We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, July 20, 2011

Iran Opens Oil Bourse - Harbinger of Trouble for New York and London?

Click here to access article by John Daly from Oil Price.
Iran is working a program, that, if it succeeds, could help undermine the dollar’s preeminence as the world’s reserve currency more effectively than a Republican filibuster.

Iran’s sly weapon against the Great Satan’s currency? An oil bourse on Kish Island in the Persian Gulf, which has now begun selling high-grade Iranian crude oil.
A major factor in supporting the US Empire and its ability to borrow money to finance its never ending wars, is their control of the oil market. The key linchpin of this control is the 1974 Kissinger engineered arrangement with that Middle Ages kingdom of Saudi Arabia whereby the Saudi monarchy agreed to sell their vast supplies of oil only in US dollars in return for protection by the Empire. If this appears like a Mafia style arrangement, it is because it is. 

You see, the US had sold much of its gold supply to finance the Vietnam War adventure which seriously threatened the value of its debt based currency. Then Saddam Hussein of Iraq threatened to sell his oil in Euros, and you can see where that got him. Now Iran which is a major supplier of China's oil is making plans to sell their oil in non-US dollars. Yikes!
at
Labels: , ,