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Iran Moves Further To End Petrodollar, Announces Will Accept Payment In Gold Instead Of Dollars

Tyler Durden's picture




 

Much has been spun in recent weeks to indicate that as a result of collapsing trade, Iran's economy is in shambles and that the financial embargo hoisted upon the country by the insolvent, pardon, developed world is working. We had a totally different perspective on things "A Very Different Take On The "Iran Barters Gold For Food" Story" in which we essentially said that Iran, with the complicity of major trading partners like China, India and Russia is preparing to phase out the petrodollar: a move which would be impossible if key bilateral trade partners would not agree to it. Gradually it appears this is increasingly the case following a just released Reuters report that "Iran will take payment from its trading partners in gold instead of dollars, the Iranian state news agency IRNA quoted the central bank governor as saying on Tuesday."

Via Reuters:

Iranian financial institutions have been hit by sanctions imposed by the United States and the European Union in an effort to force Tehran to halt its nuclear programme.

 

Significant difficulties in making dollar payments to Iranian banks have forced Iran's trading partners to look for alternative ways to settle transactions, including direct barter deals.

 

"In its trade transactions with other countries, Iran does not limit itself to the U.S. dollar, and the country can pay using its own currency," central bank governor Mahmoud Bahmani was quoted as saying. "If a country should so choose, it can pay in gold and we would accept that without any reservation."

 

The sanctions include a phased ban on importing oil from Iran, which EU member states are to implement by July.

 

China and India, two of the largest consumers of Iranian oil, have said they will continue imports, but Japan and Korea have announced cuts to quotas following pressure from the United States. As a result the value of Iran's rial has plummeted, pushing the price of goods sharply higher across the country.

And from the souce:

Governor of the Central Bank of Iran Mahmoud Bahmani says the country can trade in currencies other than the American dollar in its foreign transactions.

 

“Iran does not just work with the dollar in trade transactions and every country can pay in its own currency,” said Mahmoud Bahmani on Tuesday.

 

Bahmani added that Tehran could receive gold in its transactions instead of currency transfers.

 

In case a country is willing to pay for the price of its imports from Iran in gold, there is no problem in this respect, he noted.

 

According to Bahmani, Iran imports commodities from China and India in exchange for the countries’ currencies. Tehran’s move is aimed at bypassing the upcoming freeze on CBI’s assets and the oil embargo, which the European Union's foreign ministers agreed to impose on the Islamic Republic.

Now this would be great news for Greece which as previously reported had at times relied for more than 50% of its crude imports on Iran. There is just one problem: very soon the country will no longer have said gold in its possession, as part of the preapproved Greek bailout of Europe, the country's constitution would be changed to reflect that even its gold now is part of the bailout conditions, and European banks have a lien on it. Especially if said gold is located in the basement of the NY Fed where it most likely resides.

As for other countries, such as China which we are confident has been quietly stockpiling gold in the last few years, and will make a surprise announcement any day now, as it did back in 2009... that's a different matter entirely.

 

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Tue, 02/28/2012 - 16:48 | 2205430 postafoa02
postafoa02's picture

No. Gold is the stock. the flow is the currency.

 

currency

 '1650s, "condition of flowing," from L. currens, prp. of currere "to run" (see current); the sense of a flow or course extended 1699 (by John Locke) to "circulation of money.'

 

current (adj.)

 'c.1300, "running, flowing," from O.Fr. corant "running, lively, eager, swift," prp. of corre "to run," from L. currere "to run, move quickly" (of persons or things), from PIE *kers- "to run" (cf. Gk. -khouros "running," Lith. karsiu "go quickly," O.N. horskr "swift," O.Ir., M.Welsh carr "cart, wagon," Bret. karr "chariot," Welsh carrog "torrent"). Meaning "prevalent, generally accepted" is from 1560s. The noun is late 14c., from M.Fr. corant (Mod.Fr. courant), from O.Fr. corant. Applied 1747 to the flow of electrical force.'

