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India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

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posted on Jan, 24 2012 @ 04:45 AM
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Saddam Hussein was convinced by Germany & France to trade oil in Euros.

Dollar vs EURO -- Weapons of mass destruction

Apparently the boost to the USA being the reserve currency is equal to about half of 1% of GDP annually.

The result was Iraq was invaded on the premise of non-existent WMD. Interestingly, even the CIA at the time said Iraq didn't have WMD, although it conceded Saddam could manufacture them quickly if he wished.

Iraq now trades oil to the Euro zone in dollars.

Will Iran be attacked if it is true that India buying oil with gold?

A better question would be why India has apparently (if the reports are true) stepped out of line by not using dollars to trade oil.

Both Pakistan and China are threats to India, so why would India do something to alienate a powerful ally such as the USA?


edit on 24-1-2012 by ollncasino because: grammar




posted on Jan, 24 2012 @ 04:52 AM
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It's going to blow up in their faces. India has gold in its soil, as well as fresh water and high elevation fertile lands. These are all things China would need under a gold standard and an eastern based economy.


That will lead China to having tensions in India within the near future, and inevitably draws China into the region.


Once China enters the region, everyone is screwed.



posted on Jan, 24 2012 @ 04:57 AM
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reply to post by ollncasino
 


USA india relation is a alliance of convenience.India changes sides whenever it feels conditions are favorable .



posted on Jan, 24 2012 @ 04:57 AM
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reply to post by ollncasino
 


It would make more sense if Iraq's oil didn't mostly go to Asia.

Iraq will see a strong desire to do as India is doing.


There was no oil reason to go into Iraq. Most US oil comes from Saudi Arabia, Canada, and Kuwait. Iraq is up there, but not as large as to justify a war over. Especially considering we get more oil from Venezuala then Iraq, and we have a grater interests to have political sway there than Iraq.


The Iraq war was nation building. Nothing more. We wanted a buffer state to enclose Iran and threaten Russian and Chinese interests. We give them cut of the oil, we get the political control. A simply corporate deal.
edit on 24-1-2012 by Gorman91 because: (no reason given)



posted on Jan, 24 2012 @ 04:58 AM
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reply to post by SeekerofTruth101
 


and I believe you know nothing about indian affairs.



posted on Jan, 24 2012 @ 05:01 AM
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reply to post by Gorman91
 


political control .hmmm

The use of military is going to cost us heavily in the future.I left USA long ago as I saw that doing business is problematic ,overtaxed and there is extreme bureaucratic hurdles.

We should return to economic development rather than warfare.



posted on Jan, 24 2012 @ 05:08 AM
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reply to post by 1947flxible
 


China, Japan to Back Direct Trade of Currencies - Dec 26, 2011

Japan has indeed entered into an agreement to drop the dollar in currency exchange with China and has expressed interest in melting into ASEAN. Japan has also struck somewhat similar though slightly more limited deals with India, South Korea, Indonesia, and the Philippines almost simultaneously. Source

Japan, India Seal $15 Billion Currency Swap Arrangement to Shore Up Rupee - Dec 28, 2011

Japan agreed to make $15 billion available to India in a currency swap arrangement as Europe’s deepening debt crisis threatens to curtail developing Asia’s access to dollar funding.

Japanese Prime Minister Yoshihiko Noda renewed a bilateral swap agreement with Indian Prime Minister Manmohan Singh in New Delhi today. The two nations had signed a $3 billion accord in June 2008 that has since expired. Source

New "Asian Union" Means The Fall Of The Dollar - Dec 31. 2011

The two largest foreign holders of U.S. debt and Greenbacks will soon be in a position to tap into an export market far more profitable than that of America, and that all of this trade will be facilitated by currencies OTHER THAN THE DOLLAR. It means the end of the dollar as the world reserve and probably the end of the dollar as we know it.

Japan’s inclusion in this process was inevitable. With its economy already in steep deflationary decline, the Yen skyrocketing in value against the dollar making exports difficult, as well as the ongoing nuclear meltdown problem at Fukushima, the island nation has been on the edge of complete collapse. Its only option, therefore, is to sink into the chaotic sees, or float like a buoy tied to an Asian Union. There can be absolutely no doubt now that Japan will soon implement the latter solution.

The dilemma at this point becomes one of timing. Now that we are certain that two of the largest economies in the world are about the dump the Greenback, what signals can we watch when preparing for the event?

