Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said…
“At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies”…
“The dollar is an unreliable currency, considering its devaluation and the oil exporters’ losses,” he added.
Nozari did not specify in which currencies Iran was now being paid. In the past, officials have said most oil income was in euros, with a significant percentage in yen.
The dollar is as worthless as our government.
Well I guess that Iran is next to be bombed. It’s too important to let countries go off the dollar you see.
I wonder if they did that because of the NIE report…
And this is only going to get worse as China cashes in the bonds they have on US debt to get more other-than-us-dollar-currency and turns the screws on us. The US could basically be bankrupted if China decides to buy a whole lot more oil.
Our dollar has been in free-fall for a long time now, and it’s going to be worthless soon. Iran did the right thing. Allowing the U.S. to control and manipulate world markets is wrong.
I wonder if anyone ever thinks about it that inflation doesn’t mean things are “worth more”, it means the currency is worth less (remove the space between the two words if you like).
Even the Canadian dollar is worth more than ours now. Our days as a world power are probably nearing an end, and it’s probably for the best.
#4 –
Have to agree, it’s almost assuredly for the best.
We’ve neglected so many of the basic under-pinnings to this society for waaayy too long. We don’t educate our youth, we bicker over who pays the bill and elect people who promise not to raise taxes to pay those bills.
We’re arrogant, selfish and never consider someone in another country might be doing better at sustaining their society. After all, we are the greatest super-power and we have some of the finest leaders the world has ever seen tell us that..
All those things we never thought we’d have to pay for are coming due and I think we should finally pay those bills instead of passing them to our children and their children and their children and their children….Everyone on the new third world bus !! We built it, we get to enjoy the ride !!
I just wonder where all our wonderful leaders will migrate ?
BUSH REPORTED TO HAVE PURCHASED 99,000 ACRES IN PARAGUAY
Why might the president and his family need a 98,840-acre ranch in Paraguay protected by a semi-secret U.S. military base manned by American troops who have been exempted from war-crimes prosecution by the Paraguayan government? – Wonkette
Man… what’s with all the doom and gloom here. Have a little more faith in your fellow american.
Geesh…
I’d love to do just that but, it’s a bit hard to be idealistic right now.
I’d have a lot more belief we could pull out of the dive if I could just find/see/hear someone with a chance to become even a minor leader in our government start addressing things like rolling back a few of the anti-Constitutional “laws” we’ve had foisted on us by the current administration and their herd beasts. I think it’d give many of us confidence not all people who crave power to wield power get elected.
I’d like to end with a bit of humor to highlight my obvious fantasizing but, I truly would love to see that happen.
Ok, I’d like to see Jessy Simpleton massaging my balls with her tongue also..
I just hadda..
Mister Delema, seriously – you made me laugh my ass off! Jesse is probably a ho too!
Republicans think business can do no wrong and helping business helps America.
-They know best when exporting all manufacturing over seas.
-They know best when raising gas mileage requirements will only hurt business, thus only hurt America.
-They know best when they can import lead tainted products for our kids to play with
-They know best when they sell us and set the terms of our loans
-They know best when they say only illegals will take jobs
-They know best when they say it’s too expensive to abide by American labor and environmental laws and move off shore.
My only question is when did business actually caste a vote? Where are the Americans who understand how to self govern?
I guess if I dared question Eidard’s remarks, he would accuse me of questioning his patriotism.
You guys just take the bate too easily. Iran has had this in the works for quite a while. This is a natural evolution in the market. (Which has no bearing on how good our government is : ) )
Stay Tuned!
Watch the gold price tomorrow.. If it spikes more than 20 bucks or so, the big dollar holders are bailing on the US dollar. It isn’t going to do much to cause the crash, I believe we are at the tipping point. If that happens, time to dump your stock pronto and money market funds pronto.
The rest of the world see the real levels of inflation we are seeing, while our government continues to hide it from the US populace.
This is very worrisome, I figured we had at least 1 to 1.5 years left. Maybe that was too optimistic.
