Iran dumps U.S. dollar for oil trades

[Julian Delphiki]

Is that so? My understanding is that all the parties you mentioned still trade their oil in dollars, or i have missed a lot. Norway is not member of EU and Britannia is not member of Euro zone, just to clarify it.

 

[Den Valdron]

Could be wrong about Norway and the UK. My thinking there was that since 99%+ of their production is sold to and consumed either domestically or within the European market, that their production woud be, de facto, in Euros.

As for Russia, I'd have to look it up, and truthfully, I'm too lazy today. But I do believe I read something about their switch to Euros a year ago or more.

 

[Alpine Trooper]

Well, we all know what happened when Iraq did something similiar.

 

[Ecofarm]

This is good news. As the dollar increases in value (it must be near the bottom of its down-swing, and unless we are to dissolve completely it will increase in value eventually) instead of paying essentially the same for oil, we will be getting it for less. Decreasing oil prices in the future, gaurenteed - as the dollar gains on the Euro, it gets cheaper and cheaper.

It could not have happened at a better time, with the dollar so low.

 

[woody60707]

Well, we all know what happened when Iraq did something similiar.

troll?.....maybe

 

[Princeps]

Another problem the EU could solve by getting rid of the euro.

 

[GinandTonic]

If the dollar stops being the global reserve wont the Chinese unpeg the Yuan? If that happens wont the Dollar go completely through the roof? Could this completely unballance the US econ, and thereby the worlds? Would the Brits have to run to te euro to mitigate some of the catastrophy? Should these questions be in the ask an economist thread?

 

[scy12]

I would say this was inevitable due to the OPEC countries competing like everyone else for profit. Good news for Europeans and i consider all this progression natural as the dollar had seen it's rise it will now see it's decline and the great Euro will rise first in the occasion. Though in that period the likes of Iran may feel something that could be more than simple pressure from Washington.

 

[Princeps]

I would say this was inevitable due to the OPEC countries competing like everyone else for profit. Good news for Europeans and i consider all this progression natural as the dollar had seen it's rise it will now see it's decline and the great Euro will rise first in the occasion. Though in that period the likes of Iran may feel something that could be more than simple pressure from Washington.

A too strong Euro is like a strong influenza virus.

 

[Ecofarm]

A too strong Euro is like a strong influenza virus.

The result of genetically modified organisms?

 

[scy12]

The result of genetically modified organisms?

Say this now but you won't be able to do so when a genetically modified Euro becomes dominant.

 

[BasketCase]

Everybody wants to rule the world.

That song was totally 80's, and it's still relevant today. Here's your wake-up call, Scy: not gonna happen. The dollar and the Euro are not going to be anything special.

The dollar is not declining--other people are catching up and becoming prosperous. We're not sliding backwards, all the other runners are simply running along with us.

 

[scy12]

Everybody wants to rule the world.

That song was totally 80's, and it's still relevant today. Here's your wake-up call, Scy: not gonna happen. The dollar and the Euro are not going to be anything special.

The dollar is not declining--other people are catching up and becoming prosperous. We're not sliding backwards, all the other runners are simply running along with us.

We're not sliding backwards, all the other runners are simply running along with us

And if i may ask the juicy question of how can you predict all this and Why is it as you say it is? Because you say so ?

As for my part , i notice a trend in global economy but part of what i say is a bit exaggeration and wishful thinking. That part is obviously phrased to stand out. But that is only half of the truth. You on the other hand deny to even acknowledge that you may not be correct and state that nothing is important , because you say so.

So that was not a very good effort Bascetcase.

 

[BasketCase]

Actually I needed no effort at all--I'd written that after waking up from a nap.

How can I predict all that I predicted? Because that's exactly how it has happened for every nation throughout all of history. Economics ebb and sway, conquerors rule a bigger chunk of the land for a while, but nobody ever ascends to rule the planet. Not even the United States. We may be "The Sole Superpower" right now, but the real truth is we do not run the planet. We never did. We never came close. Nor will the EU.

Deal with it.


Sleepy again. Time for another snooze.

 

[scy12]

Actually I needed no effort at all--I'd written that after waking up from a nap.

How can I predict all that I predicted? Because that's exactly how it has happened for every nation throughout all of history. Economics ebb and sway, conquerors rule a bigger chunk of the land for a while, but nobody ever ascends to rule the planet. Not even the United States. We may be "The Sole Superpower" right now, but the real truth is we do not run the planet. We never did. We never came close. Nor will the EU.

Deal with it.


Sleepy again. Time for another snooze.

Well of course. And ? Do you think i believe EU will rule the whole planet ? I didn't say such a thing and even if i did the first thing one should assume is that it was not entirely serious.

Have you read my last post ?

what i say is a bit exaggeration and wishful thinking.

Deal with it.

Must I ? Oh Noo...

I think you better sleep now and respond later as your eyes must be suffering due to lack of sleep.

 

[Maneck21]

This is good news. As the dollar increases in value (it must be near the bottom of its down-swing, and unless we are to dissolve completely it will increase in value eventually) instead of paying essentially the same for oil, we will be getting it for less. Decreasing oil prices in the future, gaurenteed - as the dollar gains on the Euro, it gets cheaper and cheaper.

It could not have happened at a better time, with the dollar so low.

Oil is never going to get any cheaper, the dollar is going to swing up. The Euro will blow up, but the dollar's limelight is over. Oil is never getting any cheaper again. Maybe 20 dollars a barrel up in two years, but past that, cheap oil is over.

 

[TheLastOne36]

well i'm not surprised with Tehran's choice, and i wouldn't be surprised if Venezuela follows it's Middle Eastern ally.

 

[CIVPhilzilla]

This will be bad news if other OPEC nations start dropping the dollar. That is the only real strong suit left for the dollar.

 

[general_kill]

This is just what we've been warning people about. This is the provocation, the next president of America need to seize this opportunity and overthrow the Iranian regime.

 

[Winner]

Yeah, because what you really need now is another war...