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Iran Stops Oil Sales To British, French Companies
The geopolitical game theory escalates once again, as Iran, which four days ago halted exports to peripheral European countries took it up a notch, and has as of this morning halted sales to British and French companies. Reuters reports: "Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil. "Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website." Here is the actual statement from MOP.ir. As a reminder, on January 27 we said how Iran was about to "Turn Embargo Tables: To Pass Law Halting All Crude Exports To Europe." And so it has - now, the relentless media campaign about China isolating Iran in response to American demands has to be respun: recall that in early February Reuters told us that "China will halve its crude oil imports from Iran in March compared to average monthly purchases a year ago, as a dispute over payments and prices stretches into a third month, oil industry sources involved in the deals said on Monday." Apparently that may not have been the case, as there is no way Iran would have escalated as far as it has unless it had replacement buyers of one third of its crude. Incidentally, this is just as we predicted in "A Very Different Take On The "Iran Barters Gold For Food" Story." The end result of this senseless gambit by the west: Europe has less oil, the Saudi fable that it has endless excess suplies is about the be seriously tested, China has just expanded a key crude supply route, and Russia is grinning through it all as Brent prices are about to spike. Iran didn't invent chess for nothing.
This is what we cautioned in early February:
we humbly submit that instead of taking the Reuters article at face value, and one may certainly do that, what may instead be happening as Iran migrates to a non-dollar based international trade system is the testing of the waters of a non-USD regime, more importantly, one quietly encourage by China, who is a very complicit participant in the transition to a world in which the US Dollar suddenly finds itself irrelevant. Whether replaced by gold, or a currency backed by a basket of hard assets (the CNY?) we don't know. However, we know one thing: China needs Iran's crude, which at last check was among the world's top 5 oil producers, and had the world's third largest proven oil reserves after Saudi Arabia and Canada, and despite media reports that it is actively looking for crude import alternatives, we would allege that this is nothing but purposeful disinformation. After all why would China comply with US demands for an enhanced Iranian embargo? The whole point of China's foreign policy to date has been to counteract US pushes and provocations abroad without fail. Why should it make an exception now. Frankly, we don't buy it.
Sure enough, ten days later neither does the world.
More from Reuters:
Industry sources told Reuters on Feb. 16 that Iran's top oil buyers in Europe were making substantial cuts in supply months in advance of European Union sanctions, reducing flows to the continent in March by more than a third - or over 300,000 barrels daily.
France's Total has already stopped buying Iran's crude, which is subject to fresh EU embargoes. Market sources said Royal Dutch Shell has scaled back sharply.
Among European nations, debt-ridden Greece is most exposed to Iranian oil disruption.
Motor Oil Hellas of Greece was thought to have cut out Iranian crude altogether and compatriot Hellenic Petroleum along with Spain's Cepsa and Repsol were curbing imports from Iran.
As we tweeted a few days ago, "Greece may be broke buit at least it has no oil."Win-win. Er... wait.
Needless to say, it is now time for Saudi Arabia to step up or shut up. And if many are correct, stripping away all the posturing about Saudi's near infinite excess supplies, may reveal a very ugly picture. And a $10 spike in brent in short order.
Saudi Arabia says it is prepared to supply extra oil either by topping up existing term contracts or by making rare spot market sales. Iran has criticised Riyadh for the offer.
Finally, here is why it is quite obvious that China has stepped up:
Iran said the cut will have no impact on its crude sales, warning that any sanctions on its oil will raise international crude prices.
Brent crude oil prices were up $1 a barrel to $118.35 shortly after Iran's state media announced last week that Tehran had cut oil exports to six European states. The report was denied shortly afterwards by Iranian officials.
"We have our own customers ... The replacements for these companies have been considered by Iran," Nikzad said.
Surely, when it comes to shooting itself in the foot, Europe truly has no equal.
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And, as then, Congress will find the solution in a 'windfall profits tax' and will probably try to implement a price freeze.
The public will blame the greedy oil companies, and possibly even the convenience store owners. Ignoring, of course, the true causes.
Good luck to everyone trying to resell those Humvees and Chevy Suburbans.
The real reason is ..... peak oil, er no ..... greedy oil companies, er no...... stinking Arabs, er no ....... it's YOU. YOU DID IT. YOU JUST HAD TO DRIVE THAT CAR. So just STFU and sit in line, comrade.
Won't really matter one way or the other. By the time we get the war going with them eeeeevil Eye-Ray-Neons, the price of gas will be so high, it will eliminate the need for rationing or that odd/even bullshit.
No gas? No problem. No job, no money, no house, no where to go, no hopium.
Gas lines in Iran too. Just like in the days of the Revolution and the Iraq war. Any hiccup in the supply of refined product does that. Sucks!
Yes but then it was the Saudis and Aramco who cut off oil to the US 6th Fleet and it was BP that made sure they received supplies. It was 1973. They also cut off The Netherlands but it was supplied,.
