Iran to OPEC: Stop Oil Sales in Dollars

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April 6, 2008 03:34 PM EST | AP

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Iranian President Mahmoud Ahmadinejad, right, listens to Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Abdalla Salem el-Badri, left, during their meeting in Tehran, Iran, Sunday, April 6, 2008. An unidentified translator sits center. (AP Photo/Vahid Salemi)

TEHRAN, Iran — Iranian President Mahmoud Ahmadinejad is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars.

According to the Iranian government's Web site, Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel "should establish a joint bank as well as having joint currency."

Oil is priced in U.S. dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves.

Iran has repeatedly urged OPEC members to shift sales away from dollar. But Iran's proposal to trade oil in a basket of currencies is not supported by enough OPEC members, which include staunch U.S. allies such as leading producer Saudi Arabia.

 
 

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It's bound to happen soon. Kudos to Georgie-poo for paying attention.

    Favorite    Flag as abusive Posted 01:17 AM on 04/08/2008

This is what Ron Paul was warning about. You guys will find he will be right on a lot of things. NOW you will stew in your juices with these CFR criminals you voted for. Wake up folks.

    Favorite    Flag as abusive Posted 11:25 PM on 04/07/2008

dadw5boys....yea but we haven't tried to wipe out their dogs; the japanese slaughtered most of those little pekes, in china. Seriously, ever wonder what united states took out of korea? Go visit and unless its all be paved over we dug surface mines and big craters everywhere we thought there was gold -even tho their gold is of lesser grade than america's. Or, how about chromium, rubber and (other stuff)...in Cambodia, Laos, Nam? But, you are correct, and maybe you're right too.

    Favorite    Flag as abusive Posted 03:38 PM on 04/07/2008


As soon as Darth can arrange his excuse (False Flag?), the USA will be able to make good

on the promises Darth has made to the Likudists and Saudi Royals to destroy Iran's energy

capabilities (nuclear, nat. gas & oil). This would in principle, destroy Iran's political power in

the Middle East but we know how corrupt and incompetent BushCo is. This could backfire!

    Favorite    Flag as abusive Posted 02:57 PM on 04/07/2008

General Smedley Butler said that he was tired of being a "messenger boy for Wall Street." I was taught that this country waged war for "noble purposes." First, the Indians, of course.That was Manifest Destiny. If they had IEDs those wagons would have made a U"-turn." Then a series of other wars have ensued. Most were based on money and keeping strategic footholds. These turned out to be slippery footholds. Iran is in the cross-hairs now. The main reason wars are waged is for money - we call that "commercial interests" in our National Security documents.

The dollar is now going to be worthless without oil being traded in dollars. The US went off the gold standard in 1971. We then forced OPEC into trading in dollars. Now that plan is failing, too. To control access to oil and protect our dollar, which is based on oil, is the "highest" national priority. Gunboat diplomacy for opening markets is still alive and well. Our military might is now the only thing between us and bankruptcy. Our service economy consumes much and produces little. We are seeing, food riots, tortilla riots, rice shortages, wheat crop failure, and other shortages, especially water. The mortgage-backed debt scam has been exposed. A decisive blow to the dollar has already taken place. The asset bubble is deflating and we have no way of crawling back. We cannot sustain the "bubble structure."

    Favorite    Flag as abusive Posted 12:18 PM on 04/07/2008



April 15th is coming up and how many of us will willingly pay income taxes supporting this war and allowing bank bailouts with our money.

All of us..............every single one............weak kneed bunch we are. What we should be doing is holding a tax revolution. One where we ALL say "no more". By next year at this time that is where we should be. No more money for wars. Period. Are you with me or against me?

It is well past time Americans break their chains to militarism supporting imperialism.

No more military. Our policies would have to change to have that happen now wouldn't they.

    Favorite    Flag as abusive Posted 01:08 PM on 04/07/2008

I've thought about that too. But you KNOW that if the vast majority of people withhold their taxes out of protest, the first things to go will be public education, road and water infrastructure, health care/farm subsidies, welfare, social security, etc., etc. Military spending and tax breaks for the top 1% would be the LAST to go. And by that time, we will have nothing left worth fighting for.

