Iran brands US dollar 'worthless'

zimmy61 · 11-19-2007, 07:24 AM

Quote:

Iran leader dismisses US currency
Iranian President Mahmoud Ahmadinejad has suggested an end to the trading of oil in US dollars, calling the currency "a worthless piece of paper".

The call came at the end of a rare Opec summit, and was opposed by US ally Saudi Arabia.
The Iranian president had wanted to include the attack on the dollar in the summit's closing statement.
The communique made little mention of the dollar, however, focusing instead on energy security and the environment.
The summit in Saudi Arabia was only Opec's third in 47 years.
During the talks, Opec members revealed differences about the future direction of the exporters' group.
But Opec leaders ended with a pledge to provide the world with reliable supplies of oil.
Unfair trade?
Speaking after the end of the summit, Mr Ahmadinejad said all leaders at the meeting were unhappy with recent falls in the value of the dollar.

The dollar has weakened considerably against the euro and other currencies in the past 12 months.
Its decline has affected the revenues of Opec members because most of them price and sell their oil exports in the US currency.
Mr Ahmadinejad said that all Opec countries had showed interest in converting their cash reserves into other currencies.
"They [the US] get our oil and give us a worthless piece of paper," he told reporters.
But Saudi officials were against including any such language in the declaration. One is reported to have warned that it could add to the pressure on the dollar.
However, in the communique Opec did make a reference to the debate, by committing itself to studying "ways and means of enhancing financial co-operation".
Iran's oil minister said that this would allow the formation of a committee to study the dollar's effect on oil prices and investigate the possibility of alternative trading currencies.
Political agenda
The summit was also marked by divisions over the role of Opec in the world oil market.

Venezuelan President Hugo Chavez and his Ecuadorean counterpart, Rafael Correa, whose country rejoined Opec at the summit, both argued for a more political agenda for the group, but ran into opposition from US ally Saudi Arabia.
King Abdullah, the head of state of the host nation, Saudi Arabia said: "Those who want Opec to take advantage of its position are forgetting that Opec has always acted moderately and wisely.
"Oil shouldn't be a tool for conflict, it should be a tool for development."
President Chavez had opened the meeting with a warning that oil prices could double if the US attacked Iran.
Oil has been hitting record peaks of well over $90 a barrel as markets believe the Organisation of Petroleum Exporting Countries will not boost production, despite calls from oil-consuming countries such as the US to do so. Venezuela's president said the price of crude could reach $150 or even $200 a barrel.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/h...as/7101050.stm

Published: 2007/11/18 23:16:06 GMT

© BBC MMVII

Duvidoo · 11-19-2007, 07:29 AM

Jeez! I hope not.
I finally got around to invoicing
a Stateside client ... I was already
kicking myself that our dollar
was worth a few cents more than
the U.S. one....

jowey · 11-19-2007, 08:52 AM

Wonder how much further the US dollar is going to fall ?

I have started transferring my assets to international markets, just wish I had enough to play.

ciaobox2007 · 11-19-2007, 09:06 AM

I doubt they'd continue that thought if all those worthless dollars suddenly disappeared and stopped supporting their economy...

jdanton · 11-19-2007, 09:33 AM

Quote:

Originally Posted by ciaobox2007

I doubt they'd continue that thought if all those worthless dollars suddenly disappeared and stopped supporting their economy...

I think you overestimate us and underestimate them.

Unlike us, other people will put principle over money.

Do not think for a moment that the events we began by invading Iraq can not lead to us being denied oil from not only the middle east, but Russia and Venezuala.

jowey · 11-19-2007, 09:53 AM

Quote:

Originally Posted by jdanton

I think you overestimate us and underestimate them.

Unlike us, other people will put principle over money.

Do not think for a moment that the events we began by invading Iraq can not lead to us being denied oil from not only the middle east, but Russia and Venezuala.

Do not think that it is "principle", it is "pragmatism" - stop us before we attack them. Missiles near Russia, aggressive and stupid policies.