Greece is heavily dependent on Iranian Oil and Iran is using Greece as a leverage in the trade war. Because the Eurocrats know that if Greece doesn't get Iranian oil, their economy will spiral down even faster than -7% decline annually. Not that their new "rescue packages" is doing anything to help, but at least Iranian oil can help the Greek debt-ponzi going for a longer while. Why, because if Iran does not export oil to Greece, it creates a credit issue: Iran is the only supplier that accepts credit from Greek banks. Saudi imports would have to be used to compensate for the shortfall and Saudi does not accept Greek bank credit, only foreign ones, because of the bank collapse risk.
http://www.smh.com.au/world/greek-dependence-on-iranian-oil-proves-lates...
Now why would TPTB want to set Greece up to collapse "even faster" and sprial down even further? <sarc>
Bernie & the Fed will co-sign for Greece to the Saudis. It's only fake money anyway.
Even the U.S. citizens being "detained" in Egypt fits the 1970's picture.
Lots of 50+ posters here. I too, remember odd/even days.
As an armchair strategist, and to continue the chess reference, when you find yourself behind in a chess match, you also realize what you should have done five moves earlier.
Every year in the news we hear of one or two boats capsizing because of a sudden rush of people from one side of the boat to the other. Favoring drilling and empiring over conservation keeps the U.S. in a perpetual top heavy state.
At least Europe has better public transportation infrastructure if this situation should deteriorate.
Just this week, Congress passed an unfunded $100 billion payroll extention, worsening the stability of Social Security. Easy peasy in a reelection year, but another step toward turning leaning into listing.
Reports of overstated Saudi reserves have not made it to prime media outlets in any meaningful way, but with each gas price spike above $4, drilling, gas taxes, pipelines, and the strategic reserve hit the news. Ignoring the root cause news is another form of lean.
Those who dismiss the gold-for-oil warning argue from the perspective that all the world's oil priced in all the world's gold would be prohibitive. They confuse a skirmish with a war and a war with genocide. A deeper analysis would help them understand that not all of an exporting country's oil need be traded in gold to be a game-changer. Just trading some of it for gold moves the discussion from 'impossible' to 'degree of possible'.
G.W. Bush was not a chess player. He was a Texan tied to oil who only knew 'good 'ol boy' ways of doing business. And thus, we're leaning more than ever.
We have oil (canada)...so i guess USA's decision to rely on saudi oil is a good move?
that's ok china will take it
The US produces more than twice as much oil as Canada, and China produces about the same as Canada. Bet you didn't know that.
http://en.wikipedia.org/wiki/List_of_countries_by_oil_production
Not smacking your point here, but a heads up is in order.
It's VERY DIFFICULT nowadays to get oil production data. There are three (somewhat four) tracking agencies . . . the EIA (US Govt), the IEA (collection of 28 countries), and JODI (funded by 90 countries, oddly including the US). The fourth is BP.
The REALLY BAD news is these four reporters of oil production give different numbers, and often substantially different.
They have different definitions for when oil is produced, what is oil, and who they believe. Meaning, oil coming out of a well and stored in a local tank unused vs oil coming out of a well and flowing through a pipeline to non local storage and use . . . which of those two is "oil production"? Should Butane, an NGL with only 55% the energy content of crude be counted barrel for barrel as "oil production"? And should you just count a barrels / day quote from a government in your reporting?
Bottom line: don't be glib about reports of someone's oil production. The reporter is probably too stupid to know the above info and will not cross check JODI vs IEA.
LOL. oil production figures? It's top secret, comrade and none of your business.
The only problem is the US uses 20x as much oil as Canada and is an importer instead of exporter
Get back to us in 20 years with those numbers, would ya?
And US consumption is more than double that of China.
http://www.indexmundi.com/g/r.aspx?v=91
You might want to read ZH a bit more. I think it has been only within the last 2 weeks that this claim was debunked.
We have oil (canada)...so i guess USA's decision to rely on saudi oil is a good move?
that's ok china will take it
The wholesale give-away of our resources to China is going to go down in history as one of our worst decisions ... ever.
At least we could insist on refining the crude beforfe we shipped it off. (Same goes for the raw logs we are shipping to the States and China and Japan and . . .)
Canadian politicians (both federal and provincial) are very short-sighted in this decision.
How is it a givaway when you're selling it for $100/brl? Canada would be broke just like the US and EU without the mining and oil industry. The same goes for Australia
It isn't just the selling, it is the giving away of raw, unrefined products when we could have the industry here.
That is wrong.
You're right, but the Birkenstock wearing, baby seal hugging, Nature of Things watching idiots would kill that just as soon as David Suzuki got his hands on yet more American lobby money. "It's dirrrrrrty, riiiiight? Thaaat refyyyyniiiing, yeahhhhh?"
Amen BigInJapan, the sooner people realize this is a one way argument and the oil companies have no lobby money to influence the politicians, or even public relations or marketing departments to influence consumers, the sooner we can end this silly banter. Lord help them in their battle with the peons.
Deo, even our fresh water from the great lakes is going to China!
http://thekeytoeternity.blogspot.com/2010/12/worldwide-great-lakes-water-conspiracy.html
@Tuco, that is what is so wrong with our political leadership.
This book is a tad more grounded on this issue than Ventura but reaches much of the same conclusions,
Cynthia Barnett, author of Mirage: Florida and the Vanishing Water of the Eastern United States.
At least we could insist on refining the crude beforfe we shipped it off
yeah, thats what we need, pipelines and tanker ships filled with gasoline instead of crude oil. Sounds safe. At least when there is a spill, it won't contaminate the soil and water for decades; instead, it'll just cause fires.
