Iran's euro-denominated oil bourse to open in March: US Dollar Crisis on the Horizon
by William R. Clark
"A successful Iranian bourse will solidify the petroeuro as an alternative oil transaction currency, and thereby end the petrodollar's hegemonic status as the monopoly oil currency. Therefore, a graduated approach is needed to avoid precipitous U.S. economic dislocations."
"This notion that the United States is getting ready to attack Iran is simply ridiculous... Having said that, all options are on the table."
-- George W. Bush, February 2005
William R. Clark writes: Contemporary warfare has traditionally involved underlying conflicts regarding economics and resources. Today these intertwined conflicts also involve international currencies, and thus increased complexity.
Current geopolitical tensions between the United States and Iran extend beyond the publicly stated concerns regarding Iran's nuclear intentions, and likely include a proposed Iranian "petroeuro" system for oil trade.
Similar to the Iraq war, military operations against Iran relate to the macroeconomics of 'petrodollar recycling' and the unpublicized but real challenge to US$ supremacy from the euro as an alternative oil transaction currency.
( For the complete story, Click here )
"A successful Iranian bourse will solidify the petroeuro as an alternative oil transaction currency, and thereby end the petrodollar's hegemonic status as the monopoly oil currency. Therefore, a graduated approach is needed to avoid precipitous U.S. economic dislocations."
"This notion that the United States is getting ready to attack Iran is simply ridiculous... Having said that, all options are on the table."
-- George W. Bush, February 2005
William R. Clark writes: Contemporary warfare has traditionally involved underlying conflicts regarding economics and resources. Today these intertwined conflicts also involve international currencies, and thus increased complexity.
Current geopolitical tensions between the United States and Iran extend beyond the publicly stated concerns regarding Iran's nuclear intentions, and likely include a proposed Iranian "petroeuro" system for oil trade.
Similar to the Iraq war, military operations against Iran relate to the macroeconomics of 'petrodollar recycling' and the unpublicized but real challenge to US$ supremacy from the euro as an alternative oil transaction currency.
( For the complete story, Click here )
posted by Oil Shock at 8:06 PM
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