Iran dumped US dollars in 2004 for other currencies... (like Iraq 2000)

[cthrumatrix]

Date: 12/21/2004 05:35:36 By Gareth Smyth Financial Times

Sparks fly over Iran's $8bn oil price buffer fund
IranExpert


The oil stabilisation fund, which contains revenues accrued when the oil price rises above $19 a barrel, was set up four years ago to hedge against price falls and finance private sector projects. It totals about $8bn (€6bn, £4bn).

snip

The oil fund is managed alongside Iran's other foreign exchange holdings, which are now held 40 per cent in dollars and 60 per cent in other currencies, according to Mr Mojarrad. "This is a change from two years ago when 70 per cent of our holdings were in dollars. Like any central bank, we are cautious. Ours is a professional judgment and nothing to do with politics."

snip

http://www.iranexpert.com/2004/fund21december.htm

So they dumped thier US dollar holding by 42.8% --- do you think the US is concerned about this?

[Davion]

1. When trading is done in Euros rather than dollars, the greenback will tank

But to answer your question, no. Nobody in Washington will care, because (like England, or even Rome, before us) America is INVINCIBLE!

[Skink]

2. There's a great book tiltled " All The Shahs Men...

It chronicles how when Iran tried to Nationalize it's oil in the 50's we couldn't let them.

[Davion]

3. Must... not... read.... must... not... think....

Next you'll say that Iran had a democratically elected government and the USA overthrew it.

Where's my Kool-Aid?

[cthrumatrix]

4. the PBS Frontline Story on the "House of Saud" was fantastic last

night.

[Vitruvius]

5. Iraq stopped sending the US oil in return for printing-press dollars

-- by switching to the Euro -- and we invaded. And killed over 100,000 Iraqis.

Now Iran has done the same. May God be with them.