Iran Switching From Dollars To Euros For Reserve Currency

AFP via translation | December 18, 2006

[HAL9000]

ALARM - Iran decides to replace the dollar by the euro

TEHERAN - the Iranian government decided to replace the dollar by the euro in its foreign trade and for its assets abroad, told to Monday the spokesman of the government, Gholamhossein Elham.

“The sources from abroad and the incomes oil will be calculated in euros, and will receive we them in euros to put an end to the dependence with regard to the dollar”, declared the spokesman at the time of his point of weekly press.

“We will also carry out this change concerning the Iranian assets the abroads”, it added, without specifying the nature of the “sources from abroad” which could include the incomes of export as well as sources of international financing.

[Greenpees]

May want to check with France first. They're flirting with dropping the Euro. Wouldn't that be priceless.

[CheyennePress]

I'd imagine French industries are taking a real hit right now. Well, Airbus, obviously...

[Caipirabob]

An attempt to make oil more expensive for the US. I guess it will work until the bottom falls out of the Euro if/when Europe drops it.

[capitalist229]

Actually both currencies are headed for devaluation so the dollar will not look so bad relative to the Euro.

For guidance to our economic future just look at Japan over the past decade.

Interest rates will drop due to forced deflation of the credit bubble.

BUMP

[dirtbiker]

Considering most of the oil Iran exports is then imported back as gasoline, diesel, kero, etc., just WHO would Iran be paying these Euros to?

[AngloSaxonChristian]

Us Brits would certainly consider letting the euro-types use the Pound when the euro fails, but I'm not sure their economies could handle such a strong currency. I for one would find it very entertaining to watch the whole of europe use a currency with pictures of her majesty smiling benevolently down on the euro-losers everytime they buy some gaulloise! :D

[agere_contra]

I like your post! I too hope the Euro goes the way of the Zimbabwean Dollar. Realistically though, if/when it does go belly-up I bet the EuroZone nations go back to their previous currencies.

[Alia]

Article: "The sources from abroad and the incomes oil will be calculated in euros, and will receive we them in euros to put an end to the dependence with regard to the dollar”, declared the spokesman at the time of his point of weekly press."

lol. Oh Realllllly. "And end to the dependence with regard to the dollar"? An "end to"? Oh, puleeze..

A temporary procedure, to be sure. But an "end to"? Who hires guys like this?

[AngloSaxonChristian]

'I like your post! I too hope the Euro goes the way of the Zimbabwean Dollar. Realistically though, if/when it does go belly-up I bet the EuroZone nations go back to their previous currencies.'

I reckon your right, but maybe they will see sense and adopt a successful currency instead!

[FARS]

THIS IS THE REAL STORY of ALARM - read the story onthe link below:

http://noiri.blogspot.com/2006/12/china-to-dump-one-trillion-dollars-in.html

The Hal Turner Show has not always been accurate but if he and his sources are for real on this, then the USA and the world is in deep, deep trouble. As recent articles on www.antimullah have detailed.

This posted "scenario" stops at the crash of the Dollar and the rise of the Euro. BUT does not continue farther with the global collapse of the Dollar rapidly leading to the collapse of all other currencies - starting quickly with the Euro.

The world becomes a shambles and everyone goes down together if not all at the same moment.

While Iran was moving to cause harm along these lines and has taken a similar stance, compared to the Chinese ability to wield a global economic weapon, Iran is a pinprick. though if applied correctly the same pinprick could be globally devastating- just more slowly.

Alan Peters,
http://www.antimullah.com