The impending opening of the Iranian International Oil Bourse

poncho · May 10, 2006

The impending opening of the Iranian International Oil Bourse (IOB), set to commence trading next week on the island nation of Kish, strongly increases the chances of an imminent nuclear American-Israeli strike on Iranian nuclear and financial facilities. The electronic oil bourse, much discussed by terrorism expert Webster Tarpley, appears ready to launch in the coming weeks or even days. Because it will offer oil in euros, it may trigger the rapid collapse of the U.S. dollar.

Over the past four days, the Western media has finally ended their blackout and acknowledged the possibility of an imminent dollar collapse, as gold reaches nearly $700 an ounce.

On Friday, May 5, the Associated Press covered the oil bourse with their article “Iran wants oil market in Euros.” The article warns of a rapid decline in the dollar while feebly attempting to minimize the importance of the oil bourse.

Nevertheless, the AP quotes a top Wall Street analyst who gives a far more realistic assessment: “But if one day the world's largest oil producers allowed, or worse demanded, euros for their barrels, ‘it would be the financial equivalent of a nuclear strike,’ said A.G. Edwards commodities analyst Bill O'Grady.

‘If OPEC decided they didn't want dollars anymore,’ he added, ‘it would signal an end of American hegemony by signaling an end to the dollar as the sole reserve currency status.’

SOURCE

KenH · May 10, 2006

Originally posted by poncho:
Because it will offer oil in euros, it may trigger the rapid collapse of the U.S. dollar.

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Counter Point LINK

poncho · May 10, 2006

Why would Iran’s oil exchange present such a threat to the U.S. dollar and worldwide economy?

The dollar accounts for more than two thirds of all central bank reserves worldwide because all international oil transactions have to be in US Dollars. This reserve status creates a constant demand for dollars, despite the underlying weakness of the U.S. economy. Hence, central banks are willing to overlook the massive trade and budget deficits are expanding with on-the-books Federal debt at record highs over 9 trillion and a fiscal gap estimated at $72 trillion.

But the United States is an economy on life support and nearing default, ravaged by agreements like NAFTA, CAFTA, and MFN trade status with China (all under the auspices of the WTO). The industrial and machine tools factories in America have been eviscerated, with Ford posting a quarterly loss of 1.2 billion. GM posted a quarterly loss of $325 million and both companies had their bonds cut to junk status back in 2005.

Ravaged by capital flight, mired in debt, and borrowing $2 billion a day just to stay afloat, the U.S. economy is increasingly reliant on this petrodollar reserve status. The vast size of U.S. liabilities means that any threat to the dollar hegemony could result in a rapid currency collapse, sinking the world into recession. Hence the dire threat of the Iranian Oil Bourse, which may put an end to the fiat currency charade that began after the US defaulted on its gold payments in 1971.

On Wednesday May 3, the dollar fell to one-year lows against the euro and the lowest level since 1970 against the Canadian dollar. A Telegraph article entitled “Dollar drops as great sell-off looms” described the impending currency crisis as the dollar loses its role as the world’s reserve currency: “Greenback liquidation comes amid growing concerns that global central banks and Middle East oil funds are quietly paring back their holdings of US bonds… Gold leapt to a 25-year high of $660.95 an ounce on fears the dollar decline could spiral out of control, disrupting the global financial system.”

The demise of the dollar looms as the Federal Reserve stopped releasing M3 money supply numbers on March 20. Some unconfirmed internet rumors claim the Fed recently ordered 2 trillion greenbacks printed. While such reports may seem outlandish, new Federal Reserve Chairman Ben Bernanke said in a speech in 2003: “"The US government has a technology called a printing press that allows it to produce as many US dollars as it wishes at essentially no cost.”
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Gold hit 700 dollars an once this afternoon. The dollar has been devalued 46% since 1999 according to the reports I've been hearing.

KenH · May 10, 2006

Another Counter Point LINK

poncho · May 10, 2006

Interesting that you would post an article by William Engdahl Ken.

Engdahl expands his article to underline the history of the dollar's relation to the oil market and why the bourse theory and its alleged economic ramifications is a red herring.

An economic collapse doesn't worry the families that own the Federal Reserve and America because they will be the only ones to benefit from it.

The ten major shareholders of the Federal Reserve are as follows.

Rothschild: London and Berlin; Lazard Bros: Paris; Israel Seiff: Italy; Kuhn- Loeb Company: Germany; Warburg: Hamburg and Amsterdam; Lehman Bros; New York; Goldman and Sachs: New York; Rockefeller: New York.

These families and others sell stocks at high prices during relative economic boom right before artificially instituting a crash, as in 1929, and then buy the same stocks back for pennies on the dollar.

Curtis Dall, son-in-law of FDR and a syndicate manager for Lehman Brothers, an investment firm, was on the N.Y. Stock Exchange floor the day of the crash. In "FDR: My Exploited Father-In-Law," he states: "...it was the calculated 'shearing' of the public by the World-Money powers triggered by the planned sudden shortage of call money in the New York Market."

Any financial panic brought on by Iran trading oil in Euros would have been adequately prepared for by the Globalists, if not engineered directly by them.

The agenda behind the Iran war is as simple as it is chilling and money-making, control of oil and no-bid reconstruction contracts are teardrops in the ocean compared to the depth and horror of the ultimate objective.

The megalomaniacs that control Israel wish to live in a world largely devoid of Muslims or Persians and they have embarked on a hundred year plus mission of ethnic cleansing to wipe them from the globe. This is why race-specific bio-weapons have already been developed for this purpose.They have made a pact to carry out this agenda in league with the Neo-Cons, and above them the Globalists, whose desire is also world population reduction and complete full spectrum domination and control over all countries and near-Earth space itself.

All these facets are openly discussed by the elite in their own public documents.

(one must first actually read their public documents though, something most people don't bother to do prefering instead to take the easy path and let the talking heads of the corporate media keep them "informed" or disinformed as in most cases.)

To fully realize this dark vision, the Globalists need to eradicate any rogue state that may become a focal point of organized opposition to the creation of a one world government. There will be no room for sovereign nations in the New World Order.
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SOURCE

KenH · May 10, 2006

Engdahl is not saying that the neocons don't want to attack Iran, just that this oil bourse won't be the reason.

poncho · May 10, 2006

It's one of the many reasons given us Ken, the main reason now as always is the formation of a fuedalistic one world government. To that end America as a sovereign nation must cease to exist as all sovereign nations must do to attain this goal. The one thing we can be sure of is...whatever the reason or reasons the neocons want to attack Iran it won't be for the reasons they tell us.

[ May 10, 2006, 01:55 AM: Message edited by: poncho ]

The impending opening of the Iranian International Oil Bourse

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