Tue, 02/28/2012 - 15:41 | 2205137 Hannibal
Hannibal's picture

You're absolutely correct!

Tue, 02/28/2012 - 16:03 | 2205259 walküre
walküre's picture

Good points. In theory what you are describing is making sense.

However, every piece of propaganda has a purpose.

Did Chavez order his gold to be transported back to Venezuela? If so, why?

Tue, 02/28/2012 - 16:18 | 2205317 postafoa02
postafoa02's picture

Remember the Iranian government is trying hard to demonize gold themselves, only a few weeks ago Iran experienced a hyperinflation in a single day, and banned all gold sales to the people.

 

 

Tue, 02/28/2012 - 18:47 | 2206000 walküre
walküre's picture

Going out on a limb here, but Iranian officials and military intelligence can read ZH (for example). They've been on a warpath with the US and Israel for a bit longer than this website exists. But let's just assume they are "new" and are learning that the US banks are fucking the world. Then they witness how one country after another is being invaded or revolution "starts up".

The Greeks are being fucked by the banks. The ME is being thrown into turmoil by CIA operations, wars and counter wars.

Iran is put under sanctions and really put between a rock and hard place. What will they do? Will they be foolish enough to fire the first shot?

Whatever happens, this much is clear. My kids are not going to die in another banker's war and I urge everyone to consider the same.

Every war we have been fighting has been fought for the benefit of bankers.

Tue, 02/28/2012 - 19:40 | 2206157 Cathartes Aura
Cathartes Aura's picture

tell your kids to tell their friends.

friends don't let friends volunteer to kill in "banker's wars."

oh, and +100 for thinking, and caring.

Tue, 02/28/2012 - 16:37 | 2205401 misnomer
misnomer's picture

"NOBODY in their right minds buys oil (which is burned up) with gold (which is forever)

It's just STUPID"

 

Since when does "stupid" and "not in their right minds" NOT describe government? (Western or otherwise).

Please give examples, I'm at a loss....

 

Tue, 02/28/2012 - 16:39 | 2205416 postafoa02
postafoa02's picture

You are correct, however you forget that if this kind of deal would actually take place, only one side is stupid, the other side is the winner. Thus the stupid party lives and learns.

Tue, 02/28/2012 - 17:12 | 2205605 catacl1sm
catacl1sm's picture

You're assuming that the 2 countries (or more) aren't trading partners. There's a two way trade. For example, China buys oil from Iran with gold. Iran buys food (or some other commodity/oddity) for gold. balance. Also, oil may be a just a burned consumable, but it is a NECESSARY burned consumable. Your reduction fallacy of oil to simply a burned consumable is ignorant and incorrect. Name one first world country doesn't burn oil. As oil becomes more scarce, people (and countries) will be willing to trade almost anything to maintain their oil dominated lifestyle. ALSO, oil is used for MUCH more than just burning. Everything from plastics, medicines, and fertilizers are made from oil. Oil is the lifeblood of a 1st world country.

 

Having explained my position quite well, I can now call you a FUCKING IDIOT.

Tue, 02/28/2012 - 17:50 | 2205773 catacl1sm
catacl1sm's picture

You can down arrow me all you want, but if you can't back it up with a half-decent argument then you're still a FUCKING IDIOT.

Tue, 02/28/2012 - 14:59 | 2204886 lakecity55
lakecity55's picture

Libya tried this too, see what it got them?

Go long on "R2P."

Tue, 02/28/2012 - 15:04 | 2204906 breakyoself
breakyoself's picture

So when does President Obama hit the airwaves explaining how we must attack Iran for a matter of our "national security".

Tue, 02/28/2012 - 15:54 | 2205211 lakecity55
lakecity55's picture

As soon as his bunker is completed under the Denver airport.

The rest of us will just glow about our business.

Tue, 02/28/2012 - 15:06 | 2204921 RobotTrader
RobotTrader's picture

Energy futures taking a nice dump.

Tue, 02/28/2012 - 15:10 | 2204942 Dr. Engali
Dr. Engali's picture

You're a little late with that call Robo. Tyler put that out on twitter 11 minutes ago.

