Posted on 01/20/2006 7:04:17 PM PST by SeaBiscuit
TEHRAN, Iran (CNN) -- Amid the threat of possible U.N. economic sanctions, Iran announced Friday it is transferring its foreign exchange accounts out of U.S. and European banks, according to the semi-official Fars news agency.
Ibrahim Sheibani, the head of Iran's Central Bank, said the Islamic state will transfer all of its foreign accounts related to its oil income to Southeast Asian banks, according to the conservative news agency.
(Excerpt) Read more at cnn.com ...
No wonder the market's tanking.
I'd be surprised if Iran had any money in US banks.
I'm wondering 'which Asian' banks the Iranians plan to dump money into.
You see what this Bush administration has done. It's forced these lowly Iranian terrorists to move their money. Now that's despicable!
:) HA!
And now you're picking on the Asians. You conservatives truly are racist!
Hehe!
Sarcasm for those that don't know me yet.
Iran has also been making a big play out of it's new "oil bourse," which will make it possible for all the Arab oil producers to avoid selling their oil for dollars.
Only it doesn't really make any difference. If the dollar tanks, it will tank without any help from Iran. Because oil doesn't know boundaries or politics, and as long as the dollar remains the international currency, it will just mean that other people will change whatever this bourse gives them into dollars.
This reminds me of the big play given in leftist circles to the coming of the Malaysian Gold Dinar, which was going to replace the dollar among Muslim countries. Only somehow it never arrived.
LOL. Yeah, I got me a "plantation"..
I think this madman is getting his ducks in a row.. although, we all know he's missing a few.
Yes sar, Massa Biscuit!
"..people will change whatever this bourse gives them into dollars."
Euros I believe.
Anyone here trade the FOREX spot market?
Y-U-A-N
Pretty hard to purposely wreck currencies. If I recall correctly, during wars, opponents often print the heck out of the other countries currency in a bid to drive down its value. Generally the inflation brought on is a result of the war and not the counterfeiting.
Which of course always involves a transaction fee ( extra expense!) so the buyer will not be happy.
Oh, sure. They might decide to change their [fill in the blanks] into Euros instead of dollars, or maybe into Japanese Yen, or Chinese Yuan, or into gold.
But they will do so as a result of vast market forces and calculation, not because the Iranians handed them some sort of Muslim money or gift certificates in return for their oil. In other words, if the dollar falls, it will be the work of Greenspan and Bernanke, not the President of Iran.
Thanks for the reply. Yep, it's quite obvious what Iran is attempting to do and I agree, it won't work.
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