radical Muslims have no hatred towards Christians and Jews as they are "People of the Book."
Iran to Clean Forex Reserves from US Dollar
TEHRAN (FNA)- The Trade Promotion Organization of Iran (TPOI) announced that it plans to exclude the US dollar from the country's foreign exchange reserves.
Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic, MNA quoted the organization as saying on Friday.
http://english.farsnews.com/newstext.php?nn=8807250493
And in other breaking news the US Treasury issues a Dollar recall:
http://www.theonion.com/content/video/treasury_department_issues
lol
Iraq did the same thing and we put a stop to it by invading them.
Talk about dollar supremacy!
BB
Remember our own history of "manifest destiny"? Our friend in this region shares this and the idea of "exceptionalism" with us. However, we in theory at least, have separated "church and state" more so than our friend. Let us ask, "If your best friend had bad breath, food in their teeth, or body odor, would you tell them?" I would. So let me inject a term that I have not seen in print or spoken..."EQUI-semitic". A theory that we are all created equal in the eyes of our creator, whoever you believe that may be.
I think this (dollar doom) is all just a ploy to drive up interest rates prematurely
By now it should be getting clear to most folks that J6P is not going to bite this rally. I saw some charts last week that seemed to show that institutional managers are moving from accumulation to distribution. This is confirmed by two university endowments that I am personally aware of.
Have you considered the possibility that the various squids have now off-loaded the stock we loaned them the money to buy on some momo chasing hedge fund managers, established their shorts and are looking for an event to crash the markets?
Another blow to the dollar by Chavez...http://sg.news.yahoo.com/afp/20091017/twl-bolivia-latam-summit-alba-4bdc...
good for them. Maybe we the Gov. will wake up sometime soon.
When OPEC decides to move off the dollar please let me know.
People always seem to have to believe in something. They gave up believing in a higher power so they started a new religion called AGW.
Obama is the most militant president since FDR.
Obama and his financial henchmen(ram emmanuel, axelrod, geitner, blankfein, soros, summers, cass sumstein, shapiro, bair, orszag,etc) will send american soldiers to ttheir deaths by the millions. They will sacrifice americans just like FDR for another meaningless and unnecessary war. And ram Emmanuel reminds me of FDR's Morganthau. Ram will use biologic terrorism and nuclear weapons to destroy iran and the middle east. This adminsitration has no conscience; no morals.
Without oil, the Iranian economy is just pistachios and rugs. They had one of the highest inflation rates in the world during the 2000s bubble. Their oil production is peaking and they need to import gasoline because their engineering is such crud (and now the engineers are all off spinning centrifuges.)
I have been coming to this site for months. Some of the commenter's here are the most intelligent, well informed, waiter's I have seen on the net.
So it is with great dismay that it seems when reading this forum that many also seem totally nuts.
9/11 an inside job? Steel never melted like that before? No mention of the 1000s of gallons of jet fuel?
Rosie Odumbnuts claimed fire never melted steel before. I could help but think of my 2nd great grandfather who was a Black Smith. Whatever.
My observation from this discussion thread is this: if you think it was hard to do a mainstream expose of the Goldman Sachs/banking conspiracy and how they have their tentacles everywhere, try doing one on the Israeli conspiracy. Very likely you will see multiple overlap and cross connections. You will never see Ratigan, Taibbi or anyone else with balls THAT big. And yet the difference between the two is mostly semantics...and no one wants to be labelled as "anti-semantic".
"The primary meaning of Ashkenaz and Ashkenazim in Hebrew is Germany and Germans. This may be due to the fact that the home of the ancient ancestors of the Germans is Media, which is the Biblical Ashkenaz...Krauss is of the opinion that in the early medieval ages the Khazars were sometimes referred to as Ashkenazim...About 92 percent of all Jews or approximately 14,500,000 are Ashkenazim."
It's not possible to be "anti-semitic" toward the 92% of people who are not semitic.
Jews Are NOT Israelites
http://www.jews-for-allah.org/Jews-not-for-Judaism/jews_are_not_israelites.htm
The voice of reason has finally arrived :-) How is Petra Nemcova's biggest fan today?
lol... now all the men can have their Petra fix for the day :-)
Good choice...
Semantics.
McLuvin & Co'
WHY? I usually start by asking why would someone do something. Beyond getting a military secret or two (everybody spies), what is the logical reason for Israelis to risk loosing their biggest and most important ally? What are benefits and what are costs?
Costs - a cover ops on such a huge level usually leave traces & eventually trace would be noticed & picked. When it happens, no degree of friendship will help.