Tue, 02/28/2012 - 15:07 | 2204931 lizzy36
lizzy36's picture

It would be almost amusing if the Geithner lead financial sanctions on Iran, killed the petrodollar.

The law of unintended consequences. One would think after the disaster that has been Yank foreign policy over the last 12 years, they would have actually modelled this as a potential outcome.

I wonder if this is actually Iran getting prepared to get kicked out of SWIFT. Another dumb Geithner idea.

Tue, 02/28/2012 - 15:07 | 2204934 JohnKozac
JohnKozac's picture

Iran is not Iraq:

 

Putin warns West over Syria, Iran(US NEWS)

 

http://www.usnews.com/news/world/articles/2012/02/27/putin-warns-west-ov...

 

 

Tue, 02/28/2012 - 15:16 | 2204982 AnAnonymous
AnAnonymous's picture

Reading the article, it shows how natural it is for US citizens to consider that statements of facts are subservient to being part of a group.

One quote among many:

________________________________

Putin said the West had backed the Arab Spring to advance its interests in the region, and that instead of promoting democracy the revolts had given rise to religious extremism.

Anti-Western rhetoric has been a key part of Putin's campaign
___________________________________________________

Stating the fact of the rise of religious extremism marks people as being anti western (whatever it means by the way)

You have to be anti western to observe the fact.

US citizen nature is eternal.

Tue, 02/28/2012 - 15:33 | 2205095 Schmuck Raker
Schmuck Raker's picture

InAnemost, both these statements are true, in my view.

"Putin said the West had backed the Arab Spring to advance its interests in the region, and that instead of promoting democracy the revolts had given rise to religious extremism."

"Anti-Western rhetoric has been a key part of Putin's campaign"

There need not be any other link between them. When your English improves you will better understand.

Tue, 02/28/2012 - 15:50 | 2205188 AnAnonymous
AnAnonymous's picture

Sure, sure.

So the article reads a statement by Putin, depicted as opinion on western countries policies and immediately after, speaks of Putin's anti western rhetorics.

It has little to do with english but how a text and the ideas it conveys is organized.

Tue, 02/28/2012 - 16:31 | 2205386 Schmuck Raker
Schmuck Raker's picture

Ah, then you DO understand.

And you have no excuse to misconstrue the entire column, or just one part of it.

 

"Stating the fact of the rise of religious extremism marks people as being anti western (whatever it means by the way)

You have to be anti western to observe the fact."

That is not even remotely being asserted by the author.

 

Despite your facility with English you constantly see what you want to see when you read it. That, or your just full of shit.

If you could harness your single-mindedness to the benefit of others rather than consistently trying to denigrate them you might find more joy in life.

Good luck to you, sir.

Tue, 02/28/2012 - 15:41 | 2205136 zx12r
zx12r's picture

"Putin said the West had backed the Arab Spring to advance its interests in the region, and that instead of promoting democracy the revolts had given rise to religious extremism."

 

That's because our current president and his administration are clueless fools, and Putin is right.

Tue, 02/28/2012 - 16:20 | 2205326 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Putin - dictator-like leader that uses oil profits for his own country, runs surpluses, has flat 13% tax rate, & runs a country that makes most of its goods internally

Obama - dictator-like leader that stifles any energy independence, runs deficits, has 8 million page tax code, & runs country that sends all its jobs to a country that Russia has formed a military alliance with

Who sounds smarter here?

Tue, 02/28/2012 - 15:09 | 2204938 mikmid
mikmid's picture

ALL THE STORIES ARE GETTING WEIRD

1 trillion in fake bonds seized, 15 trillion in dollars from unknown places to the Royal Bank of Scotland, 16 trillion sent from the Fed to all the banks in the wake of 2008, someone buying US bonds at suppressed yields and outrageous prices when both China and Russia are slowing buying or selling, the stock market melting up with shit for volume, gold and silver being price suppressed and the US and Isreal planning to go to war with Isreal which will drive oil prices to new highs.

