Iran Dumps the Dollar—Completely

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Iran Dumps the Dollar—Completely
Posted by Olog-hai on Fri May 2 01:10:22 2008 edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d This was coming for a while, but DC chose to ignore it. (This is already three days old, too.) Can we invade them now? We're 29 years overdue. AP via IHT Iran stops conducting oil transactions in U.S. dollars The Associated Press Published: April 30, 2008 TEHRAN: Iran, OPEC's second-largest producer, has stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq. Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American 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. "The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies." Iranian President Mahmoud Ahmadinejad called the depreciating dollar a "worthless piece of paper" at a rare summit last year in Saudi Arabia attended by state leaders from the Organization of Petroleum Exporting Countries. Iran put pressure on other OPEC countries at the meeting to price oil in a basket of currencies, but it has not been able to generate support from fellow members — many of whom, including Saudi Arabia, are staunch U.S. allies. Iran has a tense relationship with the U.S., which has accused Tehran of using its nuclear program as a cover for weapons development and providing support to Shiite militants in Iraq that are killing American troops. Iran has denied the allegations. The U.S. briefly had two aircraft carriers in the Gulf on Tuesday amid a rotation of forces. Defense Secretary Robert Gates said the deployment serves as a "reminder" to Iran, though he said it was not an escalation of force. The USS Abraham Lincoln entered the Gulf, where the USS Harry Truman was already deployed, defense officials at the Pentagon said. The two carriers overlapped for a day Tuesday before the Truman left the Gulf, the officials said, speaking on condition of anonymity because details about ship movements are considered classified. Asked if the carrier move went hand in hand with the rising U.S. rhetoric against Iran, Gates said, "I don't see it as an escalation. I think it could be seen, though, as a reminder." Iranian oil officials have said previously that they were shifting oil sales out of the dollar into other currencies, but Ghanimifard indicated Wednesday that all of Iran's oil transactions were now conducted in either euros or yen. "In Europe, Iran's oil is sold in euros, but both euros and yen are paid for Iranian crude in Asia," said Ghanimifard. Iran's central bank has also been reducing its foreign reserves denominated in U.S. dollars, motivated by the falling value of the greenback and U.S. attempts to make it difficult for Iran to conduct dollar transactions. U.S. banks are prohibited from conducting business directly with Iran, and many European banks have curbed their dealings with the country over the past year under pressure from Washington. However, the U.S. has been wary of targeting Iran's oil industry directly, apparently worried that such a move could drive up crude prices that are already near record levels. Iranian analysts say Tehran can withstand U.S. pressure as long as it can continue its oil and gas sales, which constitute most of the country's $80 billion in exports.
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Re: Iran Dumps the Dollar—Completely
Posted by Greg_UWS* on Fri May 2 01:16:16 2008, in response to Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:10:22 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d If you were the Iranian oil minister, what would YOU do to maximize the value of your product??
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 01:21:39 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Greg_UWS on Fri May 2 01:16:16 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d That's not a valid question, because Iran's not a valid entity. If I really wanted to "maximize value", I'd kill all the Mullahs and as much as the Revolutionary Guard as I could. Then things could proceed in a peaceful atmosphere. The "Islamic Republic" are looking to expand their hegemony and playing all sorts of games to do it.
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Re: Iran Dumps the Dollar—Completely
Posted by Fred G* on Fri May 2 01:23:10 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:21:39 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d That's not a valid question, because Iran's not a valid entity. So they're just make-believe? your pal, Fred
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 01:31:12 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Fred G on Fri May 2 01:23:10 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d I said they're not valid, not that they don't exist.
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Re: Iran Dumps the Dollar—Completely
Posted by Greg_UWS* on Fri May 2 01:32:14 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:21:39 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Determining what constitutes a "valid entity" is a question reserved for those completing their PhD's in philosophy. Whatever "games" Iran is playing, the bottom line is that they make more money dumping the dollar. Much in the same way as countless U.S. corporations "maximized their profits" by dumping American workers and moving their operations offshore. What Iran did is as American as apple pie!
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Re: Iran Dumps the Dollar—Completely
Posted by Easy* on Fri May 2 01:35:02 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:31:12 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d You're losing it.
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Re: Iran Dumps the Dollar—Completely
Posted by Fred G* on Fri May 2 01:35:57 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Easy on Fri May 2 01:35:02 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Wrong tense. your pal, Fred
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 02:22:21 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Easy on Fri May 2 01:35:02 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Tell us your view of Iran, then. You already know mine—and it's the reality-based one.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 02:25:44 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Greg_UWS on Fri May 2 01:32:14 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Determining what constitutes a "valid entity" is a question reserved for those completing their PhD's in philosophy I don't think it's their domain exclusively. It's certainly the domain of politicians, especially when it comes to shaping foreign relations. Whatever "games" Iran is playing, the bottom line is that they make more money dumping the dollar Not necessarily. It's a power game, not a profit game. Iranians don't care about money like that, especially the religious fanatics (and they're the ones in power). Much in the same way as countless U.S. corporations "maximized their profits" by dumping American workers and moving their operations offshore. What Iran did is as American as apple pie I don't see the comparison. Besides, what the USA did (as you describe) is not American. Theodore Roosevelt could tell you that, if he was alive.