Can Israelis afford to lose the only permanent veto member on the UN security counsel that mostly is on their side? It would be a political geo-nightmare, and the example of South Africa is way too vivid to risk losing UN umbrella. Then there are trade & technological costs. The list could go on.
Benefits, I doubt an aggregated and united anti western Arab world is the long time benefit, because they do have to deal with their neighbors rather often. The best example is Turkey, the cooling down of connections with it has negative implications for Israel - military hardware sales, less water, lack of neutral ground for negotiations with Muslim world, etc. I doubt destroyed Iraq is beneficial for Israelis because it didn't have much of the capacity to reach them (most of Iraq's modern military hardware was destroyed in the 90's ) and it served as an important counterbalance of power to Iran, the latest in turn does sponsor most of the anti Israeli terror cells.
So the question remains, why would Israelis start a conspiracy against the US. Well, of cause nothing beats a "logical" answer: because they are evil or they because they can.
"So the question remains, why would Israelis start a conspiracy against the US"
Against the U.S.??? I don't think you understand my comment.
sorry, was playing poker :)
Some days a person could write a screen play from all the comments. The current sanctions are killing the Iranian people. More sanctions probably will. The things Iran needs it cannot get because of the sanctions. Iran friendly nations cannot help out because they use the US dollar to purchase the things for Iran to use. Suppliers only take dollars. We know who is cheating. So now, they have declared that they too think the dollar is worthless. They need to get a funky name and start blogging here. I believe that Iran knows that we are not sending 45,000 more troops and 15,000 bombs to Afganistan to blow up people who fight with rocks and sticks. Look for a fake counter to the fullback to pull in the linebackers, and a screen pass to right end who drifted into the flat. By the time they realize the Jews have turned back it will be too late. Happy hunting, shoot one for me.
You really don't know anything at all about Iran or what is happening over there do you?
As for "shoot one for me", why? Because they decided that the US was acting as an enemy and that using US currency, an enemies currency, for selling it's goods was something that they were no longer going to do?
That is their right, it's their oil and their market. If you feel the need to see some of them dead for exercising their rights as a sovereign nation then how about you join the US Army and go shoot at them yourself?
Such blind bigotry and wilful ignorance as displayed by your post is not what I would have expected on such a highly rated financial site.
There will hardly be any ground operation, Mr. Machiavelli. Also, about that part - "we are not sending 45,000 more troops and 15,000 bombs to Afganistan to blow up people who fight with rocks and sticks". You are not sending anything. Noble Peace Prize winner Obama does that for you while ramming up more bank bailouts and taxes further on up your behind.
http://www.presstv.ir/detail.aspx?id=108867§ionid=351020102
Tehran: 20:14 , 2009/10/16
Iran to drop dollar from forex reserves
TEHRAN, Oct. 16 (MNA) -- The Trade Promotion Organization of Iran (TPOI) announced this week that it plans to exclude the U.S. dollar from Iran’s foreign exchange reserves.
In line with this plan, Iran has informed Japan that it should use the yen instead of dollars to pay for the oil it buys from the Islamic Republic.
In addition, Iran has decided to open a bourse for oil and gas transactions in currencies other than the U.S. dollar, especially the euro.
Although the opening of the new bourse has been postponed several times, the plan shows the country’s determination to replace the dollar in its oil and gas transactions.
The TPOI has also announced that since October 2007 Iran has sold 85 percent of its oil exports in currencies other than the U.S. dollar and is determined to sell the remaining 15 percent in other currencies such as the UAE dirham.
During his first term, Iranian President Mahmoud Ahmadinejad ordered that the dollar should be replaced by the euro in the transactions of Iran’s currency reserve fund.
MRK/SJ/HG
END
MNA
965241
http://www.mehrnews.com/en/NewsDetail.aspx?NewsID=965241
Ben and Barry could just reapply using this simple online form:
http://www.opexfund.ir/pre_registration_program.pdf
infact, i decided to help them out:
http://i38.tinypic.com/30kq6bd.png
It is a rational economic move for Iran to dump its dollar reserves and not accept dollars. The world knows that right now the U.S. government will convert bad private bank debt to public debt, and then monetize the public debt.
If oil producers not only give up the requirement to be paid in U.S. dollars, but also add the requirement that oil cannot be bought in dollars, that would further erode the ability of the U.S. to convert paper into energy, goods, and services. In the past, countries (and corporations) had to buy oil in dollars, artificially increasing dollar demand, and countries also had to hold large dollar forex reserves to hedge against currency risk. This is what Mish does not understand.
