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December 18th 2006. The Iranian central bank has announced it is to convert the state's foreign dollar assets into euros and use the euro for foreign transactions.
Article > Aljazeera English 
December 18th 2006. Iran is to shift its foreign currency reserves from dollars to euros and use the euro for oil deals in response to US-led pressure on its economy.
Article > BBC Business News
December 19th 2006. The first domino falls and the rest begin to follow...
Article > Bloomberg
"The end of the petrodollar is the end of the dollar. And the end of the dollar is the end of the United States of America as a superpower, if not worse than that"
Full story: financialexpress.com
The Tehran Times, a central media outlet of the world’s fourth-largest oil exporter, said that Iran has started substituting euros for dollars in oil sales. The minister of economy, Davoud Danesh-Ja’fari, announced that Iran wants to cut its dollar-based transactions to a minimum.
Bloomberg News reports: "Iran's oil export contracts for months have included a clause that allows the nation to seek payment in the euro and other currencies, creating a mechanism for a switch should Iran's policy change, according to traders who buy Iranian oil".
It was expected: Iran seems like it is defending itself from Iraq's diabolic fate generated by the same US which declares it to be next.
Accordingly, Iran, as an act of self defense, signals straight to Washington it can hurt harder.
And it can indeed: by shifting the most valuable commodity on earth nowadays, oil and gas, from a dollar tied commodity (hence “the petrodollar”, trading oil in US dollars) to a euro tied commodity (hence “the petroeuro”) it can collapse, surprisingly easily, the already fragile dollar hegemony. Due to the fact that others will follow.
Other economies around the world will join Iran out of their own substantial reasons. like Iran, they have their own motivation and necessity to get loose from United States’ violent grip. Venezuela, another important OPEC member is one, Russia another, and more. Add it to the just announced new Chinese oil wholesale market plus the upcoming Iranian oil bourse plus the efforts of major central banks to get rid of their dollars while the collapse of the petrodollar looming and the reason for Washington’s panic is getting much clearer.
Iran still leaves an open door for diplomacy, it is sending the message “I can do this already”, but on the other hand “I didn’t start operating the whole transition yet”. It looks as if the Iraq Study Group that showed up suddenly to recommend a diplomatic channel with Iran was formed only to enable Washington to climb down the tall tree it is on.
When asked for an official statement regarding Iran's energy trade policy, by US Bloomberg news, Hojatollah Ghanimifard, executive director for international affairs at National Iranian Oil Co., played the game of the official lines and replied that Iran’s policy of selling oil in US dollars ‘‘has not changed yet’’
Original article here >
As if it wasn't enough for the Palestinian people to have been living under Israeli occupation and subjugation for the last 39 years, the United States of America once again gave Israel the 'green light' to continue its campaign of violence, murder and terror against those living in its shadow. With the death toll totalling 80 this month, the United States at the United Nations Security Council yesterday used its power of veto to once again endorse the Israeli action and support the ongoing murder of innocent men, women and children..
Read article here >
Pain and disbelief in Gaza >
World Reaction >
If a secular organisation was to use chemical gas and phosphorus weapons against a civilian population, destroy a holy site with a mystery Uranium bomb leaving the site radio-active (Google search: Khiam) and raize a sleeping street to the ground in the middle of the night the world would undoubtedly denounce it as a terrorist regime. However, this is no ordinary terrorist organisation - it's taken that one step furthe and secretly developed thermo nuclear weapons (Google search: Dimona), and has biological agents waiting in the wings.
In short - this organisation has the very WMD's it accused Saddam Hussein of posessing in 'intelligence' passed to the US. And this organisation continually demonstrates its willingness to flex its military might. Iran? No.
Welcome to the democratic State of Israel.
This site will shortly be expanded upon to cover the atrocities. Until then, please use the two search terms above to being your exploration into the truth about how American tax dollars are spent.
Friday November 9th: an Israeli official announces that an Israeli led military strike on Iran is a possibility.
"I consider it a last resort. But even the last resort is sometimes the only resort."
Read article here >
Iran to give crushing response if faced with Israel stupidity: Hosseini
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Israeli's are waking up to the fact that they must not ignore the truth and implications about America's colossal petrodollar driven debt, while perilously relying on one superpower as an implied guarantor of its prosperity
Read article here >
The global demand for dollars [to pay for oil] since the early 70's has helped the United States not only to keep its currency strong, but also to allow American consumers to import goods for less than would otherwise be possible. Moreover, it has allowed each U.S. administration to borrow massively abroad to sustain larger and larger trade deficits. This situation has kept U.S. inflation down but has created a fiscal Leviathan. The current "dollar arrangement," however, is eroding with the growing power of the euro in international finance...
