Wednesday, September 07, 2005

Uh Oh.....

The SF Bay Guardian has published their list of the ten most ignored stories in the MSM this year. It's worth checking out, but I was particularly struck by this one:

9. Iran's new oil trade system challenges US currency
The Bush administration has been paying a lot more attention to Iran recently. Part of that interest is clearly Iran's nuclear program – but there may be more to the story. One bit of news that hasn't received the public vetting it merits is Iran's declared intent to open an international oil exchange market, or "bourse."

Not only would the new entity compete against the New York Mercantile Exchange and London's International Petroleum Exchange (both owned by American corporations), but it would also ignite international oil trading in euros.

"A shift away from US dollars to euros in the oil market would cause the demand for petrodollars to drop, perhaps causing the value of the dollar to plummet," Brian Miller and Celeste Vogler of Project Censored wrote in Censored 2006.

"Barring a US attack, it appears imminent that Iran's euro-dominated oil bourse will open in March, 2006," Miller and Vogler continued. "Logically, the most appropriate US strategy is compromise with the EU and OPEC toward a dual-currency system for international oil trades."

Yikes! Renomination into Euro's could lead to a widespread devaluation of the dollar, and not at the leisurely rate everyone seems to be crossing their fingers for. The bond market will crap cinder blocks if this actually looks like it's going to happen.

So, when do you think the bombing of Iran will begin? Does anyone seriously believe that this Administration will hesitate to whack Iran with everything they have to prevent this from happening?

Place your bets, wireheads. We should start a pool for the month and day the bombs drop...

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