Is there really someone in charge or has complexity theory just been realized and we are going to see the system collapse spectacularly?

Got beans, bullets and bullion but wonder if that is going to be enough.

Tue, 02/28/2012 - 15:35 | 2205108 JFK.4PREZ
JFK.4PREZ's picture

Don't forget the popcorn!  

Tue, 02/28/2012 - 15:41 | 2205139 mick_richfield
mick_richfield's picture

That was 6 trillion in 'fake' bonds seized.

Tue, 02/28/2012 - 16:15 | 2205302 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

With connecting dots that well, the FBI & DHS are coming to knock on your door soon...

Tue, 02/28/2012 - 15:10 | 2204941 q99x2
q99x2's picture

Iran should not provoke financial terrorists by threatening with such nuclear ideas.

Tue, 02/28/2012 - 15:11 | 2204951 jcpicks
jcpicks's picture

Thank God I'm too old and my kids are too young for a draft......

Tue, 02/28/2012 - 15:13 | 2204961 PaperBear
PaperBear's picture

Over in Britain I just watched a Channel 4 news report from Syria and the reporter said the magic words ‘technically unverifiable’. I suppose the $15 trillion money laundering is similarly ‘technically unverifiable’.

Tue, 02/28/2012 - 15:14 | 2204968 odatruf
odatruf's picture

No big deal.  I've got me some fiat gold. Pow!  All your oils are belong to us.

Tue, 02/28/2012 - 15:15 | 2204975 SmittyinLA
SmittyinLA's picture

So now a policy of taking payment in gold is significant news?

Tue, 02/28/2012 - 15:17 | 2205000 BennyBoy
BennyBoy's picture

Iraq started taking gold for oil and we invaded shortly thereafter.

Iran will have the same fate. Nukes never have been or ever will be the real issue.

Oil and banks

OK, OK.

Just banks.

Tue, 02/28/2012 - 17:39 | 2205720 rufusbird
rufusbird's picture

"We didn't do it!" Those 'Wascolly' Rabbid Israeli's did it!" ...

"They did! They did!, They told us they wern't going to tell us when they did it!"

Plausible deniability....

Tue, 02/28/2012 - 17:48 | 2205765 rufusbird
rufusbird's picture

"and be sure to put in the news, that with our 800 military bases around the world we won't have a clue when it starts either!" It is so difficult to watch so much air space in that region, you know that doncha! know!"

Tue, 02/28/2012 - 15:18 | 2205007 Azannoth
Azannoth's picture

The USA Absolutely cannot let this happen(and they will try with all means to prevent this), why? Because this would create REAL demand for Gold as in you need it not just want it

See how quickly the New ME War starts now ..

Tue, 02/28/2012 - 15:19 | 2205012 wandstrasse
wandstrasse's picture

I feel deep aversion towards the islamic world and their stone-age chauvinist 'culture'.. but challenging the petrodollar requires a LOT of guts and deserves a LOT of respect.

Tue, 02/28/2012 - 16:11 | 2205286 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

I've known lots of Muslims & they are the best friends U could ever have (they will fight by your side for a thousand years if U are wronged by someone)...but also the worst enemies as they do not take shit from anyone & will fight back for a thousand years.

That is why the US suckered them into fighting the Russians in the early 80s (when the Mujahedeen & a certain guy named Osama Bin Laden were called "Freedom Fighters"!). They were a little pissed off that we let them get slaughtered then reneged on any help after, then invaded Muslim countries 1 after another.  So, they naturally deemed us (well, the US govt) to be the enemy.

What Ron Paul calls "blowback".

Tue, 02/28/2012 - 15:20 | 2205018 MFL8240
MFL8240's picture

This is what the war is about. Exactly the same as Sadam Hussien.

Tue, 02/28/2012 - 15:28 | 2205070 gwar5
gwar5's picture

Owebama: "Argggh!  Who are those guys?"    ....just as he was backchanneling Iran to avoid a war until after the election. 

