March 26th-March 29th......??????

[rsmith6621]

I have heard something is going to happen to our economy lead by Iran asking for Euros in exchange for Oil????


What has everybody else heard....Thom Hartman talked about it a few weeks back but no info on his site is available.

[montanacowboy]

1. March 26th is the Iranian oil bourse

I think they are changing to Euros from the dollar, could be wrong but it has something to do with it

[arcane1]

3. didn't a certain ex-Iraqi dictator try something like that, too?

As I recall, the dollar people don't take kindly to that sort of thing

[converted_democrat]

2. I've heard it, but I don't think I believe it..

I do have to say though, with * at the helm you never know what may happen..

[shaniqua6392]

4. There are many articles on the internet

that say that Iran is going to change to the Euro in early 2006 but I could not find a specific date.

[meganmonkey]

5. Here is a great place to start:

It's long, but it gives you a good idea of the whole situation:

http://www.energybulletin.net/7707.html

Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse
by William Clark

“This notion that the United States is getting ready to attack Iran is simply ridiculous...Having said that, all options are on the table.”
– President George W. Bush, February 2005


---snip---

In essence, Iran is about to commit a far greater “offense” than Saddam Hussein's conversion to the euro for Iraq’s oil exports in the fall of 2000. Beginning in March 2006, the Tehran government has plans to begin competing with New York's NYMEX and London's IPE with respect to international oil trades – using a euro-based international oil-trading mechanism.<7>

The proposed Iranian oil bourse signifies that without some sort 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 of U.S. global domination, Tehran’s objective constitutes an obvious encroachment on dollar supremacy in the crucial international oil market.

---snip---

much more at link

[Warpy]

6. There are actually several things happening this month

For one thing, a lot of US debt being held by other countries falls due. For another, the conversion from dollars to euros as a world standard is being considered. For another, central banks in countries all over the world are starting to tighten the money supply in general.

There were two financial guys on the local noon news here smiling and trying to sound chirpy about the whole thing. Those smiles got nowhere near their eyes.

If you have debt, sell what you can to pay it off. We are looking at a steep rise in interest rates, at the very least. Whether the housing market slides or collapses is the big unknown. If it's the latter, it will take the whole economy with it the same way the stock market crash of 1929 did, and for the same reason: it represents the biggest debt load for the largest number of people, and when it's gone, so are all the paper profits they'd been living on.

My guess is that interest rates will rise by a percentage point quarterly and that this will cause a slower slide in housing than the worst case scenario. I sincerely hope I'm wrong about all of this, but there is only so long a country can stripmine its population to fatten the rich while its government lives on unsecured debt before it all collapses.