Iran oil bourse launch underway

[boise1]

Persian Journal
Sep 16, 2006

Oil Minister Kazem Vaziri-Hamaneh said here on Friday that all preparatory requirements were arranged for launching the oil stock market in the country.

Speaking to the reporters, Vaziri-Hamaneh said that all un-subsidized oil products can be offered in this stock market.

He also rejected rumors about the preparation of a plan to gradually increase the gasoline price, but added that the cabinet had submitted a bill to the Majlis for importing gasoline.

"If the bill is ratified, the present condition will continue and rationing will be put into practice later."

http://www.iranian.ws/iran_news/publish/article_17773.shtml

- 'Oilctober' Surprise, anyone?

[Mojorabbit]

1. Uh oh eom....

[lectrobyte]

2. Someone once said, all warfare is economic in nature when you

drill down right to it. Coming soon to a TV screen near you, stirring cruise missile launches and smart bomb camera footage set to catchy music and bumpered by "war on terror" graphic bits.

[Blackhatjack]

3. China has been loading up on Euros for quite a while ....

..so they are ready to buy Iranian oil using the new bourse.

US Treasury and Banking interests must be very sensitive to the rollout of Iran's new bourse. Just what do you think the US Government response will be?

[LSK]

4. Iraq had similar ideas, look what the US did to them...

[ProfessorGAC]

5. It Should Be To Do Nothing

The whole thing is a canard dreamed up by right wing economists who think this will matter. PNAC folks believe in this concern, which is the first thing that makes me doubt it.

Well, not the first thing. I know one of the economists who wrote the first alarmist paper on this subject and is regularly referenced in the Weekly Standard, usually by Kristol. He's got "credentials but no cred". He's just a buffoon who stayed in school long enough to get a Ph.D. in something or other. He just chose economics.

There is not a shred of data within the modern economic era, (since the advent of industrial revolution), to support that the choice of currency for any given commodity, no matter how necessary, has a long term impact, positive or negative, on any macroeconomy. In fact, the only correlation ever generated has been the reverse, in which an economy's sustainability and power caused a shift away from an older currency of choice, simply because it was now the currency of the dominant economy that was more convenient in international commerce.

Switching from Pound Sterling to the Dollar did not negatively impact the British economy, or make the American economy dominant. Both of those situations occurred before the switch on most international goods. So, the currency of choice is an effect, not a cause.

The U.S. gov't shouldn't worry about this. But, given the neocons proclivity for locking their jaws in on a belief, no matter how little evidence there is to support it, we'll do something stupid.

The Professor

[EVDebs]

7. 2031 is the timeline 'endpoint' per Lester Brown's Plan B 2.0

Chapter entitled

"Learning From China"
http://www.earth-policy.org/Books/PB2/PB2ch1_ss3.htm

""The inevitable conclusion to be drawn from these projections is that there are not enough resources for China to reach U.S. consumption levels. The western economic model—the fossil-fuel-based, automobile-centered, throwaway economy—will not work for China’s 1.45 billion in 2031. If it does not work for China, it will not work for India either, which by 2031 is projected to have even more people than China. Nor will it work for the other 3 billion people in developing countries who are also dreaming the “American dream.” And in an increasingly integrated world economy, where countries everywhere are competing for the same resources—the same oil, grain, and iron ore—the existing economic model will not work for industrial countries either. 21""

[redqueen]

12. Hi Professor...

Would you please kindly address the question in this post?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=2161357&mesg_id=2163320

It states the reason I thought this actually was a big deal. I don't recall where I read it but I read that this would cause a domino effect. The dollar loses a significant amount of its value, investors decide to take their money elsewhere to get a larger return, which further weakens the dollar... they compared it to what happened to Argentina in 2000-2001.

Thanks! :hi:

[EVDebs]

6. THIS SHOULD BE TOPS on GREATEST PAGES ASAP !

kick and r it !

"It's all about the O"

[boise1]

8. The Iranian oil bourse was to have had the economic impact of an asteroid

according to some, but is receiving virtually no MSM attention. Can I take this to mean it will have very little economic fallout?

[EVDebs]

9. Ask the Saudis and Bush....

Oil trading in euros, in competition with the dollar, would drive down the value of the dollar wouldn't it ?

[geek tragedy]

10. The financial press rarely ignores stories that

affect the economic markets across the globe.

[EVDebs]

11. Aha ! An economic "singularity" ! nt