I don't know what the solution to that is unfortunately other than a Dem destroying McCain in the general election, and huge subsidies going to renewable energy (particularly solar) research and distribution rather than to oil companies. We have to wean ourselves off oil, and the time to do it is now. The environmental argument is almost moot in the face if this, now it's become a matter of economic survival.

Way to go Repubs. Trickle down effect my a$$...

    Favorite    Flag as abusive Posted 04:54 PM on 04/07/2008

We are weak in many ways now, and this makes me wonder if the CIA has become so involved in poltical intrigue that it is no longer a viable source of international intel. Iran obviously knows that dropping the dollar as the oil market currency would stir up trouble with the US, and even more so if Iran is the origin of the proposal.

Such gives the distinct feel of being baited...do we really know what is going on here?

If this move isn't what it appears to be, I think it's a given that the BushCo-handicapped CIA isn't savvy or effective enough to see the forest for the trees....

    Favorite    Flag as abusive Posted 10:43 AM on 04/07/2008

My last post seemed to have disappeared.
The point i was making is that our entire seemingly disparate Mid East foreign policy has been based on the idea of blocking the creation of an Arab super state. Be that actual, or loosely confederated states sharing a common currency. I would have to give the credit to the republicans who have been heading our policies for the past 8+ years for creating the prefect conditions for this idea to gestate. An arrogant set of decisions leading to overwhelming resentment combined with a failing dollar has really upped the chances of this taking shape.

    Favorite    Flag as abusive Posted 10:32 AM on 04/07/2008

What do they care, they have their money put away safely in some off-shore account. They are laughing for being able to pull this off, rob the USA in 8 years and then settle down somewhere
where they cannot be touched. Nothing but robber barons in the news these days.

    Favorite    Flag as abusive Posted 10:54 AM on 04/07/2008

"Staunch US allies, Saudi Arabia", good one AP(ASSociated Press). 15 of the 19 9/11 hijackers were from......Bosnia? Americans better hope the Islamic revolution doesn't come to that country(maybe that's why we keep selling them all those weapons). Why should oil be pegged to the US dollar? This is 2008, not 1972, but the Iranian desire will just put more gasoline to the fire for all the hawks of this government to start a war with them. The dollar has lost stability and value since Bush took office, but I think that would have happened anyway. The reasons for that would take a whole book worth of writting. I have said this many times in the past, the only way we will get our country back is after a complete economic collapse(I doubt it will happen), but you never know, the future is bleak either way. The vast majority of Americans are ignorant, but good people, too bad our government is out of control.

    Favorite    Flag as abusive Posted 10:31 AM on 04/07/2008

The Cheney doctrine is simple. Kill anybody who suggests separating oil from the dollar. If the house of Saud were to betray him he would kill them too. The collapse of the American economy will end these insane imperial adventures. Let it burn.

    Favorite    Flag as abusive Posted 09:48 AM on 04/07/2008

The only thing that will bring America back to the Constitution is economic collapse - Thank you Amadinnerjacket.

    Favorite    Flag as abusive Posted 09:38 AM on 04/07/2008

It might be a good way to stop the beast that has been oppressing us. The beast that has been reigning death and destruction down on third world countries with mineral resources. Our overloards have to be brought down one way or another. They will bring us down with them. We will have to pick ourselves back up by our bootstraps. And afterward never let them back in control of us again.

    Favorite    Flag as abusive Posted 09:36 AM on 04/07/2008

The predication of our entire Mid East policy has been to prevent the development of a super state in this region. From our blind love for Israel to our constant vilification of Iran, the colonization of Iraq ...
and so on. While the issue of a confederation of states and currencies is not new. the weekness of the dollar combined with the overwhelming distaste for our foreign relations is helping to create a favorable climate for just such a plan. What to do? What to do?

    Favorite    Flag as abusive Posted 09:31 AM on 04/07/2008

so you want a super state ruled by a might leader, it's called a caliphate. look it up.

    Favorite    Flag as abusive Posted 06:12 PM on 04/07/2008

BINGO. this would be a great finale to the bush failed foreign policies. however, it could get worse. sadam wanted to get off the dollar and look what happened.

    Favorite    Flag as abusive Posted 06:39 AM on 04/07/2008

If the Republicans' policies of throwing our money away on the military, and cutting taxes on those most able to afford taxes, are allowed to continue, then the time will come when the dollar will be comparable to the Italian Lira. $1,000 per barrel oil? Could happen, and a loaf of bread could end up costing what a barrel of oil costs in 2008.

    Favorite    Flag as abusive Posted 03:43 AM on 04/07/2008

We are not throwing money away on our military--we are throwing away money on a fruitless war in Iraq, bribery and soldier of fortune type contractors--but our military men and women have gotten short shrift both in this war and at home...our staunchest ally??? Saudia Arabia is spiking while we willingly head to slaughter...

    Favorite    Flag as abusive Posted 06:20 AM on 04/07/2008

Bush will hide on his 1 million ac. ranch in Portugal while Americans suffer to recover from his tenure.

    Favorite    Flag as abusive Posted 09:03 AM on 04/07/2008

Paraguay. Portugal probably wouldn't have him.

    Favorite    Flag as abusive Posted 01:00 PM on 04/07/2008

Uh, that's Paraguay.

Paraguay, Portugal -- what's the difference? Well, one was a world empire at one time, just like the US. Its reach spread across the world. Then of course, it went poof.

The other is a haven for ex-Nazis fleeing war tribunals after WWII. Mostly mid and lower level Nazis, but Nazis never the less.

Looks like our fearless leader is conflating both of these historical metaphors in time and space-- poof goes the empire, and away flees the war criminal.

Delicious irony.

    Favorite    Flag as abusive Posted 12:38 PM on 04/07/2008

We do throw away lots of money on military weapon systems that are of no value to anyone but those that produce them.

    Favorite    Flag as abusive Posted 06:23 AM on 04/07/2008

If it even looks like opec is considering this, there will be war with Iran.

    Favorite    Flag as abusive Posted 02:20 AM on 04/07/2008

If they fight Iran it may be the end of the USA. The Market would crash and there would be no money for the US to use.

    Favorite    Flag as abusive Posted 11:27 PM on 04/07/2008

Talk about war with Iraq began around the time Saddam started trading oil only in Euros. If history is any indication I imagine the rhetoric against Iran is gonna be ratcheted up tenfold now. Like Mark Twain once said, history doesn't repeat itself but it does rhyme.

    Favorite    Flag as abusive Posted 01:24 AM on 04/07/2008

History is repeating it's self.

Japan invaded China. What is the difference between that and the Iraq invasion?

Both for control of natural resources at least Japan did not have to invent evidence for thier invansion. They were honest in that manner.

    Favorite    Flag as abusive Posted 09:06 AM on 04/07/2008

"Both for control of natural resources at least Japan did not have to invent evidence for thier invansion. They were honest in that manner."

Well, that's because they didn't have a polity that they were beholden to -- they were a monarchy/dictatorship. So they didn't have to invent anything, the emperor was ordained by god, a decendant from god, and thus always right.

One can get a hint of the conversations that went on around Bush when they were planning for what to do after 911 (probably before 911 happened), and how to "sex up" (a British term) the evidence for Iraq.

GW: Aw shucks, we know them Arabs are gonna attack us. Condi showed me the document before she told me to ignore it. But how we gonna convince the American suckers ... er... public. Fool me once... er... we won't get fooled again!

Secty: Mr. President, yes it will be hard. Too bad we aren't like Japan. They were ordained by god.

GW: Well, God talks to me. He made me president (how else do you explain the hanging Chads?), and he told me to invade Iraq.

Secty: Riiight. Ok, That's good. But Japan was a dictatorship.

GW: Yeah. A dictatorship wouldn't be bad, as long as I'm the dictator. Huh Huh, snicker snicker, snort snort cooooooo...

And so it goes.

    Favorite    Flag as abusive Posted 12:55 PM on 04/07/2008
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