I'm thinking it's going to be invasion time now... How dare they stop using the dollar...

TEHRAN (AFP) -

Iran has announced it would replace the dollar with the euro in foreign transactions and state-held foreign assets, in an apparent response to mounting US pressure on its banking system.

"The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions," government spokesman Gholam Hossein Elham told reporters Monday.

"We will also employ this change for Iranian assets (in dollars) held abroad."

http://news.yahoo.com/s/afp/20061218...k_061218114517

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

A very wise move on behalf of the Iranians - We shouldn't be at all surprised as the US is making enermies like they are going out of fashion.
(mostly due to its rough shod Foreign policy)

This, and trade agreements between S. Amerca and China, the EU etc ...
soon (thank God) the dollar will no longer be the dominant currency on the World


At this rate the US empire will be the shortest in human history - too imature you see

about the only option now is bombing. We have no leverage left whatsoever with Iran. They don't even want our money. Bush's belligerence is sure isolating our country. He is so tough for being a draft dodger.

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the memories of a man in his old age
are the deeds of a man in his prime

roger waters

Bush: "BRING IT ON!!!!!....bring it on that is as long as someone else is doing the fighting and NOT ME!!!!!!!"

More info:

Three Strikes Against the Dollar

"Though it has been given scant coverage in the US , Iran 's decision to drop the dollar in favor of the euro has been receiving widespread attention in Europe . As reported by Agence France-Presse on Monday, Iranian government spokesman Gholam Hossein Elham told news reporters: ‘…Foreign income sources and oil revenues will be calculated in euros, and we will receive them in euros in order to put an end to our dependence on the dollar.’”

Full article at:

http://goldmoney.com/en/commentary.php#current

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

Raise your hand if you're surprised that a country currently at odds with the United States would try to tweak the U.S. by doing something like this.

What? No takers? Hmm.

The euro's a perfectly good alternative to the dollar. Even though it's also a fiat currency....

As for the practical effects of this, here's a nice summary:
http://business.timesonline.co.uk/ar...514985,00.html

Iran's dollar holdings have fallen from 40 percent of its currency reserves to about 33%.

To put that in perspective, Iran's foreign currency reserves are worth about $60 billion total.
http://www.payvand.com/news/06/may/1089.html

So Iran has roughly zero ability to undermine the dollar by itself, since it only had $24 billion in dollars to begin with.

Also, they're accomplishing this mostly by requiring new oil contracts be paid in euros instead of dollars. Thus the move is mostly symbolic, because dollar transactions had already mostly dried up due to pressure from Washington.
http://www.jamaica-gleaner.com/glean...business2.html

This could become an issue if a horde of central banks followed Iran's lead. That's unlikely, to put it mildly. And while being the dominant currency confers a big advantage, not having that advantage is hardly fatal. As the euro demonstrates.

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Man up.

Thanks for the info RAY becasue I was convinced that it was a plot by the 'Liberal media" that kept the news off of the 'front pages'.

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"the blame falls primarily on the parents of the girl?" -Bill O'Reilly about Spears

If you do a Google search, on (Top shares Holders) on all corpartions.Then in turn a seach on each Top Holder, you will see the same very few name's of Fund Holders/Top Holders.All controled by very few banks if you search.


Also you can do the same with central Banks themselves.

So for example if you look at "Licensed banks incorporated in Hong Kong"

What you actualy get is not a hoard of Banks, (ok it takes a lot of seaching to do all in turn around the globe).

But very few (private corporate banks)

Again these below all link up to very large Global banks or bank

BANK OF AMERICA (ASIA) LIMITED
BANK OF CHINA (HONG KONG) LIMITED
BANK OF EAST ASIA, LIMITED (THE)
CHINA CONSTRUCTION BANK (ASIA) LIMITED
CHIYU BANKING CORPORATION LIMITED
CITIBANK (HONG KONG) LIMITED
CITIC KA WAH BANK LIMITED
DAH SING BANK LIMITED
DBS BANK (HONG KONG) LIMITED
FUBON BANK (HONG KONG) LIMITED
HANG SENG BANK LTD.
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (THE)
INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED
LIU CHONG HING BANK LIMITED
MEVAS BANK LIMITED
NANYANG COMMERCIAL BANK, LIMITED
PUBLIC BANK (HONG KONG) LIMITED
SHANGHAI COMMERCIAL BANK LTD.
STANDARD BANK ASIA LIMITED
STANDARD CHARTERED BANK (HONG KONG) LIMITED
TAI SANG BANK LTD.
TAI YAU BANK LTD.
WING HANG BANK LTD.
WING LUNG BANK LIMITED



