The 48 Hour Media-blitz for War with Iran

[klebean]

Mike Whitney on Information Clearing House:

http://www.informationclearinghouse.info/article12276.htm

Whitney outline's the recent hype then gives an explanation:

The Iran Bourse

On March 20 the Iran Bourse will formally open and allow countries to break to US monopoly on oil purchases in petrodollars. The central banks across Europe and Asia will trade in part of their stockpiles of greenbacks for euros, and dollars will come flooding back to the homeland. $3 trillion of American cash and securities are owned by people or institutions outside of the United States. If just a small portion of them pour back into the US, Depression will follow.

Is the impending war with Iraq merely an effort to shore up the debt-ridden greenback? (which is now underwritten by $8.2 trillion in debt)

If not, then how do we explain the Federal Reserve’s surprise announcement that it would stop releasing the M-3 in late March, 2006 coinciding with the opening of the bourse? (The M-3 provides the aggregate statistics on US dollars around the world)

Don’t you think the American people would like to know when the central banks begin tossing their stockpiles of greenbacks overboard?

And won’t this “weakening of the dollar” curtail Washington’s ability to print unlimited amounts of money to fund a powerful standing army and provide lavish tax cuts to the wealthy?

The Iran bourse is a direct threat to the present economic system of extorting labor and resources from the developing world for worthless paper.

The Bush administration will do everything in its power to defend that system.

Berkshire-Hathaway chief, Warren Buffet recently noted, “Right now, the rest of the world owns $3 trillion more of us than we own of them. In my view, it will create political turmoil at some point. …Pretty soon, I think there will be a big adjustment.”

“Political turmoil”?"big adjustment”?…”Pretty soon, I think”?

‘nuff said.

[napi21]

1. Shrub isn't going to be able to pull this off again!

If he thought there was a revolt against the Dubai Port Deal, WAIT!!!!! A was with Iran is going to generate MORE anger than that ever did!

[tocqueville]

2. many analysts have debunked that story

http://www.atimes.com/atimes/Middle_East/HC10Ak01.html

"More significant, the oil-bourse argument is a red herring that diverts attention from the real geopolitical grounds behind the march toward war that have been detailed on this website, including in my piece, A high-risk game of nuclear chicken, which appeared in Asia Times Online on January 31."

.............


"A full challenge to the domination of the US dollar as the world central-bank reserve currency entails a de facto declaration of war on the "full-spectrum dominance" of the United States today. The mighty members of the European Central Bank Council well know this. The heads of state of every EU country know this. The Chinese leadership as well as the Japanese and Indians know this. So does Russian President Vladimir Putin.

Until some combination of those Eurasian powers congeal in a cohesive challenge to the unbridled domination of the United States as sole superpower, there will be no euro or yen or even Chinese yuan challenging the role of the dollar. The issue is of enormous importance, as it is vital to understand the true dynamics bringing the world to the brink of possible nuclear catastrophe today."

in other words the Iranian oil bourse cannot do anything on its own. The day the challenge will come, it's not from Iran. Look how the UK pound disappeared as the global currency :

"Prior to World War I, the United Kingdom had one of the world's strongest economies, holding 40% of the world's overseas investments. However, by the end of the war the country owed £850 million, mostly to the United States, with interest costing the country some 40% of all government spending.

In an attempt to resume stability, a variation on the gold standard was reintroduced in 1926, under which the currency was pegged to the gold price at pre-war levels, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on September 21, 1931, during the Great Depression, and sterling devalued 20%." (Wikipedia)

it was the debt that killed the pound, it will be the same for the dollar

[klebean]

3. thanx for the link! n/t