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The United States and Europe are weighing unprecedented punishment against Iran that could cripple the country's financial lifeline but result in higher oil prices for the U.S. and its allies. Underscoring the potential costs, Iran on Wednesday cut oil exports to six European countries.
The Obama administration wants Iran evicted from SWIFT, an independent financial clearinghouse that is crucial to the country's overseas oil sales. That would leapfrog the current slow-pressure campaign of sanctions aimed at persuading Iran to drop what the U.S. and its allies contend is a drive toward developing and building nuclear weapons. It also perhaps would buy time for the U.S. to persuade Israel not to launch a pre-emptive military strike on Iran this spring.
But it's an extreme option in the banking world that would come with its own costs -- oil prices could soar, even as many of the world's economies are still frail. Underscoring that possibility, Iran on Wednesday cut oil exports to the Netherlands, Spain, Italy, France, Greece and Portugal. And in another defiant move, Iran began loading domestically made nuclear fuel rods into its Tehran research reactor.
Established in 1973, the essential but little-known hub is overseen by major central banks, including the U.S. Federal Reserve and the European Central Bank.
Originally posted by Xcouncil=wisdom
Can someone tell my why Iran can't use another bank? Is it that the amounts of money being used are so massive no one can actually come up with the real hard cash? So, this super bank takes and holds all these nations corporations funds and does electronic transfers, that aren't really backed by cash?
Uh oh...I thought the Fed Res was a bad deal...Maybe Iran should just trade its oil for things it wants...I can think of a few high dollar items they would really like to procure
Originally posted by 7thcavtrooper
And thus effectively repeating ,almost exactly,the same political maneuvering that we did to get Japan to jump into WWII.In case some of us require that"Doomed to repeat history" thing.
Originally posted by saroncan
I have to admit,when I glimpsed at your post I thought it read"Finally nuclear bomb dropped on Iran"
Originally posted by Xcouncil=wisdom
Can someone tell my why Iran can't use another bank? Is it that the amounts of money being used are so massive no one can actually come up with the real hard cash? So, this super bank takes and holds all these nations corporations funds and does electronic transfers, that aren't really backed by cash?
Uh oh...I thought the Fed Res was a bad deal...Maybe Iran should just trade its oil for things it wants...I can think of a few high dollar items they would really like to procure
Originally posted by surrealist
`Do you guys reckon it might be a measure to provoke Iran into initiating a strike of which will justify the west into launching a full-scale military campaign against Iran?
Originally posted by Xcouncil=wisdom
Can someone tell my why Iran can't use another bank? Is it that the amounts of money being used are so massive no one can actually come up with the real hard cash? So, this super bank takes and holds all these nations corporations funds and does electronic transfers, that aren't really backed by cash?
Uh oh...I thought the Fed Res was a bad deal...Maybe Iran should just trade its oil for things it wants...I can think of a few high dollar items they would really like to procure
Iran, which is still in the market to buy additional wheat supplies, is also considering barter deals to feed its 74 million people weeks before a presidential election, they said.
Grain ships are stuck outside Iranian ports and exports of staples to Iran such as maize, sugar, palm oil and rice are being hindered as collecting payment from buyers gets harder.
"Grain deals are being paid for in gold bullion and barter deals involving oil are being offered," one trader said. "Some of the major trading houses are involved," he added.
Originally posted by MidnightTide