Jump to content

Parky will be pleased - Iran dumps US$


Rob W
 Share

Recommended Posts

 

Dollar dropped in Iran asset move

 

Iran is to shift its foreign currency reserves from dollar to euro and use the euro for oil deals in response to US-led pressure on its economy.

 

In a widely expected move, Tehran said it would use the euro for all future commercial transactions overseas.  The US, which accuses Tehran of supporting terrorism and trying to obtain nuclear weapons, has sought to limit the flow of dollars into Iran.  It wants the United Nations Security Council to impose sanctions on Iran.

 

Dollar squeeze

 

Analysts said Tehran had been steadily shifting its foreign-held assets out of dollars since 2003 and that Monday's announcement was unlikely to affect the value of the dollar, which has weakened significantly in recent months.

 

 

There will be no reliance on dollars

Gholam-Hussein Elham, Iranian spokesman

 

An Iranian spokesman said all its foreign exchange transactions would be conducted in euros and its national budget would also be calculated in euros as well as its own currency.  "There will be no reliance on dollars," said Gholam-Hussein Elham.  "This change is already being made in the currency reserves abroad."

 

The currency move will apply to oil sales although it is expected that Iran, the world's fourth largest oil producer, will still accept oil payments in dollars. 

 

Washington has sought to exert financial pressure on Iran, which it accuses of flouting international law by trying to acquire nuclear weapons.  Tehran denies this, saying its nuclear research is for purely geared towards civilian uses.

 

Most international banks have stopped dollar transactions with Iran and some firms have ceased trading with Iran altogether in anticipation of possible future sanctions.  The dollar slipped slightly against the euro in New York trading although analysts said they did not expect the reaction to be too severe.

 

"It is something they have been saying they are going to do for quite a long time now, so I wouldn't expect any market reaction," said Ian Stannard, an economist with BNP Paribas. The BBC's Tehran correspondent Frances Harrison said Iranian businessmen were complaining about delays in securing letters of credit and saw current conditions as a prelude to the imposition of sanctions.  Tehran has urged Iranian businesses to open letters of credit in euros in the future.

 

 

Link to post
Share on other sites

I watched a docu about this a while ago, cant remember what happened tbh, was a bit shit and boring, but they made it out to be a huge thing.

 

I'm sure it was Horizon, if so they tend to go OTT anyway.

Link to post
Share on other sites

China next.  :punk:

 

Don't say that Parky I'm moving there in August! blueeek.gif

 

Where in China?

 

Beijing!

 

My girlfriend just got back from Shanghai, she really liked it. Even the bit where you're locked on some uni campus all night and protected by guards. blueeek.gif

Link to post
Share on other sites

China next.  :punk:

 

Don't say that Parky I'm moving there in August! blueeek.gif

 

Where in China?

 

Beijing!

 

My girlfriend just got back from Shanghai, she really liked it. Even the bit where you're locked on some uni campus all night and protected by guards. blueeek.gif

 

That's the first of heard of that, but I've spoken to a lot of people who have lived there and they said it was fantastic place to live especially now the Olympics are being held there.

Link to post
Share on other sites

China next.  :punk:

 

Don't say that Parky I'm moving there in August! blueeek.gif

 

Where in China?

 

Beijing!

 

My girlfriend just got back from Shanghai, she really liked it. Even the bit where you're locked on some uni campus all night and protected by guards. blueeek.gif

 

That's the first of heard of that, but I've spoken to a lot of people who have lived there and they said it was fantastic place to live especially now the Olympics are being held there.

 

You'll find the air quality quite a shocker. In general I'm pro China atm. :)

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

 

You should read G2 from todays Guardian then. Says the opposite.

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

 

You should read G2 from todays Guardian then. Says the opposite.

 

The Guardian is aboout 10 years behind me. :)

 

Will Hutton? :lol:

 

 

Clueless. bluewink.gif

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

 

You should read G2 from todays Guardian then. Says the opposite.

 

The Guardian is aboout 10 years behind me. :)

 

Will Hutton? :lol:

 

 

Clueless. bluewink.gif

 

You havent read it, have you?  :lol:

Link to post
Share on other sites

Guest Invicta_Toon

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

 

You should read G2 from todays Guardian then. Says the opposite.

 

The Guardian is aboout 10 years behind me. :)

 

Will Hutton? :lol:

 

 

Clueless. bluewink.gif

 

jeez his bird goes to china and all of a sudden he's the international expert  tongue.gif

Link to post
Share on other sites

I am all for devaluing the dollar.... but the cartel of the big four still want Oil traded in it - Iran can't beat them on their own. Big Four: Exxon-Mobil, Chevron-Unocal, Shell and BP.

 

China's future is often exaggerated. Massive population that can no longer feed itself and no natural resources. The ceiling will hit sooner than anyoen expects over there.

 

Don't underestimate them Cali. blueyes.gif

 

You should read G2 from todays Guardian then. Says the opposite.

 

The Guardian is aboout 10 years behind me. :)

 

Will Hutton? :lol:

 

 

Clueless. bluewink.gif

 

jeez his bird goes to china and all of a sudden he's the international expert  tongue.gif

 

That's how it works in Parky Towers. bluebiggrin.gif

Link to post
Share on other sites

This is the thing... all empires have had an abundance of natural resources. Even countries like the UK and Rome had a fair amount for their size and quickly acquired overseas producers of natural resources. Population alone cannot and will not overcome this. In fact historically it has usually made it worse.

 

China has rapidly expanded and at what cost? At the cost of their environment for one thing - they are losing water and airable land at an extremly rapid pace and with the world's environment being what it is (also in decline) things will be catastrophic for China.

 

Parky you have come on here and argued that the next big wars will be faught over water (not oil) - as is the fashion these days - you can't have it both ways.

 

No airable land and no water and neither of these things are found in abundance in neighboring Countries... so what is the solution? War and occupation of Canada and the US?

Link to post
Share on other sites

Hmmmmm...

 

Parky is hiding in the Israel and Chav threads I see. So I guess that means you admit you are wrong then.

 

:winking:

 

:lol:

 

Sorry just saw this update.

 

Keep an eye on the Israel thread, its time has come. bluewink.gif

Link to post
Share on other sites

This is the thing... all empires have had an abundance of natural resources. Even countries like the UK and Rome had a fair amount for their size and quickly acquired overseas producers of natural resources. Population alone cannot and will not overcome this. In fact historically it has usually made it worse.

 

China has rapidly expanded and at what cost? At the cost of their environment for one thing - they are losing water and airable land at an extremly rapid pace and with the world's environment being what it is (also in decline) things will be catastrophic for China.

 

Parky you have come on here and argued that the next big wars will be faught over water (not oil) - as is the fashion these days - you can't have it both ways.

 

No airable land and no water and neither of these things are found in abundance in neighboring Countries... so what is the solution? War and occupation of Canada and the US?

 

 

Gosh. That deserves a proper reply.

 

 

*Parky dusts down crystal ball*.

 

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...