Tue, 02/28/2012 - 15:36 | 2205074 cranky-old-geezer
cranky-old-geezer's picture

 

 

If Iran had a gold-redeemable currency there's no way America could implement the embargo. 

When Iran plays the fiat currency game like other nations do, it suffers currency attacks just like any other nation would.

When you participate in a fraud you suffer the consequences of that fraud.

Fortunately Iran will not suffer the same fate as Iraq (and Lybia).  Russia and China have drawn the line at Iran.  America crosses that line and it'll all out thermonuclear war on America.

Screw gold & silver stacking, get your nuclear bomb shelter ready.

Tue, 02/28/2012 - 15:37 | 2205118 walküre
walküre's picture

Iran doesn't have who it takes to participate in the fraud.

Tue, 02/28/2012 - 15:31 | 2205086 mantrid
mantrid's picture

nothing more than bold propaganda and jawboning, for now. neither China nor Russia will give them gold for oil. Iran is too weak geopolitically and too dependent on their new "partners" to dictate them the currency of trade, so they'll take what they're given. lots of fiat, that is. but it seems well played by (B?)RICs to taunt uncle sam and prepare the stage for further moves. Japan won't stick to uncle any longer, they're too dependent on external oil. they've already changed attitude towards China 120 degrees (60 degrees still to be made).

 

this time China have their project properly hedged by diversification: if Iran was to fall, Venezuela will proceed. US carriers can't bring "peace" everywhere simultaneously.

Tue, 02/28/2012 - 17:06 | 2205574 whaleoil
whaleoil's picture

You, uh, do realize that Russia is the largest producer and second largest exporter of oil in the world, right? What happens when THEY demand gold settlement for oil?

Wed, 02/29/2012 - 07:49 | 2207300 mantrid
mantrid's picture

and how is that supposed to be linked to my comment?

Tue, 02/28/2012 - 15:37 | 2205115 mick_richfield
mick_richfield's picture

Hey, do you think they'd take GLD shares instead?

Then we won't have to use the tactical nukes!

Win win !

Tue, 02/28/2012 - 15:38 | 2205122 Hannibal
Hannibal's picture

Organized Random Chaos!

Tue, 02/28/2012 - 15:54 | 2205171 steve from virginia
steve from virginia's picture

 

First of all 'oil producers' is not a monolith. The US is an oil producer (it's oil companies accept dollars and any other currency that is liquid on f/x markets). Ditto Mexico, Venezuela, Canada ... OPEC countries national energy companies accept all currencies that are liquid on F/X markets. There is a lively trade ongoing in Dubai, the various oil/goods exchanges is the reason there is a Dubai. The currency of choice in Dubai is dollars, as it is in Medellin and in Puebla, Mexico.

Got coke?

Settling F/X in gold (which is what the article describes) is very interesting, let's see what other F/X trades are settled with gold. In the gold reserve heyday -- before WWI -- there were constant shipments of gold back and forth across the Atlantic on the various steamers. This is what gold settlement is about, sending piles of gold to settle 3d party transactions made in illiquid currencies. Before the war there were large shipments of silver to the far East. China liked silver, a pile of silver would result in a shipload of tea.

It is likely there is a ton or so of gold languishing on the bottom of the ocean inside the Titanic 1st class baggage compartment, under what is left of the baggage. It was a Royal Mail Steamer or RMS Titanic. These ships were the Internet of the day. The shippers loaded the gold first before there were passengers boarding, then the luggage was loaded on top of the gold.

When the 1st class passengers disembarked, their 'things' would be sent after them. No waiting at carousels for the 1%ers at that time. Once the baggage was gone along with any passengers, the gold would be unloaded. Shipments were coins packed into +150 lb crates. A hoist was needed to lift the crates, of course none of these crates would go into the purser's safe.

These gold shipments were not acknowledged on public manifests. Many shipments were inter-governmental as national (public) accounts were also settled in gold. Some shipments were made on navy vessels but mostly on RMS ships which held to schedules.

A ton of coin gold is about $55 million today ...