I think there is also problems with the gasoline absorbing water, especially when traveling overseas.
I don't know for certain, but I suspect these are a couple factors as to why crude oil is transported overseas rather than refined products.
There are couple of thousend product tankers transporting every kind of refined petroleum made.
There is a shift going to more refining in PG and India, good for me since we carry up to 100,000 MT in one go (down to 80,000 MT of light stuff like Naphta) and are too big for trans atlantic gasoline and diesel trades.
It's a few years off still, but China keeps trying to buy Canadian potash reserves.
This is a big mistake for Canada. Potash is a critical national resource.
http://www.youtube.com/watch?v=k_bRyiVaD5M
20 minutes, and it you're an investor, this is as good as the Kyle Bass pieces.
Gazporn doesn't give a damn
Hahaha! Gazprom IS honey badger!
Gee, I wonder if the Great Chairsatan will be able to counteract the inflationary effects of surging energy prices within 15 minutes. Oh, that's right. Food and energy prices are conveniently stripped out of the CPI. I guess people simply won't notice that when gasoline soars past $4 per gallon at the local Fill'er Up Gas Station.
I'm already paying more than $4.00/gal for diesel. This is going to hit food prices too.
They start parking the trucks at +4 diesel.
This is the index to watch
http://www.ceridianindex.com/
I hope everyone realizes Iran is complying to the EU ruling. While the media spins Iran has cut off supply chain, it was the EU who cut off its alternate source. So what does that mean? China/Russia will buy from Iran and sell to the EU. How will this affect the petrodollar recycling program in the long run? This reminds me of deranged adults who cut themselves with a knife and claim they're mentally stable.
EU bans Iranian oil imports - Watch Video
I live in Alaska and I'm paying $4.15 for diesel. I feel your pain.
Diesel is running $4.19 to $4.23 in my part of Maine, and gas prices went up another two cents this morning.
This is the consequence for rigged, fraudulent straw poll/primaries!
May be the first casualty in the US will be Walmart.
As sick as Chinese ponzi masters are, I sometimes can't help but suspect they may in fact occasionally desire for the country they rule to be successful? Wish we had overlords like that.
Gomer (Duetchland) will never get cut off!!! (Ask Ezekial)
"Now we're pissed, eh?!"
Apparently, India has always contested that Iran invented chess; just saying. It could affect the current IRan-India oil deal and future gas pipeline deal. In case that controversy flares up an international committee with GAry KAsparov to head it will be named to decide if an Iranian Bot or and Indian Dot.com invented the old game; the second oldest pastime for kings after unfettered, unlettered, never bettered wenching.
persian invasion is why india is like india, why varna is what it is, etc.
NO KIDDING? Where did you varnish that? What century did the varnishing occur?
Shatranj - Wikipedia, the free encyclopedia
persian invasion and conquest of india predates chess...it is wholly irrelevant to call the game indigenous to persia or india after the persians and then greeks under Alexander invaded and conquered india.
They didn't conquer India, they conquered Afghanistan and Penjab/Sind. They never crossed the Indus into main India. So that invasion only had local impact in the Gandhara culture of that age. Indian culture evolved in most of India totally independantly of that. The Ancient indians were indo-arians. If there is one civilization that influenced deeply India it was Moslem Mamluk-Moghul invasions starting around 1150 as they entered deep into heartland.
White "Aryan" imprint had small impact on brown India sorry. And chess had no relation to these invasions. It was pure Indian invention. Gupta dynasty.
Gupta Empire - Wikipedia, the free encyclopedia
WTF are you talking about? The Persians never invaded India until 1738. Before that, the greatest extent of their empire went to the Indus river, the Eastern border of modern Pakistan. The Greeks invaded India in 326 BC.
Chess wasn't invented in India until the 6th century AD.
"Invasion means that anything invented for the next 1000 years was invented by the invader's culture."
So sayth mighty Trav.
No invader in the human history could ever cross river Indus (current western Pakistan) this include Alexander, British, Soviet union, American and more.
Alexander the great invaded India and went through Persia. The Persian soldiers who joined his Army took Chess with them to India.
"When you hear of war and rumers of war"......
"When you hear of war and rumers of war"......
I have heard a couple rumours. Are rumers kind of the same ... only different? ;-)
Rumer is the daughter of Bruce Willis and Demi Moore
Roomer pays part of the rent.
Deo, it is just a rumour but by giving us another spelling for "rumors" you bring new meaning to the definition of a "rumor monger" the meaning of which is one who spreads rumors:)
@Tuco - I spell it it in Canadian. Sort of my sense of 'humo(u)r'.
What's that all aboot?
Does Bruce Willis know you're spreading (R)umer?
The best "Rumours" was by Fleetwood Mac.
Clever move. The Persians know the U.S. and Israel are set to attack over nukes. By shifting the focus to oil, the war will no longer be about nukes but oil. The libs won't go to war over oil; solar maybe, but not oil.
From your lips to ...
And will you please wash them things. I'm starting to get freaked out here.
Look, little Tyler is pissing on the bonfire again.
PBT is about to leave the station....
Party Big Time? You're going to have to get more specific.
Permian Basin Royalty Trust...
