There is an interesting opinion here about the demise of the American dollar (from :http://www.energybulletin.net/4634.html )
[quote] Iran will move a step closer to establishing its much-publicized oil exchange next week, when the Oil Ministry and the Ministry of Economic Affairs and Finance are set to sign a memorandum of understanding (MoU), which will set the ground for the high-profile initiative. Hossein Talebi, the National Iranian Oil Company's director for information technology affairs, told Fars news agency that the project would enter the executive phase immediately after the MoU is signed. The official further said that petrochemicals, crude oil and oil and gas products will be traded at the petroleum exchange. "The oil exchange would strive to make Iran the main hub for oil deals in the region", he said, adding that most deals will be conducted through the Internet ... Iran announced in September its petroleum exchange will become operational by March 2006 ... ..........As William Clark argues in his forthcoming book Petrodollar Warfare (New Society, summer 2005), the denomination of global oil sales in US dollars has kept the American dollar artificially strong throughout the period from 1974 to present, enabling Washington to run up huge foreign-funded government debt and trade deficits. Tehran's action, whether or not deliberately calculated to do so, could cause a dollar crash. Iraq was the first nation to announce intentions to sell oil for euros instead of dollars (in November 2000), and one of the first acts of the provisional government put in place by in invading US forces was to return oil sales to the dollar standard.... ......One of the Federal Reserve's nightmares may begin to unfold in 2005 or 2006, when it appears international buyers will have a choice of buying a barrel of oil for $50 dollars on the NYMEX and IPEor purchase a barrel of oil for 37 to 40 euros via the Iranian Bourse ... A successful Iranian bourse would solidify the petroeuro as an alternative oil-transaction currency, and thereby end the petrodollar's hegemonic status as the monopoly oil currency ... [/quote] ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Discover CFTicket - The leading ColdFusion Help Desk and Trouble Ticket application http://www.houseoffusion.com/banners/view.cfm?bannerid=48 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:150162 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