A ton of gold bullioon would fit nicely on a 737. What needs to happen is for other countries to also settle in gold. Otherwise it is a meaningless (propaganda) exercise.

Finally, what is needed is energy conservation at a level that most people here cannot grasp: no cars at all, very little in the way of fuel use. Having gold settlement and a gold-backed currency would be the way to get to this destination.

Tue, 02/28/2012 - 15:50 | 2205191 tony bonn
tony bonn's picture

go iran go!!!!!

this is fantastic news which jim willie predicted at least 2 years ago....someone finally has the courage to stand up to the totalitarian twerps in the american politburo....

not only has iran taken an astute defensive move, but it has taken a most aggressive offensive move which would make any military action pale in comparison....

america will attack iran (through its sock puppet israel) at great peril....

Tue, 02/28/2012 - 15:51 | 2205197 MarcusLCrassus
MarcusLCrassus's picture

You know what that means, boys.  Time to gas up the F15s and Tomohawks so we can go liberate the sh1t out of Iran. 

 

The 11th commandment: thou shalt not attempt to sell your oil in anything other than US dollars or thou shalt feel the full wrath of the US military industrial complex. 

Tue, 02/28/2012 - 16:00 | 2205198 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

 

 

The US can't have oil traded in anything but dollars or we wouldn't be able to afford it.  If we can't afford it, kaboom goes what's left of the economy.  If the US dollar loses its "reserve status", the US govt being broke unravels in a few weeks.   

Only a stupid person would sell something as precious as oil for paper money created out of thin air, so other countries trying to get away from our funny money is only smart from their point of view, but would destroy us.

 Saddam & Ghadaffi (not exactly nice guys) tried to sell oil in something other than dollars just before we attacked.

 Here we go again.

If Nixon had not taken us off the gold standard, & we didn't run deficits & send jobs overseas, gas would actually be super cheap. Our stupid foreign & economic policy now means the only choice is to invade, steal the oil, & force the world to accept dollars.

Tue, 02/28/2012 - 15:53 | 2205204 non_anon
non_anon's picture

bully for Iran!

Tue, 02/28/2012 - 15:58 | 2205229 TheObsoleteMan
TheObsoleteMan's picture

Think about this for a minute: You are a nation whom's only tangible resources are sand and oil. Why would you trade your dwendling precious commodity for pieces of paper when you could trade it for another dwendling precious commodity? The arab and persians have been waiting on this moment for a long time, and now they can see it coming to past. Next up on base: THE FALL OF THE HOUSE OF SAUD. That would be the end of the US$, as whoever would fill the power vaccum, would almost certainly decouple saudi oil from the US$. But wait.....I guess that is why we have all of those military bases over there in Saudi huh? Oh well, we are getting kicked out of Afganistan, so I guess we will get kicked out of Saudi too. IT WILL HAPPEN. Not if, only when, sooner rather than later.

Tue, 02/28/2012 - 16:02 | 2205254 steve from virginia
steve from virginia's picture

 

I don't think the American establishment cares whether Iran officially accepts dollars or not (it unofficially accepts whatever dollars it can get its hands on).

In the larger picture, accepting dollars is good for US energy consumers (wasters) b/c the Fed/Treasury can simply 'key up' new dollars on demand. The cost is a penny or two: the cost of the crude oil is a penny or two.

It is also the cost of a series of lost wars and a broken 'defense' establishment. Nothing is free, not even seigniorage.

OPEC countries accept dollars b/c they like what they can buy with them, anything made in the world including Korans.

The OPEC countries are independent countries, they accept whatever currencies they like which is pretty much all of them. Those that are illiquid such as Hungarian forints, they can trade for dollars in Dubai.

As long as people snort coke these same people will love dollars.

Tue, 02/28/2012 - 16:08 | 2205280 AnAnonymous
AnAnonymous's picture

The lockdown is larger than oil indeed.

But the entanglement is the same: oil(or other commodities) countries are in debt, debt denominated in dollars as per monopoly on world currency the US has the most credit easiness.

They need USD to pay back their debts.