The cash flow from a few wells in the Permian Basin, aka WTI.
Another worthless iranian dictatorship propaganda
BP is a great buy right now. Just play the game...
The amount of ass-licking that European governments do to their American counterparts has now reached epic levels.
An embargo on Iranian oil to please the US in the middle of the biggest economic crisis in almost a century has got to be the most idiotic, half-brained geostrategic decision ever. Here was a perfectly good opportunity to keep out of somebody else's fuck-ups but nooo, our leaders had to bend over all their countrymen to receive the tender attentions of the American military complex and corporates.
Frankly, I'm beginning to suspect there is not a single mainstream politician in Europe which has not sold him/herself to foreign and/or corporate interests.
Euro politicians are total sellouts to the global elite, this is beyond obvious. First causing themselves a self inflicted currency crisis to which the worst "solution" is more debt piled on existing debt, and now topping up the farce with an aggressive invasive war in the Middle East. As if that would solve a lot of problems.
Tony Blair, UK prime minister joined JP Morgan when he left the Prime Minister position.
Says it all really.
@Acet. Brilliant take on this! What we need to remember is the USA and European leaders are the SAME! Europe is in the grips of the same neo-liberal, neo-con leadership as America. That is why Europe kisses America's ass on issues like this.
@Acet
Europe's change of heart and friendliness to the US may be for the simple reason that '.you are either with us or against us'. Germany and France said 'no' to Iraq, remember?
NUCLEAR THREATS can be made against friends as well as enemies and every other nation remembers the only time the nuke option was used---especially Japan---they have been 'good little Japanese' ever since. The rest of the world is afraid of us because it knows we are mad as a hatter!
The Iranians, Ecuadorians, Venezuelans, Cubans, Bolivians are the willing pawns in the proxy battle of the larger nations.
Suicidal to be sure, but they have my admiration for their courageous stand against insanity and in favor of justice
and not one of them has stood for violent confrontation in spite of what MSM says
Thanks for the post Acet, we are in agreement, but I just wanted to amplify the thread a bit om
Nah. It's just the opportunity to scoop up countries with resources. Libya got an ENI executive as oil minister.
It couldn't be more blatant if Obama publicly announced open season on "axis of evil" mineral resources and started selling licenses to invade.
I think it's really about most of the world leaders wanting to be COOL and join the "club"....the NWO Club, that is.
The ever-reigning Club President, is, of course, Rothschild.
This will force the imperials' hand. I guess Iran really is ready for war.
ZeroPoint, That of course IS the question. How prepared really is Iran to absorb the western attacks and strike back. They act fairly confident in public and this oil embargo seems to come from a feeling of strength.
Does Iran have capabilities to defend itself and fight back? Does Iran have promises of real substantial help from other nations? China, Russia?
Russia has been selling Iran out on military hardware sales due to western pressure. Why doesn't Putin draw a line if the sand and say "no more NATO conquests"? I don't know hwat power the west holds over Russia. China seems more willing to back Iran. Have they supplied some re-engineered Russia high tech weapons?
One thing is for sure, this will not be "Iraqi Freedom II". Iran must have watched the USA destroy Iraq, they must be better prepared, or else they really are crazy!
Made me laugh.
Once again, making it sound as if Iranians' behaviour would inflect the course taken by US citizens.
No matter what, US citizens are coming for them. Ready or not, Iranians can comfort themselves thinking that partially, it wont be their oil fueling the US citizen war machine when they are going to be crushed by it.
It is a zero cost move.
But first, the besieging, kill people through attrition, smuggle drugs to weaken the resolve of the locals etc
The usual US citizen war plan.
This is not "the usual US citizen war plan". This is the war plan of the now hijacked former U. S. government now run by former Americans now globalists. It will not be a happy ending for anyone.
The US citizen has about as much say in their criminal government as the USSR citizen or Red China citizen
http://www.atimes.com/atimes/Middle_East/NA31Ak02.html
Indeed! We can bomb their country all we want. Their soldiers are already here, with suitcase nukes and ANFO aplenty. They hit a handful of federal buildings, a key dam or two, a few power plants, a handful of major ports, and a few dozen critical points in the electrical grid. All at once. Surely you can imagine Iran has managed to get, say, 300 guys in. Consider our southern border and our PC immigration department, as well as how many student visas we issue.
Even if they can't loft a couple EMP devices on the coasts, simply by putting it in an airplane, if the whole country is without power, and the grocery stores are all closed and then looted, how long until the masses stop looting Best Buy and start looting their neighbors' houses?
How much food does the average Glee fan have on hand?
I doubt it, they couldn't even beat Iraq and they have no air force. They must be masochists.
Oil sucks anyway pour it on a flower and watch all it is is black death the exact opposite of water which produces life no wonder the world is fucked grow a garden remember food stamps buy seeds
great video which shows the 90% silver quarter ($6.00 value) implies $6.00/gallon gas
http://dont-tread-on.me/?p=13678
Thanks Uno!
The Crack up Boom
But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears. Everybody is anxious to swap his money against "real" goods, no matter whether he needs them or not, no matter how much money he has to pay for them. Within a very short time, within a few weeks or even days, the things which were used as money are no longer used as media of exchange. They become scrap paper. Nobody wants to give away anything against them.
