“If the Washington/Tel Aviv-promoted hysteria is already at fever pitch, wait for March 20, when the Iranian oil bourse will start trading oil in other currencies apart from the US dollar, heralding the arrival of a new oil marker to be denominated in euro, yen, yuan, rupee or a basket of currencies.
That would suit Asian clients – from BRICS members India and China to US allies Japan and South Korea, not to mention NATO member Turkey. But that would also suit European clients, to pay for oil in their own currency. Tehran – as well as many key players in the developing world – does want to sink the petrodollar. That may be the straw to break the American camel’s back.” – Pepe Escobar, “US wants SWIFT war on Iran,” quote dated February 17, 2012. http://www.atimes.com/atimes/Middle_East/NB17Ak04.html
This quote comes from an article titled The U.S. Wants SWIFT War on Iran, SWIFT an acronym for, Society for Worldwide Interbank Financial Telecommunications, their motto… The global provider of global secure financial messaging services. Essentially, the sanctions by the European Union and the U.S.A. are meant to exclude Iran from using S.W.I.F.T.. The preemptive action against the July 1st 2012 implementation of the sanctions on Iran are that Iran is thought to be dropping the US Dollar as the currency used to trade it’s oil. This would be a big hit to the US Dollar as the world reserve currency, considering that Iran is the third largest oil exporter in the world.
Welcome to the 2012 Middle East Regional Conference.
We have created the programme for this Regional Conference – taking place on 27-28 March 2012 in Abu Dhabi, UAE – to reflect the complex backdrop against which the Middle East financial markets are operating.
Ongoing political instability in the region and considerable uncertainty in the global financial markets are creating challenges for financial services players in the Middle East. Yet there remain significant opportunities for the region’s financial markets. Our aim at the Regional Conference is to explore how the Middle East’s financial communities can overcome the challenges and realise the opportunities to position themselves for further growth in the future.
There is little to worry about on the American end if our own supplies from Alaska were utilized. My father-in-law has been traveling the world negotiating and writing/rewriting contracts worth 10’s of billions of dollars relating to the building of off-shore drilling rigs for major oil companies for 30 years. We have the oil, oh we have the oil. Now just to turn the flow on to the American people and relieve us from foreign dependency. I can see many reasons to not turn on the flow. Like say, let other countries that think they have the “oil upper-hand” dupe themselves into thinking they have a trump card? But I am just a lowly housewife, observer of the news. I don’t make it, I don’t write, I just read it and ponder.