Petrov said
Man… what’s with all the doom and gloom here. Have a little more faith in your fellow american.
—–
Our fellow Americans are not the problem. It’s the criminals running the country, banks and corporations that are the problem. If you have faith in them… you’re an idiot.
@6 That was a shrewd purchase by the bushies. Water is the item that will be in short supply in the future. The land they secured has rights on one of the worlds largest aquifers. Those guys dont act for nothing you know.
China is moving to LOSE the USD as well.
Typo
Cheers
#10 >>>Where are the Americans who understand how to self govern?
LOL!!
Those guys (and days) are long gone mate! US Government and elections today are all about marketing – clever slogans, sound bites, headlines – ALL SERMON NO SUBSTANCE! Wake up and smell the french vanilla double decaf orange crapachino! 😆
American Democracy is a oxymoron – like Jumbo Shrimp and Military Intelligence.
It is what it is…
…and the world can sleep secure. (!)
Cheers
It’s ironic that China and Europe will have to come to America’s financial rescue. They can’t let the dollar freefall, they are too heavily invested in it. So they will make moves to keep the dollar from collapsing.
In case you didn’t realize it, the rest of the world owns most of America. Who do you think carries the TRILLION dollar official debt, our local banks? Nope, it’s the rest of the world. And they know that if they try to call in those loans, America will collapse and they will get bupkus.
Foreign countries also carry huge loads of financial securities… they are being heavily affected by the mortgage crisis.
The long term perspective is very grim. We have completely lost our manufacturing base, our technological lead is ripe for disappearing, we have no savings as a country.
And to cap it all off, we have a president that just this week stated that we are spending too much on our own country and not enough on the war, so he wants to spend less America and even more on his ‘freedom for the world’ campaign. That’s right, his next Veto will be for spending too much on you and me and too little somewhere else! And to think that there are still idiots that support that moron.
“Our days as a world power are probably nearing an end, and it’s probably for the best.”
The best for the rest of the world. Not so much for us in The States.
As our government feels power slipping through it’s fingers, it’s going to tighten it’s grip.
Those with power will do everything they can to keep what little bit of power they have left. That means more jailing, torturing, and even killing those who would stir up the hornet’s nest by questioning our leaders.
Sean said
As our government feels power slipping through it’s fingers, it’s going to tighten it’s grip.
Those with power will do everything they can to keep what little bit of power they have left. That means more jailing, torturing, and even killing those who would stir up the hornet’s nest by questioning our leaders.
—–
As our glorious leader once said… “Bring ’em on.”
There are plenty of extremely well armed southern good ole boys that would just jump at a chance to teach these creeps a very painful lesson they won’t soon forget. All they need is the excuse.
#16 The US is not going to be bombing China son
Everyone knows that there is the US government and then there is the Bush administration/nwo whatever you wanna call them. We all know who runs the shots. These guys have been grooming China for years, just look at the Chinese economy and military. They will jump on to their new bandwagon when its suits them and America will be left in more hot shit that it already is.
#10
You answer is it started with the election of George Washinton.
The wholesale business of companies being major campaign funders started with the Robber Barons.
Carnegie, Rockefeller, Vandebilt, Astor, Pullman, etc. They started the process of helping politcians on a grand scale to reap rewards in return. You want to know where the special interests, pork and graft started? It was these people.
Since then now we are only ruled by plutocrats and our republic is a plutocratic one. We no longer live with a government of the people, by the people and for the people. We live in one that is of the wealthy, by the wealthy and for the wealthy.
Cursor_
JPV said, on December 9th, 2007 at 8:41 pm
Our fellow Americans are not the problem. It’s the criminals running the country, banks and corporations that are the problem. If you have faith in them… you’re an idiot.
—
Please… spare me the ad hominem argument…
All of the institutions you refer to as the problem are run by fellow Americans.
If the corporations screw over Americans, you know… their f***ing customers what do you think that’s going to do to the bottom line? How ’bout those banks. I bet they love to foreclose on Americans ’cause that’s great business.