Ludwig Von Mises
As long as Wal-Mart accepts cash, all will be well. Once China refuses USD for goods, that's when the trouble starts.
Well, if this helps to collapse the 'recovery' in Europe, US and elsewhere, I'd say go ahead Iran.
The sooner the Ponzi scheme collapses the better.
So, (and assuming China is the recipient and these barrels are not available to the West) I guess if we want to lower oil prices we'll just have to deflate our currency. That's probably going to be a really hard sell at the Mariner Eccles building. War it is then (lesson: Inflation always leads to war).
What? No doubt you mean to convey irony, I'm a thinkin' it might be a bit overly subtle though. These shitheads are in WAY over their heads. Kinda like compulsive gamblers as the day it all ends becomes unavoidably obvious.
(lesson: Inflation always leads to war).
The goal of US economics.
Excellent. Just as planned. Now the EPA can rest easy. Soon coming to Amerika, no fucking oil. China and India getting smarter and Amerika getting dumber.
I betcha Chavez has a woody...
Countries that rely on imported energy would do well to spend their money on wind/tidal/solar rather than the Military Industrial Complex and wars.
Global warming is debatable, but the finite-ness if fossil fuels and the fact that countries with fossil fuels can choke off supply if they choose to is not debatable.
In the case of NatGas, Putin can fuck Europe up any time he likes without ever firing a shot.
Above anything, countries should be as energy-self-sufficient as possible. I don't understand why this isn't a much higher priority for western governments.
It may be a priority for the governments but it sure as hell ain;t a priority for those actually running things...
Out of curiousity, what part of GW is debatable???
FR2011 and HK2011
Several parts (I'm on the fence).
There is evidence for temperature rises - that's pretty much proven - but the future projections are just cherry-picked from a range of simulated outcomes.
Since fossil-fuels are very finite, there's only so much carbon we can put into circulation. Fossil fuels are running out.
The issue of "we need renewables to prevent global warming armageddon is the one I have a problem with - it's the armageddon prediction that I consider to be debatable.
But it shouldn't matter anyway - an energy famine is just as harmful (or more so) and so we need to harness other energy sources.
As fossil supply diminishes, so those that supply and traffic fossil fuels have more and more power - enough power to cripple other nations. If nations are more self-sufficuent, this becomes less possible and hopefully reduces conflicts (maybe??).
Junk me if you like, but can anyone suggest why moving towards energy self-sufficiency would be a bad thing?
Why would I junk for you for fairly rational statements?
And as for predictions, show me one "skeptic" prediction that was good as this one 35 years later:
BR1975
I gotta disagree, the only cherry picking done is actually to downplay the more dire predictions....And if anything most of the IPCC predictions have been shown to be very "conservative"....i.e. things are moving faster than the baseline scenarios....
fossil-fuels
are they?
finite
in this lifetime?
So Iran stopped selling to FR/UK after they quit buying oil from Iran.
Shocked.
No, BEFORE they quit buying oil from Iran. Thus Europe did not have time to arrange alternative supplies to the same degree. Thus more of an oil shock. The FR/UK was to stop buying Iranina crude this summer.
Let's blame Iran for inconveniently not selling oil to countries which refuse to conduct financial transactions with Iran.
As was pointed out here at ZH some time ago, all this is related to recent US legislation attempting to economically strangle Iran no matter at what cost to OTHER countries.
The US government has been hostile to Iran ever since they overthrew the US-backed despot Shah and ousted British-US petroleum interests. If it hasn't been economic warfare, it's been US backing for the illegal Saddam-led invasion and lengthy proxy war with Iran.
Now, I guess it's Israel's turn to be the "proxy", though I also expect a lot of US support to be forthcoming.
I am sure our loyal friends in India will support us... HAH!! This is just the flirting before the real dance... where we hit Iran with the new deep slam stuff... and then... WHOOPEE!!!! Take the world's mind off of unpayable debt and collapsing currencies...
Errmmm... Iran sold very little oil to France, and no oil at all to UK.
4% to France around 80k bbl/day + 20k to UK. Another question is how much oil was sold to French and British companies to supply other countries and they said they cutting them off.
"-------we humbly submit that instead of taking the Reuters article at face value, and one may certainly do that, what may instead be happening as Iran migrates to a non-dollar based international trade system is the testing of the waters of a non-USD regime, more importantly, one quietly encourage by China, who is a very complicit participant in the transition to a world in which the US Dollar suddenly finds itself irrelevant. Whether replaced by gold, or a currency backed by a basket of hard assets (the CNY?) we don't know----"
Well, for me this is very interesting because we are about to see how the fed's virtual reality matches that of the street.
As i have said many times, except for the US nuclear threat, the rest of the world has gone ahead without us---buying the cheap oil, gold, copper, etc. of the paper markets--
Sorry to be so excited about this show, but I never thought I would live long enough to see a new film.
Hopefully, it will not be as painful as many here fear om
OM
Thx for commenting on my entry on the previous post.
Can you tell us more about 1987. Words from somebody that has experienced it are worth 10000000000 times more than some others that just talk about it.
http://www.youtube.com/watch?v=gMZqbBRTheo&list=UU_FouojmbzN_jwBVkroDQBw&index=2&feature=plcp
Charles Biderman thinks the same way.