What happens in a Wolf Pack when the alpha is deemed not fit to be a leader, we have the delusion that we are alpha.

I am waiting for the sanctions....

ciaobox2007 · 11-19-2007, 11:14 AM

Quote:

Originally Posted by jdanton

I think you overestimate us and underestimate them.

Unlike us, other people will put principle over money.

Do not think for a moment that the events we began by invading Iraq can not lead to us being denied oil from not only the middle east, but Russia and Venezuala.

I should have put a "rollseyes" after my statement. I always forget that sarcasm is not conveyed without emoticons...they're going to get their money whether it's in dollars or euros.

Another interesting article:

http://www.bloomberg.com/apps/news?p...=latin_america

BillCosby · 11-19-2007, 12:56 PM

Quote:

Originally Posted by jowey

Do not think that it is "principle", it is "pragmatism" - stop us before we attack them. Missiles near Russia, aggressive and stupid policies.

What happens in a Wolf Pack when the alpha is deemed not fit to be a leader, we have the delusion that we are alpha.

I am waiting for the sanctions....

I disagree w/ you both here.......... One they are going to go w/ their pocketbook not principal when push comes to shove............

IMO we are the alpha here... NO body is even close.......... The problem, @ least IMO is that that does not mean we can act w/ impunity...... SOme in this administration/government/corporate america seem to believe we can......

We are the lone superpower so we can do what we want & no one can stop us........ A small lesson our imperialist friends learned long ago..........

jdanton · 11-19-2007, 12:59 PM

Quote:

Originally Posted by BillCosby

I disagree w/ you both here.......... One they are going to go w/ their pocketbook not principal when push comes to shove............

IMO we are the alpha here... NO body is even close.......... The problem, @ least IMO is that that does not mean we can act w/ impunity...... SOme in this administration/government/corporate america seem to believe we can......

We are the lone superpower so we can do what we want & no one can stop us........ A small lesson our imperialist friends learned long ago..........

You don't think that the major oil producing countries would band together and place an oil embargo upon us? Or a trade embargo?

We'll see. I hope you're right, but I fear I am.

EvilMonkey · 11-19-2007, 01:21 PM

Quote:

Originally Posted by jdanton

You don't think that the major oil producing countries would band together and place an oil embargo upon us? Or a trade embargo?

We'll see. I hope you're right, but I fear I am.

Let them, the American corporations won't allow for alternative means otherwise.

11-19-2007, 07:29 AM	#2 (permalink)
Duvidoo Gone Tarpon Fishing Join Date: Oct 2007 Location: Toronto, Canada Posts: 2,473 Thanks: 75 Thanked 14 Times in 12 Posts	Jeez! I hope not. I finally got around to invoicing a Stateside client ... I was already kicking myself that our dollar was worth a few cents more than the U.S. one....
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11-19-2007, 08:52 AM	#3 (permalink)
jowey Senior Member Join Date: Oct 2007 Location: Virginia Posts: 1,214 Blog Entries: 22 Thanks: 37 Thanked 27 Times in 22 Posts	Wonder how much further the US dollar is going to fall ? I have started transferring my assets to international markets, just wish I had enough to play. __________________ A long standing member of the "Moronic Order of Singularity" O homines ad servitutem paratos...Emperor Tiberius Sun Tzu on the Art of War - the oldest military treatise in the world (6th century BC) Now, when your weapons are dulled, your ardor damped, your strength exhausted and your treasure spent, other chieftains will spring up to take advantage of your extremity. Then no man, however wise, will be able to avert the consequences that must ensue.
	Top

11-19-2007, 09:06 AM	#4 (permalink)
ciaobox2007 i love halloweenie Join Date: Nov 2007 Posts: 1,130 Thanks: 64 Thanked 44 Times in 38 Posts	I doubt they'd continue that thought if all those worthless dollars suddenly disappeared and stopped supporting their economy...
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