(Example)
http://www.bis.org/cbanks.htm
Albania: Bank of Albania
Algeria: Bank of Algeria
Argentina: Central Bank of Argentina
Armenia: Central Bank of Armenia
Aruba: Central Bank of Aruba
Australia: Reserve Bank of Australia
Austria: Austrian National Bank
Azerbaijan: National Bank of Azerbaijan
Bahamas: Central Bank of The Bahamas
Bahrain: Central Bank of Bahrain
Bangladesh: Bangladesh Bank
Barbados: Central Bank of Barbados
Belarus: National Bank of the Republic of Belarus
Belgium: National Bank of Belgium
Belize: Central Bank of Belize
Bermuda: Bermuda Monetary Authority
Bhutan: Royal Monetary Authority of Bhutan
Benin: Central Bank of West African States (BCEAO)
Bolivia: Central Bank of Bolivia
Bosnia: Central Bank of Bosnia and Herzegovina
Botswana: Bank of Botswana
Brazil: Central Bank of Brazil
Bulgaria: Bulgarian National Bank
Burkina Faso: Central Bank of West African States (BCEAO)
Cameroon: Bank of Central African States
Canada: Bank of Canada - Banque du Canada
Cayman Islands: Cayman Islands Monetary Authority
Central African Republic: Bank of Central African States
Chad: Bank of Central African States
Chile: Central Bank of Chile
China: The People's Bank of China
Colombia: Bank of the Republic
Comoros: Central Bank of Comoros
Congo: Bank of Central African States
Costa Rica: Central Bank of Costa Rica
Côte d'Ivoire: Central Bank of West African States (BCEAO)
Croatia: Croatian National Bank
Cuba: Central Bank of Cuba
Cyprus: Central Bank of Cyprus
Czech Republic: Czech National Bank
Denmark: National Bank of Denmark
Dominican Republic: Central Bank of the Dominican Republic
East Caribbean area: Eastern Caribbean Central Bank
Ecuador: Central Bank of Ecuador
Egypt: Central Bank of Egypt
El Salvador: Central Reserve Bank of El Salvador
Equatorial Guinea: Bank of Central African States
Estonia: Bank of Estonia
Ethiopia: National Bank of Ethiopia
European Union: European Central Bank
Fiji: Reserve Bank of Fiji
Finland: Bank of Finland
France: Bank of France
Gabon: Bank of Central African States
The Gambia: Central Bank of The Gambia
Georgia: National Bank of Georgia
Germany: Deutsche Bundesbank
Ghana: Bank of Ghana
Greece: Bank of Greece
Guatemala: Bank of Guatemala
Guinea Bissau: Central Bank of West African States (BCEAO)
Guyana: Bank of Guyana
Haiti: Central Bank of Haiti
Honduras: Central Bank of Honduras
Hong Kong: Hong Kong Monetary Authority
Hungary: Magyar Nemzeti Bank
Iceland: Central Bank of Iceland
India: Reserve Bank of India
Indonesia: Bank Indonesia
Iran: The Central Bank of the Islamic Republic of Iran
Iraq: Central Bank of Iraq
Ireland: Central Bank and Financial Services Authority of Ireland
Israel: Bank of Israel
Italy: Bank of Italy
Jamaica: Bank of Jamaica
Japan: Bank of Japan
Jordan: Central Bank of Jordan
Kazakhstan: National Bank of Kazakhstan
Kenya: Central Bank of Kenya
Korea: Bank of Korea
Kuwait: Central Bank of Kuwait
Kyrgyzstan: National Bank of the Kyrgyz Republic
Latvia: Bank of Latvia
Lebanon: Central Bank of Lebanon
Lesotho: Central Bank of Lesotho
Libya: Central Bank of Libya
Lithuania: Bank of Lithuania
Luxembourg: Central Bank of Luxembourg
Macao: Monetary Authority of Macao
Macedonia: National Bank of the Republic of Macedonia
Madagascar: Central Bank of Madagascar
Malaysia: Central Bank of Malaysia
Malawi: Reserve Bank of Malawi
Mali: Central Bank of West African States (BCEAO)
Malta: Central Bank of Malta
Mauritius: Bank of Mauritius
Mexico: Bank of Mexico
Moldova: National Bank of Moldova
Mongolia: Bank of Mongolia
Morocco: Bank of Morocco
Mozambique: Bank of Mozambique
Namibia: Bank of Namibia
Nepal: Central Bank of Nepal
Netherlands: Netherlands Bank
Netherlands Antilles: Bank of the Netherlands Antilles
New Zealand: Reserve Bank of New Zealand
Nicaragua: Central Bank of Nicaragua
Niger: Central Bank of West African States (BCEAO)
Nigeria: Central Bank of Nigeria
Norway: Central Bank of Norway
Oman: Central Bank of Oman
Pakistan: State Bank of Pakistan
Papua New Guinea: Bank of Papua New Guinea
Paraguay: Central Bank of Paraguay
Peru: Central Reserve Bank of Peru
Philippines: Bangko Sentral ng Pilipinas
Poland: National Bank of Poland
Portugal: Bank of Portugal
Qatar: Qatar Central Bank
Romania: National Bank of Romania
Russia: Central Bank of Russia
Rwanda: National Bank of Rwanda
San Marino: Central Bank of the Republic of San Marino
Samoa: Central Bank of Samoa
Saudi Arabia: Saudi Arabian Monetary Agency
Senegal: Central Bank of West African States (BCEAO)
Serbia: National Bank of Serbia
Seychelles: Central Bank of Seychelles
Sierra Leone: Bank of Sierra Leone
Singapore: Monetary Authority of Singapore
Slovakia: National Bank of Slovakia
Slovenia: Bank of Slovenia
Solomon Islands: Central Bank of Solomon Islands
South Africa: South African Reserve Bank
Spain: Bank of Spain
Sri Lanka: Central Bank of Sri Lanka
Sudan: Bank of Sudan
Surinam: Central Bank of Suriname
Swaziland: The Central Bank of Swaziland
Sweden: Sveriges Riksbank
Switzerland: Swiss National Bank
Tajikistan: National Bank of the Republic of Tajikistan
Tanzania: Bank of Tanzania
Thailand: Bank of Thailand
Togo: Central Bank of West African States (BCEAO)
Tonga: National Reserve Bank of Tonga
Trinidad and Tobago: Central Bank of Trinidad and Tobago
Tunisia: Central Bank of Tunisia
Turkey: Central Bank of the Republic of Turkey
Uganda: Bank of Uganda
Ukraine: National Bank of Ukraine
United Arab Emirates: Central Bank of United Arab Emirates
United Kingdom: Bank of England
United States: Board of Governors of the Federal Reserve System (Washington)
Federal Reserve Bank of New York
Uruguay: Central Bank of Uruguay
Vanuatu: Reserve Bank of Vanuatu
Venezuela: Central Bank of Venezuela
Yemen: Central Bank of Yemen
Zambia: Bank of Zambia
Zimbabwe: Reserve Bank of Zimbabwe