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Iran will start the initial phase of its planned Iranian oil bourse at the end of September. The building that will house the oil bourse has reportedly already been purchased in the southern Iranian island of Kish in Persian Gulf.
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August 2006, SHANGHAI -- Shanghai Petroleum Exchange, China's first bourse for the spot transaction of oil products, formally opened on Friday.
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Venezuela sees China as a key ally Discussions over energy co-operation are set to dominate Venezuelan President Hugo Chavez's visit to China, which began on Tuesday.
Read article here >
Rather that join the negotiations, as he offered, President Bush has chosen instead to issue the first time-bound ultimatum to Iran. The deadline - July - just happens to co-incide with the date Iran has announced it will begin trading its oil solely in euros. Co-incidence?
Read full article here >
You won't find it reported in the western press... TEHRAN, May 15 (UPI) -- Iranian President Mahmoud Ahmadinejad announced Friday that in July Iran will abandon dollar payments for its oil and natural gas exports in favor of euros...
Read full article here >
Similarly... TEHRAN: Iran's oil ministry took a step toward establishing an oil trading market denominated in euros, rather than the US dollar, by granting a license for the bourse, state-run television reported yesterday (May 5th)...
Read full article here >
Unfortunately, the United States refuses to engage Iran diplomatically, choosing instead to conduct illegal reconnaisance missions into Iranian territory, force a confrontation in the fractious UN Security Council, and plan a military onslaught of missile strikes, possibly including tactical nuclear weapons, on Iranian targets...
Read blog here >
Venezuela has hinted it could price its oil exports in euros rather than US dollars, further weakening its links to the US, which only last week branded Chavez as a danger to the Americas...
Read full article here >
The Petrodollar is the Achilles heel of the United States of America ... and all it will take to send the US over the edge is for countries that have been either bullied or bombed (or both) by the US to band together and dump the Petrodollar and to demand payment for their oil in Petroeuros instead.
Read full article here >
The BBC suggests that If the current diplomatic efforts to get Iran to suspend its nuclear fuel enrichment activities do not work, it is inevitable that at some stage, attention will be turned to discussion of a military option...
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Jimmy Carter beginsan article with the following line “innocent Palestinian people are being treated like animals, with the presumption that they are guilty of some crime.” The former president concludes the same piece by judiciously pointing out that “depriving the people of Palestine of their basic human rights just to punish their elected leaders is not a path to peace.” There will be no more need to exchange blood for oil once the Arabs end their “oil for dollars” policy.
Read full comment here >
Israel says it will continue its bombardment of populated Palestinian areas in retaliation for alleged militant rocket strikes into Israeli territory, despite the death of a child in the latest shelling.
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"The Palestinian people have opted for this government, so they will have to bear the consequences."
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Making it harder for Arab governments to invest in the US may well deter the process of petrodollar recycling – something which...
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The nuclear 'crisis' involving Iran has today taken on a new twist.
Iran is a nation that has never launched an attack on any other country. It is unable to threaten the Israeli-occupied Palestinian Territories (Israel) with a nuclear attack as it quite simply does not posses nuclear weapons. The United States however is preparing to break the 60 year nuclear silence that the world has experienced since they dropped the bomb on Hiroshima and Nagasaki back in 1945, and is preparing to use nuclear weapons once again, this time against Iran.
THE administration of President George W. Bush is planning a massive bombing campaign against Iran, including use of bunker-buster nuclear bombs to destroy a key Iranian suspected nuclear weapons facility, newspapers around the world are reporting.
Read full article here >
It is unlikely that there will be a public announcement of the impending attack on Iran before it starts, since it would generate opposition. Allies do not want to be implicated and will deny any knowledge. Who will be officially notified that an attack is about to take place? Most likely, Iran itself...
Read full article here >
Far from the media depiction, Iran is not in breach of the NPT (Nuclear Non-Proliferation Treaty). As a signatory it is well within its rights to develop nuclear energy for peaceful purposes. It voluntarily signed a more intrusive Additional Protocol and suspended uranium enrichment for two years during negotiations with the EU3 as a confidence-building measure. Iran has maintained a dialogue with the IAEA and is willing to negotiate concessions over its nuclear programmes, despite the hijacking of the IAEA process by political interests.