EKM,
Not much to talk about. I just remember the old men that had been around forever saying that controlled markets never worked ---they were the antithesis of true markets. The loading to the bull side by way of circuit breakers, etc. and deliberate intervention in the markets was all they needed to know to walk out the door.
The ones that were left departed when the conversation turned to 'allowing the banks to be in the brokerage business by buying the brokers'
All of them remembered, even the most conservative knew that once the banks came back there would be no reversal until they ate everything and everyone at the table. No one liked FDR, but everyone agreed that the studies done during his administration regarding the crash of '29 were valid reasons for keeping the banks away from the markets. This is all in the histories so well written.
One broker sold, another sold, and before long------
I just remember how it changed when the wirehouses began sending 'managers' from NYC and how even in laid back LA---they started hiring anyone who wanted to make a lot of money fast.
I lost interest in the whole game around this time because I was hearing 'Love it or leave it' even from my friends.
I just walked away in 1993 and have never regretted it for a moment. The game is entertaining at times like this site is, but most of those involved are greedy and stupid, so it is not really a place for simple guys who just want to live out their lives like this oldman.
This site feels good because the banter was so much like the trading desks; lately, there has been a change---a loss of lightness and more hatred and bitterness has surfaced. I am guilty of this also and have to apologize quite often for being too personal without any intention.
I like watching leaf-cutter ants , bees, and wasps in nature---I like watching humans also. But I am as much of an idiot at those times when I react from my american conditioning as any of us.
Living the past 19 years out of the US of A makes it different, also. The rest of the world knows that we are too damaged to do anything but bomb them and are saying---'go ahead asshole'---they won't leave in fear any more than the will attack us.
We are the terrorists
Thanks EKM I guess I needed to spit all of this out
Life is easy, 'bro om
Thx a lot, sir.
Thx for taking the time to write this up. It means a lot to me hearing from somebody from the trenches of that time. We may disagree on topics, but the main reason I love ZH is that there is no censure. That's how we learn, via debating.
http://business.time.com/2012/02/17/study-working-on-wall-street-is-bad-for-your-health/?iid=biz-main-lede
This link above is for you to read. Nothing seems to have changed.
The french say: Plus ca change, plus c'est la meme chose.
Ecclesiastes (old testament) says: There is nothing new under the sun.
Enjoy life whereever you are. God bless you.
@EKM
Oh, that link was not for me, my friend.
I always had a plan and it was to live my life as I wanted it lived.
In twenty years my scheduled never varied: in my office from 8am to 1pm without fail, coffee at 9am and at 11 am out of my office without fail, 1pm to 5 pm on the court (basketball was what I wanted to do), home at 6pm to begin all over on the morrow.
I was a joke to the firms I worked with----made 50 to 60k per year all commission/no vacation /no sick leave/ no paid holidays/ no bonus or profitsharing. I worked for my clients not the firms. They never understood that I didn't want the money---I wanted the freedom. The joke was always that I made as much per hour worked as the highest grossing producer. When asked why I didn't want to make more, my answer was always, "I don't need the money---I can live the life I want with what I make". No one liked hearing that, but there was always an empty office so I never had to move to make space for the new guy.
So don't get me wrong I never worked for a living which gave me time to learn from men who began during the crash of '29 as analyst for banks and money managers for the truly wealthy. They told me the same thing my grandfather told me: 'the only things you have are your name and your health'. I honored that advice to the T.
I am glad I was able to om
Thx a lot. Great life style. I'm living almost in an identical way.
oldman demonstrated the wisdom which can come with age if one actively seeks it when saying:
Thank you, sir. By sharing what experience has shown you, you've enriched us all.
ekm then said:
One hundred percent agreement on that. I love that this site is not simply an echo chamber for its participants. I have found myself in agreement and disagreement with most commenters here, depending on the topic, and have handed out both red and green arrows to most posters. By God, this is fight club, and even if we verbally beat the shit out of each other, we are part of the same community of truth seekers. I wouldn't censor anyone here who is participating in the discussion.
Of course, the spammers aren't participating, so they can all go fuck right off.
100000000 THANK YOUS
I guess y'all missed this: http://www.nytimes.com/2012/02/12/world/asia/india-trumpets-ties-with-us-amid-iran-oil-deal.html?_r=1
India stepped into the breach as China attempted to pressure Iran for better terms.
Iran/West conflict. Mullahs are skimming oil profits as well.
http://www.youtube.com/watch?v=qS4lQBUeqGg&feature=player_embedded
If they dont manage to sell, they wont be able to consume it by themselves.
In other words, they will conserve.
More oil to be freed by US citizens.
US citizen are held hostage you dolt.
@AnAn
After what the french and brits did to Libya, why would the Iranians send their war machines oil?
What would you do arm your enemies 'at the market'?
