Funny that no-one has mentioned the rumoured Iranian oil bourse.
In 2000, Saddam decided that all Iraqi oil (25% of the world's stock) would trade in Euro ONLY.
Cue Invasions 1 and 2. As soon as the US gained control of the Ministry of Oil and the oilfields, they changed the currency for trading oil back to the dollar at a loss of about 17% to the Iraqis due to Euro/Dollar differences.
In 2004, Iran announced that it would be attempting to create a trading bourse similiar to NYMEX, LPE or IPE (All American owned). It would also trade only in Euros.
Soon after, we heard about the axis of evil and nuclear research over there.
Iranian oil bourse ambitions are more dangerous to the US than a nuclear weapon.
They don't have a delivery system for nukes, don't have the infrastructure to build weapons capable of reaching the US for years.
The biggest risk is Israel, does the US really want to be in the area arguing if Iran or Syria detonate one in Israel? A simple standoff nuclear attack would be simpler, more effective and probably agreed with by European states were Iran to do something so stupid.
England would probably have one or two Tridents standing by just for the hell of it and test our own systems in a live fire exercise.
A Euro/oil trading system though would seriously rock the US petrodollar value.
You don't have any reserves over there of value anymore. You import more than you need and keep raising the national dept because of it, but you need to to keep the petrodollar high.
Example:
If japan wants to buy oil, at the moment they need to do it in Dollars.
Therefore they need to get dollars by selling goods cheap to America. (Cars, Electronics)
The US then prints up some dollars and gives them to the Japanese who buy oil on the markets (giving a cut to the US companies that own the exchanges).
The oil gets shipped to Japan, never touching US soil.
Then, countries like Saudi Arabia, bank that money back in the US federal Reserve.
Money for nothing. Do you think that the US military machine can withstand it's financial backer (US Govt) going bankrupt should it's primary income fall do to oil going through the hands of the Euro?
Whether or not Iran can actually pull it off is another matter as, due to sanctions, they are limited in what they can export/import. However, as the US has shown, all it needs to do is facilitate the meeting between buyer and seller.
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