My belief is that the trigger will come squarely from the U.S. and the Federal Reserve, either as legislation to heavily tax Asian imports, a renewed threat of further credit downgrades like that which S&P brought down in August, or the announcement of more open quantitative easing. Any and all of these issues could very well arise in the course of the next 6-12 months, QE3 being a basic no-brainer. ASEAN could, certainly, drop the dollar immediately after their central bank apparatus is put in place, resulting in a much more volatile trade war atmosphere (also useful for full global centralization later down the road). The point is, we are truly at a place in our economic life when ANYTHING is possible.

My hope is that as our predictions in the alternative economic community are proven correct with every passing quarter, more Americans will take note, and prepare. I can say quite confidently that we have entered the first stages of the catastrophic phase of the economic implosion. All the fantastic and terrible consequences many once considered theory or science fiction, are about to become reality. Source

Japan Earthquake 2012 Was A Warning Not To Threaten US Dollar



Source :UFO-Blogger.Com
edit on 24-1-2012 by awakehuman because: (no reason given)



posted on Jan, 24 2012 @ 05:30 AM
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reply to post by ludwigvonmises003
 


You can have both. Many nations have. But whenever a powerful military-industrial base emerges, there come men who wish to rule it....stick a blade into it and drink its wealth for themselves.

While we should worry about the military industrial complex, that by itself is not a problem. It is those whom take over it for their personal gain that are the problem. I would argue, cautiously, that Obama seems to be a sort of coup against the previous owners, as the policy changes were obvious.

Currently the military industrial complex seems to have two forces vying for its control. The neocon like Cheney and to a lesser extent Gingrich, and the federalists, like Obama, and perhaps to a lesser extent Romney.

Neither of them are good insomuch as different in their directions. The federalists seek more control at home and CIA-based control of the world. The neocons seek control at home too, but military control of the world.

I guess if I had to choose I'd fall in line with the federalists. If for no other reason than the fact they are more intelligent.
edit on 24-1-2012 by Gorman91 because: (no reason given)
edit on 24-1-2012 by Gorman91 because: (no reason given)



posted on Jan, 24 2012 @ 05:51 AM
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reply to post by Rafe_
 


That may very well be ,or maybe not but at the end of the day the dollar is being circumvented and other currencies are used for their dealing in oil.It doesn't matter wether they use Gold ,rupees ,rubles the yuan or toothpicks because the dollar in this situation is made redundant nonetheless.

Of course. But I was only pointing out that it is not a literal return to trading for gold as existed prior to Bretton-Woods. That would drive the prices of gold so high (it won't be surprising to see it rise to 10 times the current value against all currencies), which is not in anyone's interests. I think only Canada will be happy about that because they have huge gold deposits and production


Yes, the world trade is moving away from the US$. It is not because of market forces (although they too could have achieved it), but by design. However contrary to popular belief, the US government is very much part of the design to trash the US$.

It would be very naive to suggest that those who pushed the Iran sanctions bill through didn't foresee this, since it was all too predictable (Hell, even I predicted it). So why would the US government push for a collapse of the US$? It is disingenuous to claim that Iran is hurting the US by dumping the US$ after forcing it do so. Also I don't think the general public are savvy enough for that to be claimed as an excuse for invading Iran. Iraq voluntarily moved away from the US$ and even then it was never publicly mentioned in the reasons for the invasion.

That leaves only one alternative, that there is an international trading currency regime, delinked from any national/regional currency, as payments exclusively for inter Central Bank settlements is being ushered in and the scenario to justify it is being created.



posted on Jan, 24 2012 @ 06:03 AM
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Originally posted by Gorman91
It's going to blow up in their faces. India has gold in its soil, as well as fresh water and high elevation fertile lands. These are all things China would need under a gold standard and an eastern based economy.

That will lead China to having tensions in India within the near future, and inevitably draws China into the region.

Once China enters the region, everyone is screwed.

India hardly has any gold deposits left unextracted.

There isn't going to be any return to gold standard for national or international trade despite what the gold bugs hope for. Given the volume of commerce both within and between countries gold would have to be deflated in value by 1000 times or more for 100% gold backed currencies to be used in commerce, domestic or international. The only beneficiaries of such a system are those who are currently hoarding gold and major gold producers like Canada.

The last thing countries like India, where private gold consumption in the form of jewellery is the highest in the world, want would be a return to gold standard.



posted on Jan, 24 2012 @ 06:38 AM
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reply to post by 1947flxible
 


I think it was a bad idea killing Qaddafi, not only his governing ideology is gaining popularity, but also his trade policies. I think it would have been better for US to have just ignored him, like he was ignored for the past 4 decades. Let's be honest, how much did you know about Libya before this war? How much did you know about the Golden currency he was pushing for, not only in Africa, but also in Muslim countries across the world, how much did you know about the Governing system called Jamahariya? How much did you know about Qaddafi's Human Rights? Like the fact that he regarded "having a home" as a human right rather than a privilege?



posted on Jan, 24 2012 @ 06:43 AM
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reply to post by Observor
 


I'm with you. They've known this day was coming for some time and have been planning for it.