Tue, 02/28/2012 - 16:09 | 2205270 rustymason
rustymason's picture

Hey, ya know, Peak Oil, a debt-based banking pyramid stalled, whatcha gonna do, uh? I mean, hey, somebody gotta get whacked. If youse don't take down the cheeky upstarts, everybody loses all respect for Uncle Sam, then whatcha got? Nothin. Hey, this is just business, nothing personal.

Tue, 02/28/2012 - 16:08 | 2205279 goldenboy
goldenboy's picture

Please forgive the shameless promotion, but i recently wrote a blog on this very topic, at: www.asymptotix.eu/blog  

It's entitled 'Gold markets De and Re Constructed..Or How Oil Reveals the True Value of Phys Gold' Chatty, blog-style format, for anyone interested. 

Tue, 02/28/2012 - 16:17 | 2205313 Bansters-in-my-...
Bansters-in-my- feces's picture

*News Alert...*

Any G-20 member citizens holding gold are now classed as terroist.

Please hand all your goldz over to Timmy and Ben by fry day at noon.

Thanx..USA Govt.

Tue, 02/28/2012 - 16:19 | 2205329 pcrs
pcrs's picture

Not many have lived to tell such a dangerous statement filled with disrespect for the world reserve currency.

Tue, 02/28/2012 - 17:29 | 2205683 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

I can see Clint Eastwood's Man with No Name saying that line while that whistling music plays in the background...

Or the Dirty Harry character working for the Federal Reserve in a new movie

"So U think U can buy oil with that gold punk?"

 

Tue, 02/28/2012 - 17:32 | 2205694 pcrs
pcrs's picture

Make my day Aanmadienadjad

Tue, 02/28/2012 - 17:00 | 2205391 Cadavre
Cadavre's picture

Looks like the ghost of Josephus channeled to zealot hand holders, again, during Ashkenville's regularly scheduled noon time Masada commiseration séance that the time to have their souls vaporized, as required by "the rapture" specified in Christian Canons, has finally arrived to prepare their families to be the discarded cigarette butts they were always destined to be.

In other "Revelations" news, 80 bankster "Dons" have resigned in the last few weeks (go to Israel guys) , Buffet claims the banks Durka Durka Berkshire Hathaway owns have been victimized by Americans now sleeping under bridges after being evicted by the Mortgage Racketeers.

Center Point Energy,  a Houston based  AAA utility yesterday, in another game of role reversal with the Mohel, just sucked Goldmans dick for sub prime snot and will share the toxic tuna sauce with Houston rate payers (Houton is nothing but energy - so why do Houstonians pay more than most for it) .

The Hilary, in a classic case of the kettle calling the pot (and every other thing except itself) black, is now implying Syria's Assad, forget the constitutional referendum and the war crimes committed by western Banking Colony Directors supplying CIA mercenary contractors with weapons to kill Syrians,  has, in her best majestic rotund imitation of public non-service, suggested Assad, the legitimate leader of Syria, be prosecuted as a "War Criminal". How many Iraqi did Assad kill again?

Does that mean if Americans take up arms against the Banker Colonialists , and the Colonists attempt to have armed Xe Mercs use extreme prejudice to put down an American insurrection that they can also be defined as a "war criminal". Food for your pitch forks,

And now the chatter is that before the point of no returned is passed, as s it has for Greeks, that Americans might do better to consider  to take matters in hand now. ..

Fuck it - it's time.

Tue, 02/28/2012 - 17:25 | 2205668 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Your use of commas is impressive.  Grammatical nirvana.

Tue, 02/28/2012 - 18:47 | 2205997 Money 4 Nothing
Money 4 Nothing's picture

99% Normalcy Bias will have control over the masses. They would rather run into a detention camp under the guise that they may keep there IPhones and recieve 3 squares a day if they surrender their arms. 

3% Will ensure there is no civil war and ensure the Tree of Liberty get's watered with the blood of tyrants.

Stand and deliver if God forbid the day comes, or go get your Passport and haul ass now. tic toc.

