Will Iran’s oil kill the U.S. dollar?

On March 20th, 2006, Iran is planning to open an International Oil Bourse (market) for the express purpose of trading oil priced exclusively in Euros. The world currently does all oil trades in US dollars, commonly referred to as the petro-dollar. Introducing an alternative currency that directly competes against the US dollar will facilitate many global economic changes.

The US, of course, stands to be the most affected. Up until now, the Americans have been able to maintain a high demand for their currency due to its role in purchasing the world's primary energy resource. This demand has allowed the US to mushroom its debt to record levels supported by the selling of US treasury bills to foreign countries. How will the US continue to operate if countries stop floating their debt and turn instead towards the Euro?

The Iranian line in the sand

and more here

also on the project censored 2005 list of censored (underreported) news storie- for obvious reasons!

no more stupid yank accents babbling about national security and world peace on my telly.. no more yanks murdering brown women and children on my telly.. no more yanks.. no more telly!

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