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thx1138 · Jul 18, 2007, 09:50 am

The U.S. is now controlled by the Petrodollar. Any threat to oil not being traded in U.S. dollars will result in military action.

In beginning of the 1970's a deal was made with OPEC that all oil will be bought and sold with U.S. dollars. If Japan wants to buy oil they have to use U.S. dollars not Yen and if Iran wants to sell oil to Russia it must use U.S. dollars not any other currency.

YouTube - The Petro Dollar,Iraq,Oil and Bush

Quote:

Hussein was selling Iraq's oil
in EUROS,the U.S. invaded to take
control of the oil to sell in U.S.
Dollars (more)

Zeebadee · Jul 18, 2007, 11:49 am

"The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars."
Iran demands oil pay in yen not dollars - Times Online

Right now it seems to be only Iran switching from the dollar, who know what will happen if other countries follow suit.

thx1138 · Jul 18, 2007, 12:38 pm

If Iran asks to be pay in Yen from Japan would they ask the EU to pay in Euros? I don't know want effect it would cause to ask each country to pay in it's own currency.

This is good news for my Yen bank account, but a weak Yen is actually good for business in Japan. If it gets too strong it hurts exports.

thx1138 · Jul 20, 2007, 03:00 am

Noboby has any thoughts about this?
It's maybe the biggest reason for the U.S. poking it's nose in middle east affairs.

Zeebadee · Jul 20, 2007, 09:43 am

It's going to be interesting to see how America finances it's wars and other debts if OPEC doesn't have the dollars to continue buy the treasury bonds that currently fund them.

Jul 18, 2007, 11:49 am	#2 (permalink) (top)
Zeebadee Volcanic Erupter Posts: 3,799	"The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars." Iran demands oil pay in yen not dollars - Times Online Right now it seems to be only Iran switching from the dollar, who know what will happen if other countries follow suit. "Everybody knows that the boat is leaking Everybody knows that the captain lied." - Leonard Cohen

Jul 20, 2007, 09:43 am	#5 (permalink) (top)
Zeebadee Volcanic Erupter Posts: 3,799	It's going to be interesting to see how America finances it's wars and other debts if OPEC doesn't have the dollars to continue buy the treasury bonds that currently fund them. "Everybody knows that the boat is leaking Everybody knows that the captain lied." - Leonard Cohen

Jul 18, 2007, 12:38 pm	#3 (permalink) (top)
thx1138 superStructure Posts: 627	If Iran asks to be pay in Yen from Japan would they ask the EU to pay in Euros? I don't know want effect it would cause to ask each country to pay in it's own currency. This is good news for my Yen bank account, but a weak Yen is actually good for business in Japan. If it gets too strong it hurts exports.

Jul 20, 2007, 03:00 am	#4 (permalink) (top)
thx1138 superStructure Posts: 627	Noboby has any thoughts about this? It's maybe the biggest reason for the U.S. poking it's nose in middle east affairs.