US. vs. Iran US.Dollar vs. Euros.....

[DemInDistress]

Global Economic Hegemony: A New Kind of Warfare?
Global Economic Hegemony: A New Kind of Warfare?

By Kaleem Hussain
(LLB, LLM- in International Economic Law from Warwick University, UK)

03/15/06 "ICSSA" -- -- An Interview with Dr Krassimir Petrov,Ph.D (Teaches Macroeconomics, International Finance & Econometrics at the American University in Bulgaria).

Afghanistan, Iraq and now Iran and potentially Syria on the cards for a military intervention, I was intrigued to find out what exactly is driving the neo-conservatives in the echelons of power at the Whitehouse and the few coalition allies to the U.S. to continue their strategy of potential military strikes despite what is universally accepted has been a disastrous foreign policy in Iraq.

I interviewed Dr. Krassimir Petrov who has recently wrote an article titled “The Proposed Iranian Oil Bourse” to enlighten me on this subject. The interview focused on two articles, namely the one cited above and by W.R. Clark titled “Petrodollar Warfare: Dollars, Euros & The Upcoming Iranian Oil Bourse.” The response is a combination of statements from the articles and Dr. Krassimir Petrov’s own opinions on the questions asked.

The questions were framed as a result of what the authors have highlighted is the setting up of a proposed Iranian Oil Bourse due to become operational from March 2006. The word “bourse” refers to a stock exchange for securities trading, and is derived from the French Stock Exchange in Paris. The Tehran Government has plans to begin competing with New York’s NYMEX and London’s IPE using a Euro based international oil trading mechanism. You may ask, why is this of any significance?


more: http://informationclearinghouse.info/article12346.htm

[tocqueville]

1. Why Iran's oil bourse can't break the buck

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

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.

[OrangeCountyDemocrat]

2. Introduction Of Iran Bourse Has Been Delayed

Won't begin until At Least this Summer. Possibly not until 2007. I just read an article which diminished it's importance, and says that even when it does start, it will be limited in scope, and not an earth shattering damage to the $ that has been claimed.

[muriel_volestrangler]

3. Can't say I'm surprised

The lack of hard news about the bourse always looekd a bit suspicious - it was a set of commentators who were claiming it would be the end of the dollar as we know it.

Here's a story:

Despite repeated reports over the past 18 months or so that the planned bourse would finally open for business on March 20, 2006 -- and go head to head with the New York Mercantile Exchange and the ICE Futures Exchange in London -- the start date has been postponed by at least several months and maybe more than a year.

"In the middle of 2006, we are able to start the bourse," Mohammad Asemipur, special adviser on the project to Iran's Oil Minister, said when reached in Tehran. The plan is to trade petrochemical products first, with a crude oil contract coming last, a rollout that likely will take three years, he said.

"Oh, crikey, it's at a much earlier stage than people would think," said British consultant Chris Cook, who claims credit for coming up with the idea for the exchange in the first place and is a member of the consortium headed by the Tehran Stock Exchange that is charged with bringing the project to life.

"You can rest assured, there will not be a crude oil contract, Gulf-based, in my opinion, within a year -- and that would be really pushing it," Mr. Cook, a former director of ICE's predecessor, the International Petroleum Exchange, said when reached in Scotland.

http://www.theglobeandmail.com/servlet/story/LAC.20060314.RIRAN14/TPStory/Business

[OrangeCountyDemocrat]

4. Yeah....That's The Story I Read nt