The Real Reason We May attack Iran?

[Geek_Girl]

This is an old article but I think it is relevant

<snip>
In 2005-2006, The Tehran government has a developed a plan to begin competing with New York's NYMEX and London's IPE with respect to international oil trades - using a euro-denominated international oil-trading mechanism. This means that without some form of US intervention, the euro is going to establish a firm foothold in the international oil trade. Given U.S. debt levels and the stated neoconservative project for U.S. global domination, Tehran's objective constitutes an obvious encroachment on U.S. dollar supremacy in the international oil market

</snip>

Full Link

[bemildred]

1. Well it does, no doubt, add a sense of urgency to the Iran bashing. nt

[cthrumatrix]

11. The Iranian Market should start trading March 21, 2005 -trading in Euros

The US seems threatened by this.... obvioulsy Iran new about implications.

The part that distrubs me is the "war gaming" of what could happen is very messy.

[mhr]

2. That Plus The Oil Reserves In Iran

eom

[bunny planet]

3. This is also the real reason we attacked Iraq. Saddam was about to

trade oil in Euros.

[Ironpost]

7. Don't forget Venezuela

Also Castro, maybe even Haiti

[plasticsundance]

10. Saddam wasn't about to switch to euro

He actually did switch to euro in 2000:

In November 2000, Iraq began selling its oil in euros. Iraq's oil for food account at the UN was also in euros and Iraq later converted its $10 billion reserve fund at the UN to euros. Several other oil producing countries have also agreed to sell oil in euros-Iran, Libya, Venezuela, Russia, Indonesia, and Malaysia (soon to join this group). In July 2003, China announced that it would switch part of its dollar reserves into the world's emerging "reserve currency" (the euro).

http://www.thirdworldtraveler.com/Iraq/Iraq_dollar_vs_euro.html

The euro then began to ascend. This is also confirmed in the article posted by Geek_Girl.

Indeed, the author’s original pre-war hypothesis was validated shortly after the war in a Financial Times article dated June 5th, 2003, which confirmed Iraqi oil sales returning to the international markets were once again denominated in US dollars, not euros. Not surprisingly, this detail was never mentioned in the five US major media conglomerates who appear to censor this type of information, but confirmation of this vital fact provides insight into one of the crucial - yet overlooked - rationales for 2003 the Iraq war.

As already posted by many DUers, many countries are starting to increase their bet on the euro.

[bunny planet]

13. oops!

Randi Rhodes always says he was about to do it, I didn't know he had already. You (or I) should send her this info. because I believe she is still mentioning this incorrectly.

[plasticsundance]

21. She might have misspoke

but if Randi Rhodes is worried about the credibility of some of the sources, someone should refer her to the Financial Times article that confirmed it.

Randi's still great. She's articulate, direct, informed, and funny as hell. I enjoy her show.

[BlueEyedSon]

4. Originally posted here at DU 9/27/04!

If you buy the idea that dollar (v euro) hegemony was one of the reasons for the Iraq Invasion, it's all the more compelling....

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=11662

The Real Reasons Why Iran is the Next Target:
Emerging Euro-denominated International Oil Marker

September 27, 2004

“Deep in the Pentagon, admirals and generals are updating plans for possible U.S. military action in Syria and Iran. The Defense Department unit responsible for military planning for the two troublesome countries is "busier than ever," an administration official says. Some Bush advisers characterize the work as merely an effort to revise routine plans the Pentagon maintains for all contingencies in light of the Iraq war. More skittish bureaucrats say the updates are accompanied by a revived campaign by administration conservatives and neocons for more hard-line U.S. policies toward the countries�…�Even hard-liners acknowledge that given the U.S. military commitment in Iraq, a U.S. attack on either country would be an unlikely last resort; covert action of some kind is the favored route for Washington hard-liners who want regime change in Damascus and Tehran.�

“…administration hawks are pinning their hopes on regime change in Tehran - by covert means, preferably, but by force of arms if necessary. Papers on the idea have circulated inside the administration, mostly labeled "draft" or "working draft" to evade congressional subpoena powers and the Freedom of Information Act. Informed sources say the memos echo the administration's abortive Iraq strategy: oust the existing regime, swiftly install a pro-U.S. government in its place (extracting the new regime's promise to renounce any nuclear ambitions) and get out. This daredevil scheme horrifies U.S. military leaders, and there's no evidence that it has won any backers at the cabinet level.� <1>

Some readers might recall my earlier essay that was published online in early 2003 regarding 'The Real Reasons for the Upcoming War with Iraq: A Macroeconomic and Geostrategic Analysis of the Unspoken Truth.’ <2> Subsequent events unfolded essentially as I predicted in the aftermath of the war. In late 2002 I hypothesized that Saddam Hussein sealed his fate when he announced in September 2000 that Iraq was no longer going to accept dollars for oil being sold under the UN’s oil for food program, and decided to switch to the euro as Iraq’s oil export transaction currency. <3> Iraq’s $10 billion UN reserve fund was also transitioned to euros - and due to dollar devaluation swelled to € 23 million by early 2003.

[MARALE]

5. That is a main reason we invaded Iraq

snip>
But in November 2000 Iraq switched to the euro, with potentially perilous consequences for the US. Only one country has the right to print dollars: the US! If OPEC were to decide to accept euros only for its oil, then American economic dominance would be over. Not only would Europe not need dollars anymore, but Japan which imports over 80% of its oil from the Middle East would have to convert most of its dollar assets to Euro assets (Japan is of course the major subsidiser of the US). The US on the other hand, being the world's largest oil importer would have to acquire Euro reserves, i.e. it would have to run a trade surplus. The conversion from trade deficit to trade surplus would have to be done at a time when its property and stock market prices were collapsing and its own oil supplies were contracting. It would be a very painful conversion; potentially disastrous.
<snip

http://65.40.245.240/voxpop/bush09.htm

[cthrumatrix]

17. and ths US media will NOT go near this......

[DireStrike]

6. Hrm... provides more credence to the Reserve Currency theory... -nt-

[ananda]

8. euros, eh...

Saddam was about to trade oil in Euros. Iran is going to make euros the ME oil currency.

But but... attacking and mismanaging Iraq didn't help the USA economy or the dollar; in fact, the price of oil has gone way up.

Shouldn't that be a cautionary lesson for Bushco? Well, it should... but that doesn't mean it will be.

Those people are REALLY STUPID.

Sue

[DireStrike]

9. Heh... I think the "theory" they operate on

is that it would have been worse if we hadn't gone into Iraq.

But now it's becoming clear that PNAC is full of shit - we simply cannot rule the world forever. We barely managed a decade. Any invasions or countermeasures to keep us on top are a waste of effort... we need to simply slow our descent so we don't explode when we hit the ground level.

[cthrumatrix]

12. Iranians have missiles on the Staright of Hormuz -- $100 bar. oil if war

would see Oil tankers blocked.

[Geek_Girl]

14. I think I read somewhere that if Oil goes to 100 a bar

That could collapse the Japanese economy since they are so dependent on oil.

[12345]

15. what about our economy?

[cthrumatrix]

16. look what happened with "oil embargo" in the 70's..... it can really hurt

us.

China can stop buying our debt. The list goes on and on.

[rodeodance]

18. you betcha--(nuclear arms is the foil)

[Roland99]

19. When do invade the E.U?

[BlueEyedSon]

20. When they strike oil.

[GRLMGC]

22. So that Chimpy can have another long war

and declare himself emperor of the USA. Seriously, if he did declare himself emperor, I wouldn't be surprised

[cthrumatrix]

23. he's doing the bidding of the corporate oil elite....& currancy salvage