The Cellar - View Single Post - Did we just declare a financial War on Iran?

richlevy · 03-29-2008, 10:40 PM

Actually, last year, Iran started demanding currencies other than the US dollars for their oil. The Japanese are paying in Yen and the Chinese in Euros. Essentially, starting in 2005 and in full force since 2007, Iranian oil has been cut loose from the dollar. This is one of the factors behind the recent spike in oil prices.

The Bush administration's action is at best a weak counterattack against a significant economic blow. Noone is going to be able to force the Chinese to stop paying euros to Iran. Iran is the 4th largest oil producer and exporter in the world. No independent nation is going to stop doing business with them because the US wants them to.

The US produces 8 million barrels a day but uses 20. If the administration had gotten off it's ass in 2001 and addressed the strategic importance of reducing consumption, we wouldn't be doing the political equivalent of crying and stamping our feet in response to Iran and Venezuela, two nations whose oil we may need if Saudi Arabia and Russian oil exports to the US were to falter.

Having oilmen as president and vp can be a bad thing when you are trying to address the problem.

03-29-2008, 10:40 PM	#5
richlevy King Of Wishful Thinking Join Date: Jan 2001 Location: Philadelphia Suburbs Posts: 6,669	Actually, last year, Iran started demanding currencies other than the US dollars for their oil. The Japanese are paying in Yen and the Chinese in Euros. Essentially, starting in 2005 and in full force since 2007, Iranian oil has been cut loose from the dollar. This is one of the factors behind the recent spike in oil prices. The Bush administration's action is at best a weak counterattack against a significant economic blow. Noone is going to be able to force the Chinese to stop paying euros to Iran. Iran is the 4th largest oil producer and exporter in the world. No independent nation is going to stop doing business with them because the US wants them to. The US produces 8 million barrels a day but uses 20. If the administration had gotten off it's ass in 2001 and addressed the strategic importance of reducing consumption, we wouldn't be doing the political equivalent of crying and stamping our feet in response to Iran and Venezuela, two nations whose oil we may need if Saudi Arabia and Russian oil exports to the US were to falter. Having oilmen as president and vp can be a bad thing when you are trying to address the problem. __________________ Exercise your rights and remember your obligations - VOTE! I have always believed that hope is that stubborn thing inside us that insists, despite all the evidence to the contrary, that something better awaits us so long as we have the courage to keep reaching, to keep working, to keep fighting. -- Barack Hussein Obama