Raise your hand if you're crazy enough to believe my point in posting this was to imply one should be surprised by the story. What? No takers? Raytri put your hand down...

In essence, yes, it's fiat currency, but the Euroland banks talk the gold talk - talking up the gold reserves, etc. - but they admittedly do not walk the walk. However, many people could obviously feel more secure about the money they invest in the Euro primarily from the talk.

Why do you argue against positions that no one states? You just like making stuff up or something? My point was never that this was going to single-handedly undermine the dollar. That's absurd. But it certainly isn't going to help. I'll tell you what would hurt though, if other countries follow suit - and NOT in totally replacing their holdings, it doesn't have to go that far, just in requiring future oil payments in Euro. If we suddenly have to convert to Euros before buying oil, our energy costs just took a nice little spike up...

Who implied it was likely? Again, please stop arguing with yourself... What is more likely is that we see a rash of countries putting in foreign exchange controls of one type or another. You never know what can happen if any type of panic starts. Crowds are far from rational. But again, that is still not to imply it is likely, just that it could occur. This of course can only be the case with fiat money.

It wouldn't be fatal if the dollar was devalued 30%, but what would that do to the general standard of living in America? It would make it a hell of a lot more expensive and have serious economic and political repurcussions.

But blow it off, raytri. Governments can do no wrong. I've heard it all before. Spin, spin, spin...

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

T-B, your subhed asks "Why haven't we seen this on the front pages?" That means that you think this is big news worthy of the front pages.

So I laid out why it isn't big news, which is why you haven't seen it on the front page.

Are you now saying this isn't big news and your subhed is a mistake?

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Man up.

My actual meaning is that I DIDN'T SEE IT ANYWHERE - not on the back page much less the front page. And it is potentially significant news. But no one should be suprised by this or believe our economy is about to collapse because of it. You jumped in and blew it all out of proportion - why? Probably because of your undying love of fiat currency and your thralldom to the government's authority to print it all day long.

You're just a little defensive there, raytri. LOL. Try a chill pill.

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer