Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse

reply to post by Gools

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not to mention that Greenspan thinks the euro will be the new reserve currency.. not the dollar.
Euro could replace dollar as top currency-Greenspan

Could? forget that it's already happening.

The purpose of the Iraq and coming Iran invasions is TO STOP OIL SUPPLY TO CHINA!!!!!!!!!!

Russia and China is used to pissed off by USA, Japan could not stand it and invaded Pearl Harbour.

Jews mind is short and can't go far!



[edit on 28-9-2007 by Cibai]

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You have an important U2U

[edit on 30/9/07 by masqua]

Iran will not even be an Oil Exporter but an Oil Importer by 2014. How do you expect them to be changing currencies on how they trade their oil?

It's not that i consider Wikipedia to the the final word on anything but what led you to claim that Iran may not be able to export oil by 2014? Will it result from a foreign occupation force, lack of state investment in oil infrastructure, a massively booming economy that consumes all the oil or non of the above?

Stellar

What led me to make that claim is market analysts and the Geological News Paper Geo-Times which sited the journal Geology as its source.

The understanding is that Iran consumes oil too, for personal and public use, for industry etc. Iran's economic growth will cause Iran to consume as much oil as it can possibly produce by 2014 (while there is a lot of oil there's not a lot of room for more oil production their facilities are maxed out).

Iran knows this which is why it has been trying to go nuclear (most of its power plants are oil fueled).

So to say easily it is 'none of the above' but more akin to a growing economy. It won't take a massively booming economy Iran is reaching its production limits already and is feeling the strains on what is capable of being exported. But it is because of the growing economy that Iran will not have exportable oil in 2014.

Ok.



Well either they article were simply not including all the facts or you are not telling it all! Iran can not use anywhere near what i can produce with proper investment but since their current government is kinda fighting for survival and they are not investing their oil money in developing it's known reserves.

[quote[Iran knows this which is why it has been trying to go nuclear (most of its power plants are oil fueled).

There's no way the reserves can be further developed. The fields are at max production yous just cannot drill more for a number of reasons. There's physical space required to drill, there's drilling capacities based on the fluid pressures in the reservoir...etc.

Iran's has matured (that is to say they've built the most rigs allowing the most production they could ever get from their known reserves).

Saudi Arabia cannot increase production beyond their max; they too are invested fully...

Finding more reservoirs allows more production but these nations' explorations are mostly tapped out.

A blatant lie if i ever saw one. Have you studied this issue at all and why do you suddenly wish to jump on the peak oil bandwagon?



Nonsense. Please show me where on Earth you are getting this from.



Simply not true as their proven reserves should show. Where did you come up with this idea?



More absolutely nonsense. So i guess i got it right from the start and this is just another peak oil ramble.



They are not and all our data points to world reserves still growing far faster than consumption despite lower investment and high prices. Proven reserves go WAY up when prices increase but those numbers have not been worked trough the system to reflect the fact that the worlds proven reserve are now about three or four times as high as they were just three years ago!

It's fascinating how the mind of the average peak oiler just don't seem to factor in any facts.

Stellar

Update on the topic of this thread:

Iran is now 85% of the way to complete abandonment of the petrodollar.


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Alright.

A certain member who has been acting up all over the boards has been banned by senior staff.

Let's not derail this thread any further.
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I knew China is stopping its' people for bringing US$ to China recently.
5 to 10 years ago the Chinese Communist encouraged its' people to export goods and bring back US$, but now that is no longer the case!
Well, let's hope they love EURO soon.
And imagine Chinese release this 40% USD circulation soon, USD will drop to rock bottom.

I like this Tom and Jerry game.

OPEC to Study Currency Basket for Pricing

Tick... tick... tick...
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Great idea G in bringing this back out of the archives.

There has to be some behind the scenes action happening here fending off the total collapse of the dollar. Although, maybe not -- since we're at "record" lows in that dept.

the yen carry trade is starting to unwind

economists and investment analysts Jim willie and Jack crooks both point out the YEN is ready to break out and appreciate substantially ( even with the BOJ and USA trying to hold it down)

IF IF IF this happens and is sustained COMMODITIES will FALL. OIL , soy, corn, gold, silver , what have you.

The yen carry trade is a large pillar of support for the current inflated asset values across a broad specturm of global bull markets and bubbles.

If the yen appreciate's particularly in relationship to the euro (EURO:YEN) then markets will fall. That is proven this year (Euro: yen ratio mirrors U.S stock markets)

in the above mentioned scenario gold would fall at first, but then gain momentum, as central banks the world over try to print more and more money, and people start to see gold as a real store of wealth.

The Euro will be the new world reserve currency in a couple year IMO, and intrest rates in the united states will rise (since foreginers will no longer foot the bill for the outrageous spending and deficit we run in the OLE' USA.) our consumer prices will rise (think any imported goods) and consumer spending drop and unemployment will have the potential to snowball. The funny things is america will never be satisfied with Iran nuclear program because this economy and superpower of ours is so moraly asz backwards. We can't allow country's dependant on dollar denominated IMF , world banks loans (in order to pay oil bills) to generate CHEAP ENERGY, HELLO! it would be bad for our petro dollar. It is that ugly. The reality is that disturbing.

We should hope the BOJ and america find a way to keep the YEN down. if not our standard of living and economy will fall (How much is the question)?

Our currency is headed downward, and that hasa been the staple of our world power and dominant military.

The nation is facing the potential/liklihood of a very dangerous economic situation that will effect everyone who lives here Unless they own check cashing store's or are bailbondsman , police jobs should be safe as well.

Yeah, I also read the Jim Willie article yesterday:



He also mentions this story that I submitted two weeks ago: Gulf Arabs Could Drop Dollar Pegs in Unison

I also noticed that in a week where the markets are not making the big headlines (other than in the financial press) the FED has quietly injected another 47.25 billion dollars into the US banking system to "ease tight liquidity". This is the largest operation (yet again) since September 2001.

I'm no expert on currency markets, but I do know that the yen carry trade is a big -a very big- deal in international finance.
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Well let's review some of the items discussed in this thread shall we? .

A year ago (December 06), Iran announces that it will stop using the dollar for oil transactions.

In March Iran announces 60% of payments are no longer in dollars and they cut their dollar reserves and announce they will issue Euro denominated bonds.

Later that same month, China starts paying Iran in Euros and a low level trade war starts between the US and China.

In July, Japan announces it will start to pay yen for oil "in the fall".

In September Iran announces 70% percent of payments are no longer in dollars.

Japan confirms it is paying yen for oil.

Greenspan announces that the Euro is on it's way to becoming a new reserve currency.

In October Iran announces 85% percent of payments are no longer in dollars.

OPEC (of which Iran is a leading member) announces they are studying a basket of currencies to pay for oil.

Iran now announces that the move away from the dollar is complete: Iran stops selling oil in U.S. dollars

Add to that the fact the Venezuela has diversified it's reserves and barters with oil and that Russia now sells oil for Rubbles and you have to wonder about the people who are clueless as to why the US dollar has lost 60% of it's value (relative to the Euro) in recent years. It's not just about sub-prime. The whole system is falling apart.

Ramifications are coming soon to a town near you.

Do some people still think that guns and bombs are the only way to wage war?
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But the cold war is over Gools! Who is providing the military backing that makes such open aggression against American hegemony, trough it's currency, possible?

Could Iran and Venezuela really be acting alone and what's up with the Chinese and Japanese? Didn't see that one coming did we?

Stellar

Iran announced they will open the Oil Bourse Feb. 1-11, 2008.

Of course, they've said they were ready before and nothing came of it.

Update: