Iran to replace Dollar with the Euro -- (The beginning of the end for the US Dollar)

[Tock]

Iran to replace Dollar with the Euro -- (The beginning of the end for the US Dollar)

http://english.aljazeera.net/NR/exer...235A4**8B6.htm


The Iranian central bank is to convert the state's foreign dollar assets into euros and use the euro for foreign transactions.

"The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions," Gholam Hossein Elham, a government spokesman, said on
Monday.


"We will also employ this change for Iranian assets [in dollars] held abroad."

Elham said that Iran's budget would in future be calculated in euros.

"Until now the budget has been calculated according to revenues in dollars but this calculation will now change," he said.




Oil revenue

The move comes amid pressure from the United States for the UN Security Council to agree sanctions against Iran over its controversial nuclear programme.

The US alleges that Iran is covertly building a nuclear weapon. Iran says that its nuclear programme is purely for civilian use.
Elham implied that the move to the euro would also apply to Iran's oil revenues.


"Foreign income sources and oil revenues will be calculated in euros and we will receive them in euros in order to put an end to our dependence on the dollar," Elham said.

Bankers in Iran have said it has become difficult to receive Iranian-held money denominated in dollars from European bank accounts.

They said that this was because of US pressure on European banking giants not to allow dollar-denominated funds to be sent into, or out of, the Islamic republic.

[Tock]

This isn't good news for the US dollar, because it's the beginning of its unravelling.
The dollar used to be backed up by gold, but Republican President Nixon took the US off the gold standard back in the 1970's. Officials pressured Arab oil nations to price and sell their oil in US dollars, so that gave the dollar some basis for value. But now, if more Arab nations decide to dump the dollar, then there won't be anything propping up the value of the US dollar.

All you guys who thought that Bush's foreign and economic policy was a good idea back in the 2004 election, what do you think now?

[soccer#3]

i think its an economic move wit the dollar being so low right now.

[Tock]

Guess it will be the Chinese gov't who get things started on this. But the Iranians will be cheering the process along . . .

[jfalco]

universal global currency is the future.

[spywizard]

"All people were forced to put a mark on their right hand or forehead. Whether they were powerful or weak, rich or poor, free people or slaves, they had to have this mark, or else they could not buy or sell anything. This mark stood for the name of the beast and for the number of its name" (Contemporary English Version, Revelation 13: 16-17).

but you know this already... did everyone see obama bow to the Sheik /??

[Kratos]

Didn't that already happen in 2006?

[Kratos]

All you guys who thought that Bush's foreign and economic policy was a good idea back in the 2004 election, what do you think now?

That somehow worse was possible and by some miracle Obama figured out how to achieve that.

[Kratos]

Guess it will be the Chinese gov't who get things started on this. But the Iranians will be cheering the process along . . .

I don't think they'll be doing that since they and the Saudi's own a big part of our debt.

[Nooomoto]

did everyone see obama bow to the Sheik /??

Wow...I just saw the pictures on the internet. WTF is going on? Americans don't bow to people. We don't live in a fking kingdom. That's unbecoming of a President of the United States.

[Kratos]

He went down so low I thought he might have dropped a contact lens.

[Dinosaur]

the euro is for sure holding a strong position when you campare it to other foreign currencies.

I think that some nations are afraid to hold the dollar as foreign currency due to the sluggish economy along with recession that america is going through. but certainly there is a panic and anxiety amongst people and especialy the investors.

[NewMuscle83]

Wow...I just saw the pictures on the internet. WTF is going on? Americans don't bow to people. We don't live in a fking kingdom. That's unbecoming of a President of the United States.

I know, Obama is a traitor punk. I miss the Bush days, cause he didn't give a fvck about protocol, respect, or customs. He did it the American way everytime.

[Keenstyle1]

Anyway!! Can you refrence from another source other than aljazeera. I'd like to find out what servers they're using and pay it a visit in the cover of night!

I'm not saying the dollar will not go away sometime, but the double insult is coming form the Dollar sucking terrorists news propaganda website. If you don't like the Dollar, SHORT IT! http://www.interwovencapital.com/open-account.html

Chart w/ Technicals

[NewMuscle83]

Dollar sucking terrorists news propaganda website

Hahaha typical closed-minded right-winger. If a news outlet offers the other side of the story it is automatically in support of terrorists. How silly..

[Kratos]

Hahaha typical closed-minded right-winger. If a news outlet offers the other side of the story it is automatically in support of terrorists. How silly..

I don't know what he's so worked up about lol. It's true, they proposed it back as early as 2003 mostly because the Euro was gaining ground on the dollar. Their oil exchange went live in Euro's in 06' I think.

Iraq did the same thing back in 2000. Partial motive for war? Maybe.

Btw, the Bush-Sheik make-out sessions are hilarious. I didn't know W swung that way haha. I only had seen the pics where they were holding hands. I think I see tounge.

[JiGGaMaN]

So, is this 2 year old article still in the news? key word in news being new.

[Kratos]

So, is this 2 year old article still in the news? key word in news being new.

It's like the last step in a process that has been on-going. It's no suprize, and really not a big deal. The big deal was in 2004 when they made it policy to persue these steps.