It just so happens that the IMF has already had a currency of its own called the SDR since 1969. However at the time that China was calling for a new reserve currency the SDR was not a convertible currency. It was only used to boost the reserves of a particular country, giving that country a stronger balance sheet which allowed that country to borrow more. That all changed in September of 2009 when the IMF made the SDR fully convertible. The IMF also doubled the amount of SDRs in circulation. Last month the IMF announced that it had a plan to use the SDR as the world’s reserve currency and is suggesting that they print trillions of dollars worth within the next few years.


www.itmtrading.com...



posted on Jan, 24 2012 @ 06:46 AM
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reply to post by Observor
 


Its the Himalayas. idk. I'm not going to pretend like I have the data. But if California still gives out gold, I think it's safe to assume that the largest mountain range on Earth gives out more.


I don't think it would take that much effort to go to the gold standard. You have to realize that a quick nationalization of anyone being affected would allow the government to set the currency as it pleases.

That's what the Nazis did. Worked out pretty well for them, economically speaking. As I recall, they went from a war torn impoverished nation to an economic powerhouse in a few brief years.

You see. Not everyone gives a damn about who will be affected by a return to the gold standard. Many governments see such events as opportunities for scapegoating the business in order to give trust to the government and generate efficient government allocated industries.
edit on 24-1-2012 by Gorman91 because: (no reason given)



posted on Jan, 24 2012 @ 07:17 AM
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Nm - S&F
edit on 1/24/2012 by SquirrelNutz because: (no reason given)



posted on Jan, 24 2012 @ 07:19 AM
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I have been reading a lot about precious metals and have been buying them for the last year. India and China's demand far exceeds the US demand for gold. With inflation looming due to QE1, QE2, metals will soon boom. One more thing that I find fascinating is that Peter Schiff predicted in his book Crash Proof 2.0 that if governments didn't return to the gold standard that private industry and localities would do it themselves. There were articles on CNNMoney last week talkin about that very thing happening!! Now this!



posted on Jan, 24 2012 @ 07:21 AM
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The west invaded Iraq and Libya for attempting to use a gold dinar/Euro as a replacement to the US dollar.
This is not good news. Or- it could be good news depending on how things fall into place. We'll just have to watch as the story unfolds.
edit on 24-1-2012 by L00kingGlass because: (no reason given)



posted on Jan, 24 2012 @ 07:33 AM
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Originally posted by calnorak
I still think that people that can grow and protect their food, will end up way better in the long run if TSHTF.

If this is a precursor to economic hard times.


Agreed ... I want to take the "elite" of the west, and give them a royal french revolution treatment. They dont listen to warnings, and in the end ... we'll end up there anyway, wether it's 20 or 30 years from now. I think the sooner the better, and it will also mean fewer deformed children born in the poor regions of the world, as an aftermath of depleted uranium usage.



posted on Jan, 24 2012 @ 07:37 AM
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Seems R. Paul is right after all. If we returned to sound currency now instead of after an economic meltdown, recovery time would be couple of years turnaround. What are we going to do, war with everyone? It seems more and more countries are turning to gold/alternate currency for oil. Iraq/Libya/India surely the start of the inevitible. Fiat system can't last. The Fed cannot let go of their only power. Its a sinking ship and they are the gash in our hull.

I will say this, the gas around me shot up $.35-.40 just off the threat of shutting the Straight of Hormuz. If war does break, cost of living here in U.S. i feel will shoot to levels we have yet to see. If there is a global shift to gold for oil coupled with Iran war, 2012 will be the disaster everyone is making it out to be. I always said all it would take for mass riots across this country is for there to be an interruption in food supplies. If the dollar drops enough value to not be worth going to work for, truckers will not deliver food. Think about it, they make what, $14-18 dollars/hr average. I could see a realistic drop in dollar to possibly $.50 for a dollar, why not paper is worthless in of itself. No one can live having their dollar value cut in half or possibly more. Smells like the start of a #storm to me.



posted on Jan, 24 2012 @ 07:40 AM
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There isnt enough gold (that has already been mined) on earth to pay for oil long term.



posted on Jan, 24 2012 @ 07:42 AM
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reply to post by ludwigvonmises003
 


I couldn't agree more. Problem is this act is seen as a threat to national security. U.S. power Is our currency as the world reserve. It is our major export. This could end up collapsing the dollar if carried out on a grand scale. In this country there is only ONE voice who even speaks of this. That voice is shut out of msmedia.
Dig our own graves it seems.





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