It is OK , my friend
There are soooo many sides to these equations that they are nearly irresolvable
but we're having fun, no? om
The Iranians are saying that total oil sales are not going down, so I assume europe will just take the oil that china was getting somewhere else. The west has given China has a nice position with Iran. China can dictate trade terms with Iran since nobody else can deal with them. I wonder if any cooperative "security" arrangements have been made between Iran and China as part of the deal. A significant China military presence in Iran might further complicate foolhardy Isreali plans to attack. I'd go so far to say that if China has military there, then the attack plans get trashed. Ironically, China might provide the necessary balance in the region to keep anyone from doing something stupid.
no surprises here
iran's oil is not for europa; libya's oil is not for china anymore, either
the changes have already been made, this is just the press release
nothing is "wrong" here, imo
why? b/c the situ is not unstable
jran is not isolated, but has alliances with incredibly diverse peoples and powerful nations thru ruChi; the hormuzStraights are open for the "west" and with syria looking like the UN is now dialing its ass into the crosshairs, the ruChi will be pretty much outa clubMed, too
what about the russian naval "base" and the china trade, especially thru greece and elsewhere? the "base" goes, the trade stays, imo. common sense does not always lead to mass confusion
the atomInspectorZ are welcome, but not in israel; the suez is open to the parades of the iranian navy, and the enonom hasn't collapsed. yet
greece will soon get the next "tranche" to keep trying to satisfy the EUROcraticElite&banksters and if timmah testifies in some civil action, he will say he can't tell them anything they don't already know, but i don't think we'll get to see what happens if some judge tries to hold him in contempt
the "markets" are still totally screwed down tight while "reserves" are being swapped like IOUs from the frat house poker game in early june
and if you can't be with the one you love, love the one you're with
Don't forget the $6T-in-fake-treasuries tip of the iceberg bitchez.
Iran's MOP site says at the bottom of the page:
Best View in IE7, 1024x768
1. Keep the Dollar strong by keeping oil (Petrodollar) prices going ever higher increasing demand for Petro/American dollars.
2. Keep the war mongering at full tilt to keep those prices going ever higher.
3. By keeping the prices higher (Dollar strength) the U.S. Playcates the Arabs into accepting worthless dollars for oil to keep the Petrodollar scheme going.
4. As oil consumption plummets the news just gets worse and worse (see a pattern?)
5. By "NEVER" allowing the U.S. to have an energy policy and supply it's own oil and energy they are able to export some inflation through foriegn oil sales. (otherwise that freashly printed money would stay here) No green energy that they have been preaching about for 40 years, No pipeline to drive domestic prices down, increasing the MPG requirement of cars and trucks by .0000005 MPG per gallon (per year) giving us an average of 17.2 MPG vs European cars and trucks getting twice the mileage per gallon, calling peak oil to ramp oil prices up, calling oil a "Fossil fuel" to imply rarety while drilling at 60,000 feet below earths surface striking all kinds of "Major" oil deposits. Meanwhile, a "Fossil" has "Never" been found deeper than 16,000 feet below the earths surface in all of human history)
Smell something ?
Yes. I smell an attack on Iran.
And a gazillion of stars to you for mentioning the IDIOTIC FOSSIL FUEL THEORY. How idiotic could it be that crude oil comes from dinozaurs dying over the millenia. Of course, there were dinozaurs at the bottom of the ocean also, when BP couldn't stop the pressure of crude coming from earth's core, and not from freaking dead dinozaurs.
In 1945 the NAZI's established a secret colony on the dark side of the Sun. On March 3rd 2012 they will darken the entire Sun unless the world pays Germany the sum of ONE MILLION DOLLARS!
Only Ultraman can save us now.
Then we will fight in the shade.
...and make the warning light blink very fast.
WRONG! Chess comes from India.
China, the first version of it was called Chinese Chess, not Chinese checkers tart.
In university many years back a history instructor told us that the Mid East would become the scene of great oil wars in the 21st century. Nobody really believed him! Well, I think he is vindicated!
It's all because to the Mayans….
Nope, it's all because of Govts
..all the peoples of Iran, Europe, America and even Isreal must be scratching their heads wondering what all the fuking fuss is about
It is of course those vacuous retards playing global goofball geopolitics
People just want to get on with life in a nice orderly productive manner
that's just not possible with the cretins and creeps of Govt and behind Govt playing 'politics'
Fuck Govt
Stop Paying Your Taxes ...cut the cretins hanging off your wage packet
@vh070; there was a show on TV where the guy said that most Mayans are really Aztecs but they thought they were Incans. He was on a different show where they were from space so thats how he knew about it.
So, the US is trying to cut off oil supplies to China & the Israel/US/Europe axis is trying to invade Iran to steal its oil for free. Um, the rest of the world isn't falling for this nonsense again after the Libya invasion.
The West is broke, including England, & Asia is flush with cash. The West is trying to steal the oil before they can no longer pay for it & the financial system implodes. Plus, if they don't try to steal it & the West's economies collapse from bankruptcy (Europe may be weeks away & Greece is already descending into revolution), the Russians & Chinese will just laugh & watch as we rip each other to shreds.On top of that, if history is any guide, they'll covertly arm militant groups in the US & Europe & sit back & watch the show. The strife in the US is only being kept under wraps by the fact the economy used to be good. If this Undercover Depression becomes obvious, people will be @ each other's throats over the table scraps left over. http://www.globalresearch.ca/index.php?context=va&aid=29307
Whoever goes after the Iranian(s), I hope it ends up the equivelent of a Michael Corleone christening.
The Iranians aren't gonna hate you any less.