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Re: Iran Dumps the Dollar—Completely
Posted by SelkirkTMO* on Fri May 2 03:35:52 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Fred G on Fri May 2 01:35:57 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Heh. You'd THINK he's be over there by now, doing the Rambo thing and showing us the proper way. :)
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Re: Iran Dumps the Dollar—Completely
Posted by Orange Blossom Special* on Fri May 2 10:21:56 2008, in response to Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:10:22 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d I was wondering what the price of gas would be if it weren't dollar based yesterday. But the whole deficit and supply thing wouldn't change anyway, and probably wouldn't change much. Supposedly we don't get oil from Iran. Supposedly if Iran was "annihilated" or "wiped off the map", or any number of Iranian expressions the UN finds no fault with, The US has a stockpile that equals 2 years of oil production just from Iran. No harm to us. More importantly, since oil is supposed to be a commodity priced on the markets by traders, what price are they selling it to Europe under the Euro's?
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Re: Iran Dumps the Dollar—Completely
Posted by Mitch45* on Fri May 2 10:51:55 2008, in response to Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:10:22 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d I don't care what Iran does. I just want to see a bullet between Ahmedinijad's beady little terrorist eyes.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 15:24:20 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Mitch45 on Fri May 2 10:51:55 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d We do owe him for the embassy incident. He was one of the captors back then. But we haven't gotten rid of the problem until the Mullahs and Revolutionary Guard are dealt with.
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Re: Iran Dumps the Dollar—Completely
Posted by Mitch45* on Fri May 2 15:26:51 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 15:24:20 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Gotta start somewhere.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 15:27:26 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Orange Blossom Special on Fri May 2 10:21:56 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d More importantly, since oil is supposed to be a commodity priced on the markets by traders, what price are they selling it to Europe under the Euro's? Not sure, but if this still holds true, then Europe is nowhere near as injured by this as the USA is.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 15:33:09 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Mitch45 on Fri May 2 15:26:51 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Tell me about it. Iran's the seemingly-"untouchable" entity in this war, even though they're the chief cause of all the trouble.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 15:33:11 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Mitch45 on Fri May 2 15:26:51 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Tell me about it. Iran's the seemingly-"untouchable" entity in this war, even though they're the chief cause of all the trouble.
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Re: Iran Dumps the Dollar—Completely
Posted by orange blossom special* on Fri May 2 15:43:22 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 15:27:26 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Yep, On one bodily orifice, I'm told how much Europe pays for it's gasoline(Because of taxes! so they have buses and trains!!!!!), and on the other orifices geared towards non-consumers, they say that since the English Pound is so strong, they don't hurt the way we hurt, because they have more buying power.
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Re: Iran Dumps the Dollar—Completely
Posted by Mitch45* on Fri May 2 16:23:40 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 15:33:11 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d OIL. Plus, the US has egg on its face from the whole WMD thing.
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Re: Iran Dumps the Dollar—Completely
Posted by Olog-hai* on Fri May 2 16:27:15 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Mitch45 on Fri May 2 16:23:40 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d the US has egg on its face from the whole WMD thing Dave Gaubatz isn't shutting up. And Israel had to do some of the dirty work thereof for us, even though the current administration is continuing to push the EU's agenda via the Oslo Farce on them.
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Re: Iran Dumps the Dollar—Completely
Posted by AlM* on Fri May 2 16:32:00 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Mitch45 on Fri May 2 16:23:40 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d OIL. Plus, the US has egg on its face from the whole WMD thing. Plus low taxes and no draft. We don't know where Iran's facilities are, so we can't bomb them to smithereens. We'd have to invade, which we can't do (see above).
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Re: Iran Dumps the Dollar—Completely
Posted by orange blossom special* on Fri May 2 16:33:39 2008, in response to Re: Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 16:27:15 2008.* edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Is he the one who saw the thousands of trucks leave Iraq to Syria with the WMDs? Where exactly is the news coverage of the North Koreans in Syria btw? It looked like it could've been big news a few days ago. At least the 7/7 video made it to CNN a bunch of times.