It is a rational political move for Iran to at least pretend that they will obtain nuclear weapons (from Russia, China, or Pakistan), or actually obtain nuclear weapons. Otherwise the U.S. will invade and destroy your country, then take pictures of you naked while pointing at your junk.
U.S. and Israeli military strategists like game theory so much, they should know that Iran knows that Israel won't attack Iran, and that the U.S. is in no position militarily or financially to attack Iran either. The desperate attempts by the U.S. to get "support" from Russia and China to control Iran shows that weakness. Iran will obtain nuclear weapons sooner or later. The financial and military backer of Israel, the U.S., is headed for economic collapse sooner than later, and the rivals of Israel know this. Israel will have to learn diplomacy.
"It is a rational economic move for Iran to dump its dollar reserves and not accept dollars."
LAMO. Well, usually rational economic moves are done in silent and none public manner. The best example would be the Chinese silently keeping their currency pegged to the weak dollar, so they can use cash flows from their export to support their myth of invincibility and "ever" growing local consumption.
There is nothing secret about the Chinese peg to the dollar. In fact even the MSM in the U.S. reports it. The Chinese will continue to keep their currency pegged as long as the U.S. remains a viable export market... which is not for long. The Chinese will then remove the peg and either float the yuan, peg the yuan to a commodity basket, or peg the yuan to a basket of currencies where the countries are not running annual deficits that are 15% of GDP.
http://www.cbsnews.com/stories/2005/07/21/business/main710541.shtml
"so they can use cash flows from their export to support their myth of invincibility "
No, China is using its forex reserves to buy natural resources outright in Africa and South America, circumventing the UK-US financial system which is dying. On the other hand, the U.S. is stealing money from taxpayers to pay the salaries of Goldman Sachs and J.P. Morgan executives. Which strategy do you think is better?
If you were Iran and you knew that the U.S. had no other option but to do a soft default by monetizing its own debt, you would still accept a currency that is becoming worthless?
Holy Cow, Batman! Look at all these comments! Bob Dylan did a song in the '80's along with a video called "Neighborhood Bully". The metaphor was that the bully (USA) went around administering "beat downs" to the others with impunity, until they united--and mugged his ass one day. If Bush hadnt ruined the Economy and floundered so badly in Afghanistan/Iraq, he most surely would have waged war on Iran. Well, now we are fighting insurgents with no Air Force, drones, Army, advanced weapons, communications systems, infa-red, Humvees, tanks etc. --And we are GETTING OUR ASS KICKED! The Soviets lost 50,000 men in 10 yrs, and went broke. We demonize Iran--then cry foul when they defy us by rejecting the USD that our corrupt Govt. devalues trying to salvage a more corrupt Financial system? Looks like we can sure dish it out, but like the cowards we are---we just cant take it.
I find a lot of posts here contradictory to the general line of the majority of posters on that sight:1-most people who post here think that the u.s. is doing all the damage it could to itself through the current economic policy. Don't you think that Iranian educated can see that too(most of them educated in the US)and hence they see no need to poke the injured lion,when all they have to do is wait it out?.2. Most posters here believe that BB is trying to destroy the dollar,so why would the US be pissed off at Iran,when Iran is actually helping the us achieve that goal?.I think the danger here(my own thoughts)is not Iran move by itself. I think this represents a state of mind (Iranians are traders after all,and unlike Saddam,they care about money and not political posturing). This state of mind would be devastating if it spreads through thirld world populace and we have a global run on the dollar(all those farmers or laborers who have a little stash of dollars here and there)and they all decided to dump their dollar.My problem here is that elliot wavers will not get the dollar rally and p3 would be gone forever(I do like the logic of Daneric,but don't think that we would have a p3 for another 3-4 years,lol).
For what it's worth, Hugo Chavez is confirming this story, well, sort of:
http://www.reuters.com/article/companyNewsAndPR/idUSN1731520620091017
soft default in action
http://yfrog.com/cc1387p
Foreign holders of debt;
Oil exporters = 189.2 Billion in USD denominated debt, part of this is Iran. Not sure what portion. But included in the group are Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria. I think Iran is 4th down the list.
So perhaps Iran's position in USD denominated debt is insignificant relative to their GDP.
Perhaps this is a first step in monetary terrorism against the USD?
Why attack a country militarily when you can help destroy its currency.
"Perhaps this is a first step in monetary terrorism against the USD?"
Perhaps Federal Reserve System would be al-Qaeda then?