12/29/2009 The Republic :: The Iranian line in the sand

s earc h republic

Vancouver's Opinionated Newspaper A ugust 18 to 31, 2005 • No 120

Front Page »

Get a f ree hit counter here.

Archive »
Front P age » A rc hive » N o 1 2 0 » here

Advertise » The Iranian line in the sand

Iran i an pl an s to soon trade oi l for Eu ros wi l l sm oke ou t th e tru e i n ten ti on s of th e US

by Dan Craw ford

We are seven months away from a history-making event.
Get a f ree hit counter here. On March 20th, 2006, Iran is planning to open an International Oil Bourse
(market) for the express purpose of trading oil priced exclusively in Euros. The
w orld currently does all oil trades in US dollars, commonly referred to as the
petro-dollar. Introducing an alternative currency that directly competes against
the US dollar w ill facilitate many global economic changes.
The US, of course, stands to be the most affected. Up until now , the
Americans have been able to maintain a high demand for their currency due to
its role in purchasing the w orld's primary energy resource. This demand has
allow ed the US to mushroom its debt to record levels supported by the selling
of US treasury bills to foreign countries. How w ill the US continue to operate if
countries stop floating their debt and turn instead towards the Euro?
Evidence of the US acting out of concern over their dollar hegemony can be
seen in the war with Iraq. In September 2000 Iraq began selling all oil exports
in euros. The euro then increased in value w hich added much profitability to
European operations. The US invaded and shortly thereafter (four months to
be exact) reverted all Iraqi oil trades back to the US dollar as w ell as nullifying
previous foreign contracts. It has been surmised that the US invaded Iraq not
just to control oil reserves but also to protect its all-important petro-dollar.
Fast-forw ard to the present day situation w ith Iran, a country being
victimized through a US smear campaign. President Bush has continuously
tried to promote Iran as an “axis of evil” country through accusations that Iran
secretly' tried to develop nuclear weapons and harbors terrorists. To date,
none of these claims have ever been substantiated.
Iran's stance on their nuclear plans is w ell justified. Iran has been a member
of the nuclear Non-Proliferation Treaty since 2003. They have followed all
guidelines from the IAEA since then and have given full transparency to their
nuclear program. Iran even voluntarily ceased their uranium enrichment
program as an act of confidence building.
A stark contrast is the country of Pakistan, w hich is not a member of the Non-
Proliferation Treaty. They have recently tested a cruise missile capable of
carrying nuclear w arheads for distances of up to 500 kms. Pakistan also has a
long history of selling nuclear weapons technology to foreign countries. Yet,
Iran is the one being made out as the bad guy.
Add to the mix a number of high profile leaks originating from the Pentagon
indicating that plans have been made to attack Iran in the event of a terrorist
attack on US soil, regardless of involvement or not.
The w orld's second largest oil consumer, China, is also one of Iran's major
foreign investors, having signed billions of dollars worth of trade agreements
in the last year alone. Both Russia and India have also made substantial
investments in Iran. An attack on Iran w ill not be welcomed by those countries
w ho have invested their energy futures in Iranian oil and gas reserves.
World headlines being played out in the media are beginning to relate back
to one issue—the petro-dollar. As we get closer to March 20th, 2006, we w ill
find out just how threatened the US feels about having another petro-currency
in the w orld. If the Iranian Oil Bourse opens, it is conceivable that the US w ill
find out exactly what their money is made of—w hich is paper and little else.
****

Send the U RL for this page to a friend

For c omments or s ugges tions , pleas e c ontac t the Republic Webmas ter

|| C artoons || A rc hive | | M edia || L inks | | C omic Relief || P eac e M ongering

Get a f ree hit counter here.
Front P age

republic-news.org/…/120_crawford.htm 1/1