This is from Wikipedia which draws from CIA factbook
http://www.marketwatch.com/story/iran-halts-crude-oil-sales-to-uk-french-cos-2012-02-19?link=MW_home_latest_news
This is from Marketwatch.
What Iran is doing is basically trying to talk up the price of crude since it's 80% of country's exports. Get me here?
80 FREAKING PER CENT.
Crude has been hoarded since October 2011 and it's very possible there's no more storage space and we might have a dumping into the market.
If crude price tanks by 30%, what is going to happen to Iran exports? Do the math. A disaster.
Couple that with hyperinflation there, we're talking HUNGER.
...the conflict between the US-led powers and Iran has wider ramifications. It is part and parcel of Washington’s bid to engineer the social and political upheavals across the Arab World in order to redraw the region in its strategic interests. It is no coincidence that fresh from NATO’s conquest of and regime change in Libya, the focus has quickly shifted to Syria – a key regional ally of Iran.
http://globalresearch.ca/index.php?context=va&aid=28675
"Iran didn't invent chess for nothing."
Mmm, nice line that. Here in the West we play 'Spit Your Dummy Out'
"Among European nations, debt-ridden Greece is most exposed to Iranian oil disruption."
They really are having no luck those Greeks ...that's socialism for you
What happens when there is a massive bombing campagn on Iran including it's oil infrastructure?
The more China depends upon Iranian oil now the more screwed they will be when Iran's supply is interrupted.
OK, let's say we don't bomb the oil infrastturture because the oil menwho comprise an important element of The State are excessivly fond of that sort of thing but instead just embargo it's shipments by blocking its ports, so its at the ready when regieme change happens. Same result for China.
China may be smelling like a rose now but as you should know we have officially started economic war with them and energy is the way, of course. An attack on Iran is an attack on China by proxy. Wake up.
You know, China only imports 11-15% of the total oil needs from Iran. That is far from "dependency". They may soon be snapping up "cheaper" oil from Iran and increasing their percentage of total imports, but in all if Iran stopped producing oil tomorrow, Sri Lanka would suffer the most, they get 100% of their oil from Iran. Turkey and South Africa would be next on the "suffer most" list, because they get 51% and 25% of their total oil imports from Iran, respectively, China could easily increase their imports from Saudi Arabia (who currently supply 40% of China's total imported oil). So, no. China is sitting pretty. They would not "suffer" as bad as many other countries. You need to wake up. China loses more in their export market than their oil import market if they lose Iran. Their interests in Iran is simple: it is the last oil prducing country in the MIddle East that is not in some way "friendly" with the United States. The bitch is in the details, and you missed a lot of them.
United Nations Oil/Natural Gas for Food Program anew
T Boone Pickens awaits in the shadows with baited breath.
South Pars
http://www.pogc.ir/Default.aspx?tabid=112
I implore you, please do not forget our benefactor Warren Buffett...................
What differnce does it all make. Once the oil is out at sea, it can go anywhere
LOL @ Oil Drum freaks. Don't bother talking to me. Invite Citigroup to your little shindig. Have "Gail the Actuary" straighten them out. What do actuaries know about oil anyway? They don't work in the business. Why not "Joe the Plumber"?
Obama will want to start a war with Iran this Autumn, when he will need a hail-Mary for his re-election --- the old rally-around-the-Presidente in times of war gambit.
Might work. God help us.
Anyone have any thoughts on this?
http://www.commondreams.org/headline/2012/02/18-0
Pakistan says it will go with Iran
Looks like we have to fight the whole world to this oldman
Seems pretty stupid to do so
But who can say---some people like long odds
om
My opinion is that it's just for internal consumption. Pakistan is very a multiethnic state that the britts put together. The ethnicities are practically self governing and do not like each other that much the same as different ethnicities in former yougoslavia.
What this tells to me is that an attack on Iran is a done deal and the Pakistani leaders who live practically stealing people's money would say on TV later that they did not in the past and they do not agree with foreigners attacking muslims and propaganda like that. Typical failed state stuff.
It looks like NWO is enslaving American people more than anything else.
Lithium Game Changer: 2014 Renault Zoe pure-electric car could have 220 mile range
We have a very interesting report from Charging Point in Europe. Could it be true? We will be searching for confirmation. The price for the Lithium Battery lease should go up in this case, but it will be the small price to pay for the range of 220 miles, which will be comparable to Tesla Model S premium specification, but in the budget market sector! If Renault Zoe price can stay in the £15k range - it will be the best entry point on cost basis and the game changer for the Electric Cars. We can start to talk about the mass market for Electric Cars!http://sufiy.blogspot.com/2012/02/lithium-game-changer-2014-renault-zoe....
Compressed Natural Gas.
Existing vehicles can be retrofitted for CNG; you fill up with CNG, the vehicle uses the gas until it runs out and then automatically switches to it's regular fuel. Costs a few thousand euros.
There is an existing domestic and commercial distribution network. You can have a compressor installed at home which compresses domestic gas to auto pressures overnight. You can cut your fuel bill to a fraction of the current.
If you are doing ~20k km or more per year it would pay for itself in 2 years. Frankly surprised it isn't yet standard in vans.
Anyone know a leveraged Brent ETC? It doesn't seem very well represented, most of the ETCs are WTI based and that seems insulated from world events.