Things are getting tough now because other nations are lifting themselves out of the muck of collectivism. Once the transition is complete, the markets will settle down.
So–GOUSA broke the USSR by forcing them into an arms race they could not afford.
Now, GOUSA is being broken by a similar oil/energy race we can not afford.
Nice little cabal of energy cartel, balance of payments, deficit spending, and tax cuts all exacerbated by the Repugs.
Great Job Bushie. Worse than bad, Bushie and his pals are actually injuring GOUSA. Still has 80% Republican support in Iowa and New Hampshire last I saw. Some people like this situation. Go figure.
I’ll really be feeling sorry for all of you doom and gloom America hating coasties if and when your predictions come true. You’ll be the first ones affected if any anything like you describe happens. It’ll be easy to say I told you so, but alot harder to put food on the table in a city of millions without any way to make money, since the currency will be worthless. Many those gun toting kooks in thw woods aren’t so stupid after all…
#26 With the dollar free falling, I’d say they can’t afford to move. You can keep your illusion in hick vill. I’d rather live on this side of the pond.
#22 >>> …southern good ole boys that would just jump at a chance to teach these creeps a very painful lesson they won’t soon forget.
Didn’t they do that in the 1860’s?
#24 Only if it borrowed some more money it could.
#26 >>> Go live somewhere else for a while then you will appreciate what you have you ungrateful wimps.
I did…and you know what it’s the other way around. Have you tried doing that or are you one of those Americans who know everything about anything without going anywhere.
I see many Americans who live overseas (for a while) but have never left the US. Everything is “Back home we do everything better…yadda, yadda, yadda.” I was like that for years and then I did come back to the US…damn WTF?? What happened?
Once you free yourself of the thick layers of US mindfuck that everyone in the US receives CONSTANTLY you can wake up and smell the coffee.
I just came back from a trip to the US and when I complained about the TSA I was told “But we are at war!” Oh…yeah…that’s right, and where do you hear that one? All the friggen time! Hitler said “the bigger the lie people will believe it.”
It’s not just Bush or the republicans its the system. Americans don’t know the first thing about self government. All they know is carefully packaged and marketed with clever slogans, sound bites and headlines so they don’t have to think or know anything.
The American demographic requires all products and services marketed in a way that they are easier, better and cheaper. Government is the same way. Try and talk to any American about anything that is going on in world news and if your are lucky all they know is what they heard on the headlines. In other words most Americans know shit about world affairs. However these “informed and worldly” people are going to elect a new government next year. Gee the world can rest easy! 😆
#27 Says its not the American people who are causing the economic woes but the criminals running the country, banks and corporations. Bullocks and Bullshit!
“The people get the government they deserve” …Thomas Jefferson
Benjamin Franklin stated,
“Only a virtuous people are capable of freedom. As nations become more corrupt and vicious, they have more need of masters.”
Americans have gladly welcomed their new masters because it was their own creation.
Nuff said.
Cheers
We have a government as good as US citizens deserve.
At least one as good as most of the people who read this blog deserve 😉
Iranian Oil?! Heck, we haven’t even gotten any Iraqi oil and we own the @$!%# joint!
I guess that would make us the most incompetent conquerors of all time…as usual. Whatever happened to plunder, booty and spoils of war? We’re pumping billions INTO Iraq, not out. THAT’S INSANE! Will somebody pleeeease give Dubya a lesson or two on the nature and benefit of plundering the enemy, not ourselves, after winning a war?
Peace on Earth through superior fire power!
32–TIHZ_HO == kinda wordy and vacuous compared to your earlier positings.
On must about any subject, I find the most accurate starting point is that “people are all the same.” Calling this or that uniquely “American” is most often shallow or just manipulative.
Of course politicians would blame the public==just as a bank robber might say “Why did you put the money there?” and so forth.
Nations rise and fall. Much more complex than some fanciful aggregated attribute of “the people.”