Fwd: Iran: It's about the oil (sales)

[Guest guest]

" The American people need to understand that with its massive budget and

trade deficits, the US is able to go to war only because the Chinese,

Japanese, Europeans, and oil producing countries finance Bush's war by

purchasing US debt and holding dollar denominated assets. Once Bush has

the US over-extended, it will be the end of the American superpower if one

of our bankers decides to rein in the rogue American state by dumping

dollar holdings.

 

" Indeed, a number of thinkers (William Clark and Krassimir Petrov, for

example) have concluded that the reason that the Pentagon has plans to

attack Iran is Iran's intention to establish an international oil exchange

in which anyone can buy or sell oil in any currency.

 

" Such an exchange, it is argued, would spell the dollar's death as the

currency in which oil is billed. With countries no longer needing dollars

in order to pay their oil bills, the demand for dollars and dollar

denominated assets would decline. The dollar would further depreciate,

bringing crisis to import-dependent America. "

 

Full article at:

http://www.counterpunch.com/roberts01232006.html