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Iran Dumps the Dollar for all trade
Posted by Olog-hai* on Tue Jan 27 18:58:51 2015, in response to Iran Dumps the Dollar—Completely, posted by Olog-hai on Fri May 2 01:10:22 2008.* fiogf49gjkf0d EU EU EU EU EU (stands for "Eurasian Union" this time) Business in Cider Iran Is Ditching The Dollar In Foreign Trade Elena Holodny Jan. 27, 2015 8:47 AM Iran is ditching the dollar. Iran is no longer using the US dollar in foreign-trade transactions and is replacing it with other currencies, the deputy governor at the Iranian Central Bank Gholami Kamyab said, according to Sputnik News. "In trade exchanges with the foreign countries, Iran uses other currencies including Chinese yuan, euro, Turkish lira, Russian ruble, and South Korean won," Kamyab reportedly said. He also reportedly added that Iran was considering bilateral currency-swap agreements, which would allow partners to exchange one foreign currency for the equivalent in the other currency. He did not explicitly name partners, however. Although nuclear sanctions imposed on Iran over the years are meant to deter the state from building up its nuclear-arms program, they could also be the catalyst that is pushing Iran to look for new economic partners. As Ian Bremmer noted, the glaring drawback of using coercive sanctions (and other weaponizations of finance) is that the targeted countries can and will increasingly diversify away from the dollar. And over the past few years, Iran has been strengthening economic and military ties with others countries (including China and Russia) in an effort to circumvent the Western-imposed sanctions. Turkey ran an extensive gas-for-gold scheme with Iran, which ran from about March 2012 to fall 2013 and yielded Iran more than $13 billion amid crippling sanctions implemented by the US over the country's perceived nuclear program. "It's a huge amount of money, Jonathan Schanzer, a former terrorism-finance analyst at the US Department of the Treasury, told Business Insider last year. "You can't ignore the fact that the Turks helped Iran with a massive sanctions-busting scheme." Russia and Iran recently signed a deal to build more nuclear reactors in Iran (after already pledging eight in May), signed a military deal for increased cooperation in the Middle East (both countries staunchly back the Syrian regime of Bashar Assad), and are forming an "espionage alliance." In August, Russia and Iran may have signed a $20 billion oil deal, in which Russia would buy Iranian oil in exchange for Russian goods and equipment, although the exact terms of the deal (and whether it actually went through) are pretty hazy. The White House previously said such a deal would raise "serious concerns" and would be inconsistent with the nuclear talks between world powers and Iran. China has also expressed interested in having closer military ties with Iran and has on occasion circumvented the sanctions imposed on Iran in the past few years. The bigger picture of what's going on is that over the past several months several non-Western countries — including Russia, China, India, and North Korea — have been strengthening their military, energy, and economic relationships with one another. Iran's diversification away from the dollar could be another snippet in that larger trend.
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Re: Iran Dumps the Dollar for all trade
Posted by Fred G* on Tue Jan 27 19:00:17 2015, in response to Iran Dumps the Dollar for all trade, posted by Olog-hai on Tue Jan 27 18:58:51 2015.* fiogf49gjkf0d Iran is no longer using the US dollar in foreign-trade transactions and is replacing it with other currencies, the deputy governor at the Iranian Central Bank Gholami Kamyab said, according to Sputnik News. you can't make this shit up. your pal, Fred
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Re: Iran Dumps the Dollar for all trade
Posted by Dave* on Tue Jan 27 19:14:34 2015, in response to Iran Dumps the Dollar for all trade, posted by Olog-hai on Tue Jan 27 18:58:51 2015.* fiogf49gjkf0d Well, shit...how am I going to be able to sleep tonight having read this?
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Re: Iran Dumps the Dollar for all trade
Posted by Olog-hai* on Tue Jan 27 19:16:58 2015, in response to Re: Iran Dumps the Dollar for all trade, posted by Dave on Tue Jan 27 19:14:34 2015.* fiogf49gjkf0d Well, you're not the Congreſs, who is spending us into oblivion along with the executive branch to whom they've handed the power of the purse.
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Re: Iran Dumps the Dollar for all trade
Posted by SelkirkTMO* on Tue Jan 27 19:50:27 2015, in response to Re: Iran Dumps the Dollar for all trade, posted by Olog-hai on Tue Jan 27 19:16:58 2015.* fiogf49gjkf0d So basically, you're advocating that we suck up to Iran and ask them pretty please to take our dollars? :)
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Re: Iran Dumps the Dollar for all trade
Posted by Elkeeper* on Tue Jan 27 21:53:28 2015, in response to Iran Dumps the Dollar for all trade, posted by Olog-hai on Tue Jan 27 18:58:51 2015.* fiogf49gjkf0d Wait a minute! Russia wants to buy Iranian oil? Don't they produce enough of their own? The latest exchange rate has 68 Russian rubles/dollar. The same dollar that the Iranians don't like anymore. What are we supposed to be worried about? We produce enough of our own oil. Those two countries, both under USA sanctions, are at the bottom of the barrel- no pun intended. Recently, I saw a documentary in which Iran ADMITS to having one million heroin addicts. The real number, as you may have guessed, is closer to 5 million! Out of a population of 54 million, that's more than one in eleven people.
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Re: Iran Dumps the Dollar for all trade
Posted by Olog-hai* on Tue Jan 27 21:56:04 2015, in response to Re: Iran Dumps the Dollar for all trade, posted by Elkeeper on Tue Jan 27 21:53:28 2015.* fiogf49gjkf0d Wait a minute! Russia wants to buy Iranian oil? Probably for refining.
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