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View Diary: Battle Plan for Iran: The Khuzestan Gambit (90% of Iran's Oil) (246 comments)

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  •  He's correct (none)
    the oil angle is bunk.

    Saddam didn't get any extra kick from selling in Euros.  Especially as the Oil for Food pgm immediately recycled the cash into food etc.

    this oil bourse stuff is the wingnuttyness.

    It's not important what currency oil trades in.  What's important is what currency the creditor nations choose to hold.  The oil boys have been diversifying away from the dollar for yonks.  Our creditors are China X 2 + Japan for the most part and they do want our currency strong to keep their economies humming.

    Japan may well be the first to turn on us.  They are finally dragging their asses out of deflation and beginning to offer real returns on the Yen.  If the Japanese begin to return their assets home, we are well and truly hosed.

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