Read full article here >
I don't know about you but I'm getting a bit sick and tired of Condoleezza Rice's insistence that we should all bear in mind Iran's comment that they would like to see Israel wiped off the map. It's far too obvious to all concerned that this is being used as the moral equivalent of her insistence that the smoking gun in Iraq was likely to be a mushroom cloud, and we all know how much false propaganda that turned out to be.
Anyway, here are a few other choice quotes to keep in mind next time she repeats it:
- "One million Arabs are not worth a Jewish fingernail." -- Rabbi Yaacov Perrin, Feb. 27, 1994 [Source: New York Times, Feb. 28, 1994, p. 1]
- "It is forbidden to be merciful to them, you must give them missiles, with relish — annihilate them. Evil ones, damnable ones," Rabbi Ovadia Yosef about the Palestinian people [Source: The Times, UK - 4/10/01]
- "There was no such thing as Palestinians, they never existed." Golda Meir Israeli Prime Minister June 15, 1969
- "[The Palestinians are] beasts walking on two legs." -- Menahim Begin, speech to the Knesset, quoted in Amnon Kapeliouk, "Begin and the Beasts". New Statesman, 25 June 1982.
- "When we have settled the land, all the Arabs will be able to do about it will be to scurry around like drugged cockroaches in a bottle." -- Rafael Eitan, Chief of Staff of the Israeli Defence Forces, New York Times, 14 April 1983.
- "We declare openly that the Arabs have no right to settle on even one centimeter of Eretz Yisrael ... Force is all they do or ever will understand. We shall use the ultimate force until the Palestinians come crawling to us on all fours." -- Rafael Eitan, Chief of Staff of the Israeli Defense Forces - Gad Becker, Yediot Aharonot, 13 April 1983, New York Times 14 April 1983.
Perhaps Miss Rice will refer to these at some point in one of her speeches in the interest of remaining fair and balanced?
Personally if I were the Iranian President I'd stop the enrichment process (which is just being used as a feeble excuse for possible military action against them) and very loudly announce to the world that my oil is now for sale in euros!
John Bolton, the outspoken critic of the UN that President Bush installed in the UN during a recess of the Senate begins to deliver for the president:
"UN vote sends an unmistakable message to Iran"
John Bolton, March 29th 2006
US Secretary of State Condoleezza Rice is joining foreign ministers from five other major powers today to discuss a future strategy on the Iran nuclear issue...
Read full article here >
"People are looking to the international community to show that this can, indeed, be dealt with diplomatically," Rice said. "We are committed to a diplomatic solution, but it has to be dealt with."
Menacingly, Rice also indicated that the United States will not wait long before taking another tack.
Read full article here >
This week in the world of economics began with the opening of the international oil exchange in Iran. The intrigue of the situation is accentuated by the fact that trading will take place in the European currency. This in itself is setting a precedent: in modern history oil has been quoted exclusively in dollars.
Read full article here >
"The hard part is the material. If Iran doesn´t have the material, and we have seen no indication that they have undeclared nuclear material that can go into any weapon, then putting a time frame on it is really difficult, ...as long as we are going through an inspection and have not found any indication that they have the nuclear material, then I don´t think that we ought to talk about a time frame for developing nuclear weapons."
MOHAMED ELBARADEI, DIRECTOR GENERAL, IAEA
Read full article here >
Despite the statements made above by the Director General of the IAEA, we can surely expect the current U.S. Administration to keep their collective fingers on the nuclear 'panic' button over the coming weeks due to the clear and present economic danger that Iran currently poses to the supremacy of the U.S. dollar...
Read the full (pdf) article "Oil, Euros and the Upcoming Iranian Oil Bourse"
Read full article here >
This web site has been assembled quickly as a response to the over-hyped crisis in Iran (Iran does not present a nuclear threat. The threat comes from elsewhere). The worlds mass media is doing a great job of not talking about the economic issues facing the United States and the world, and how this could drive the pre-emptive strike behaviour we witnessed in 2003 and had re-confirmed as policy this week.
In the interests of getting the information to a wider audience quickly, many of the links, comments and sections on this site remain to be populated. This will be completed over the coming weeks and where possible content will be included directly in this site (under Fair Use copyright) rather than linked to external pages. Until then, please forgive the blank sections, broken links, etc. They will be fixed shortly.
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OFFICIAL: Iran to replace dollar with euro