Tue, 02/28/2012 - 20:10 | 2206226 Cadavre
Cadavre's picture

Owe it to a hardcore primary school education. Missed a few - trying to convert back to English. Newspeak has lost its charm.

Tue, 02/28/2012 - 16:53 | 2205513 marketblip
marketblip's picture

based on my calculations - and please do not accept this as investment advice - gold is worth a fraction of the price it is currently trading at.

i rather suspect it will come crashing down soon. that will leave a rather sour face on the goldbug face :-(

anyone who is telling you otherwise is trying to ramp up the price - caution!

www.marketblip.com

Tue, 02/28/2012 - 17:24 | 2205662 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Actually, the website is www.asshat.com

Mirrored @ www.effingmoron.com

Tue, 02/28/2012 - 17:30 | 2205684 catacl1sm
catacl1sm's picture

you were old the last time you said this, fuck face.

Tue, 02/28/2012 - 17:13 | 2205606 jal
jal's picture

Iran is not stupid.

If the gold is sitting in Fort knots, they would have to take physical delivery of the gold before shipping the oil. Otherwise, they would be giving away their oil.

Tue, 02/28/2012 - 17:36 | 2205698 SillySalesmanQu...
SillySalesmanQuestion's picture

This will piss off more people than having a nuke...kneel down and pay homage to the all mighty petro-dollar. Do not screw with the world reserve currency!

Tue, 02/28/2012 - 20:07 | 2206220 Cadavre
Cadavre's picture

Iran's only crime, despite the pontifications sharted by fat assed child molesting DC hill Billies,  is that it recognizes the fact the USD is woven with invisible thread. They actually had the audacity to state the obvious: the petro king has no clothes and Iran's resistance to the west's installation of Shah Karzai plans' to turn Iran into a brothel.

Boy - is it me - or is it memorex - but it sure seem like the Obama's truth minions are flocking to ZH like a Mohel to the tip at a metzitzah b'peh!

 

 

 

Tue, 02/28/2012 - 17:50 | 2205774 Blackfox
Blackfox's picture

Here's a short movie I made on the petrodollar on just how important it is to the USA.

The Petrodollar & War machine.
Ever wondered what the Petrodollar is?
Ever wondered why we invaded Iraq?
Ever wondered why we 'helped' the people in Libya but not Syria?
Ever wondered why we are building up to a war in Iran?

Most people would answer "oil" to the last 3 questions.
But why invade their countries for oil if they where/are selling the oil to us in the first place at standard market rates?

This short film goes into detail of why the petrodollar is so important to the USA and why a war with Iran is a foregone conclusion.

http://www.youtube.com/watch?v=D6Iav-wcUpc

Tue, 02/28/2012 - 17:52 | 2205785 Zymurguy
Zymurguy's picture

Mention you are going on a gold standard is a death wish in this world.  Bombing to being in 3... 2... 1...

Wed, 02/29/2012 - 02:59 | 2205957 Money 4 Nothing
Tue, 02/28/2012 - 18:44 | 2205988 hadriansnightmare
hadriansnightmare's picture

The Greeks are so stupid-Now they have nothing left but a bunch of broken statues.....So much for a gold backed Drachma.

Tue, 02/28/2012 - 19:13 | 2206101 Anarchyteez
Anarchyteez's picture

It's the bankers, stupid!

I just had a thousand bumperstickers made
and paid the neiborhood delinquent to go to the mall.

Tue, 02/28/2012 - 20:44 | 2206311 cornflakesdisease
cornflakesdisease's picture

Once Saddam sold oil in Euros cheaper then the dollar . . . oh dear, that was the end of him.  The boys don't like it when someone pokes at their franchise.

Tue, 02/28/2012 - 20:44 | 2206313 cornflakesdisease
cornflakesdisease's picture

Once Saddam sold oil in Euros cheaper then the dollar . . . oh dear, that was the end of him.  The boys don't like it when someone pokes at their franchise.

Sat, 03/03/2012 - 00:57 | 2219150 q5251355
q5251355's picture

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