Iran Calls U.S. Dollar "Worthless"
RIYADH, Saudi Arabia - Iranian President Mahmoud Ahmadinejad said Sunday that OPEC’s members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a “worthless piece of paper.”
His comments at the end of a rare summit of OPEC heads of state exposed fissures within the 13-member cartel — especially after U.S. ally Saudi Arabia was reluctant to mention concerns about the falling dollar in the summit’s final declaration.
“They get our oil and give us a worthless piece of paper,” Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh. He blamed U.S. President George W. Bush’s policies for the decline of the dollar and its negative effect on other countries.
See it here; http://www.msnbc.msn.com/id/21870271/
I realize that not too many serious folks are listening to Ahmadinejad...but the discussion of foreigners dumping dollars and publicly saying that they are worthless....is very prophetic indeed.
Hat tip to Tom.
posted by dennis at
3:47 PM
1 Comments:
Hi Dennis:
The dollar is based on the strength of our economy and the perception that we can pay our debts as a nation. I we were to have a deep economic recession this our paper could quite quickly become worthless.
Senior MP: Tehran Not to Tolerate Inspection of Iranian Vessels
http://english.farsnews.com/newstext.php?nn=8903270757
From body of text. "The Islamic Republic of Iran will strongly rise for its rights," Jalali said, stressing that Iran enjoyed many factors of being a powerful country including the possession of the strategic waterway of the Hormuz Straight in the Persian Gulf region.
I would not that 50% to 60% of the worlds oil flows thought the Straight of Hormuz in the Persian Gulf. If Iran closes the straights using the Chinese mines, missiles, and fast attack boats, the economies of the world will react in the same manner as the embargo of 1973.
Senior MP: Iran Capable of Blocking Strait of Hormuz
http://english.farsnews.com/newstext.php?nn=8902061586
TEHRAN (FNA)- The Iranian Navy has the capability to block the Strait of Hormuz in the Persian Gulf as a tactic to fight back against further sanctions on the country, a prominent legislator cautioned on Monday.
From the text: The Strait of Hormuz, the entrance to the strategic Persian Gulf waterway, is a major oil shipping route. A major part of world's energy supply passes through the waterway.
"If the Strait of Hormuz is closed, which is a practical thing to happen, 62 percent of the world energy will be kept away from them. In this case the world economy will face a big problem," he reiterated.
Who has the oil
http://www.poorboyonwallstreet.com/media/1/20071118-worldOilSupply.gif
Who uses the oil
http://www.worldmapper.org/images/largepng/119.png
Yours in Christ,
Tom
Post a Comment
Subscribe to Post Comments [Atom]
<< Home