Iran's Euro Petrol Bourse coming next week.

After first claiming they would open 3/06 they backpeddaled to say it would take possibly years.  Now: "Oil Minister Kazem Vaziri Hamaneh said on Wednesday that the establishment of Oil Stock Exchange is in its final stage and the bourse will be launched in Iran in the next week."  
Though the article doesn't specifically say Iran is planning on opening with the Euro - this information has been spread widely through the internet. Combine that with hints from foreign leaders and the story becomes more compelling.  
Recently China & Russia have welcomed Iran into the Shanghai Cooperation Organization.
Combine the recent solidifying of ties between Russia Iran and China with Russia's finance minister, Alexei Kudrin, discussing the possibility of using the Euro instead of the US dollar and something more than theory starts to form.

It looks like this thing is going to happen. Quick. According to the Iranian oil minister it's going to happen next week.

The last time the US gov't admitted there was a "recession" was when Iraq transferred their money to the Euro. Here is an interesting related article.   If Iran goes to the Euro it will hurt the dollar. I'm not sure how quickly or how much but it will hurt. I'm not saying I want Iran turned to glass for the almighty greenback. I don't want to see the snow-globe version of Tehran [nuclear winter covered in glass]

Unless we find a way to stop the maniacs who control the white house we have 2 1/2 more years. You know how much damage monkey boy can do in that time.   My Point?  Read the links. Tell people. Get the info out. Wake up a few sheep.

As a side note, the Iranian oil minister has also been interviewed discussing how much of their oil they will be giving to poor countries at a discounted rate.
I bet bushco is just going to Love that.

If you start seeing Pentagon Generals bailing out left and right it may be time to gas up the car and charge the cell phone.

1 more oil minister interview

•  You can throw a party

  but will anybody come?

  I seriously doubt Iran can keep a market working where the only net seller is also "the house".

  and somehow I don't think Iraq swapping a few billion dollars into Euros caused a recession.  That's just a puff of smoke in the wind compared to the US trade deficit.

  by HiD on Wed Apr 26, 2006 at 09:43:06 PM PDT

  •  party at ground zero

    by cognitive dissonance on Wed Apr 26, 2006 at 10:14:58 PM PDT

  •  Oh, they'll come

    Do you realize how most of the rest of the planet feels about the Bush crime family?  They hate what's going on in this country almost as much as we do.  Russia and China will see the euro bourse as a necessary counter-balance to US influence on oil prices.  The rest will go along just to spite us, and to keep their hard-earned euros from going to the likes of Lee Raymond.  Can't say I blame them.

    by ZAPatty on Wed Apr 26, 2006 at 11:05:17 PM PDT

  •  Venezuela is in

    as a producer. China and India want to buy:

    http://www.worldpress.org/...

    by unclejohn on Thu Apr 27, 2006 at 04:13:25 AM PDT

    •  world press?

      reads more like the National Enquirer

      by HiD on Thu Apr 27, 2006 at 04:12:18 PM PDT

    •  it's a really silly argument if you

      dig all the way down to first principles.  There is nothing preventing Iran or Venz from selling every drop of their oil now in the physical market denominated in Euros.  They don't need a new set of computer screens to do it.  Just set a price and fill orders.

      I had an ancient diary giving more detailed reasons.  but regardless you are free to believe what you will.

      by HiD on Thu Apr 27, 2006 at 04:16:33 PM PDT

•  Everybody buys price

  and Iran is an exporter not an importer like the US or the UK.

  Offer a better price and they will come.

  by Gegner on Wed Apr 26, 2006 at 11:27:07 PM PDT

•  This means interest rates will go up again.

  Euro is thrashing the dollar again right now.  An oil bourse in Euro would make it less necessary for oil buyers to have USD reserves.  And the deficit is not going to go down with continued overseas adventures. So to sell more bonds the Fed will have to raise rates again.

  And like I said before, increased interest rates are like another form of taxes, the difference is that the payments go to hostile foreign governments and banks, and not to building American infrastructure.

  by Eric Novinson on Thu Apr 27, 2006 at 01:28:41 AM PDT

  •  Rising euro may be anticipatory of Iran's bourse

    opening. It also may be buoyed by the end of profit repatriation with tax forgiveness that was available to US overseas corporations in 2005.

    by unclejohn on Thu Apr 27, 2006 at 04:15:25 AM PDT

•  The Dollar Is Backed With The Price Of Oil.

  Since we were unable to meet our obligations in regard to the gold standard, meaning we had simply printed too much money, the means of backing up the dollar has been intrinsically linking to the "price of oil".  Take that away and the bottom falls out of our economy.  Do we somehow think these leaders operate in vacuum?  They know exactly what they will accomplish by doing this, it is just as if WE were placing sanctions on them, only the are in turn, sanctioning us by turning the pricing to Euros.  This was the first thing undone in both Afghanistan & Iraq both.  Think our issues over there have anything to do with nukes, WMD, or even terrorism?  Think again, it all comes back to the almighty dollar.  THIS is exactly why we need our own renewable energy sources, as a matter of stabizing our, yes, ever tenious economy.

  by tkmattson on Thu Apr 27, 2006 at 06:40:00 AM PDT