Iran ditches the dollar - shit's about to get real

[Jason Harvestdancer]

Shit's about to get real.

Iran to Ditch US Dollar in Official Reports

Iran will stop using the US dollar as its currency of choice in its financial and foreign exchange reports from the new fiscal year that begins in March, announced the governor of the Central Bank of Iran late Saturday.

"Iran's difficulties [in dealing] with the dollar were in place from the time of the primary sanctions and this trend is continuing, but we face no limitations regarding other currencies," Valiollah Seif also said in a televised interview as reported by CBI's official news website.

Seif gave strong hints that the country may opt for euro in releasing its key economic reports.

Iran Just Officially Ditched the Dollar in Major Blow to US: Here’s Why It Matters

Iran governor Valiollah Seif’s central bank announced the decision in a television interview on January 29. The change will take effect on March 21, and it will impact all official financial and foreign exchange reports.

“Iran’s difficulties [in dealing]with the dollar,” Seif said, “were in place from the time of the primary sanctions and this trend is continuing,” but when it comes to other currencies, he added, “we face no limitations.”

In a piece published by Forbes, Dominic Dudley contends that this move is significant “in the light of the recent ‘Muslim ban‘” announced by Trump. Iran nationals were added to the order issued by the current U.S. administration, which prompted the Iranian government to vow to stop issuing visas to U.S. citizens.

As Iran Dumps Dollar, Congress Quietly Slips in Bill for ‘Use of Force Against Iran

On March 21, The Islamic Republic of Iran will cease using the U.S. dollar in all of its financial reporting. The decision to stop using the dollar as a reference has been in the works for some time but was expedited after the Trump administration decided to include Iran as one of the seven countries banned from entering the United States.

Iranian PressTV reported, “Valiollah Seif, the governor of the Central Bank of Iran, was quoted by domestic media as saying that Iran would either replace the US dollar with a new common foreign currency or use a basket of currencies in all official financial and foreign exchange reports.”

Seif reportedly stated the country of Iran needs a much more stable foreign currency, that the dollar is insignificantly found in exchange houses throughout the country, and Iran would be better-suited trading in European Union Euros, Chinese Yen, or in United Arab Emirates Dirham.

Time for some real news. I know, we're supposed to focus all our outrage on whatever the most recent tweet is, but unlike that this is actual news. Of course, you have to be one of those kooks who uses the word "petrodollar" to realize how important this really is.

There are many ways this could play out, none of them good. It could lead to a war that rapidly expands to pull in all the major players. It could be the trigger that causes the long overdue economic correction in the US. It could be both.

 

[ZiprHead]

[YOUTUBE]https://youtu.be/rWAylXN3u9Q[/YOUTUBE]

 

[Jimmy Higgins]

Time for some real news. I know, we're supposed to focus all our outrage on whatever the most recent tweet is, but unlike that this is actual news. Of course, you have to be one of those kooks who uses the word "petrodollar" to realize how important this really is.

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

There are many ways this could play out, none of them good. It could lead to a war that rapidly expands to pull in all the major players.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

 

[laughing dog]

Shit's about to get real.

Iran to Ditch US Dollar in Official Reports



Iran Just Officially Ditched the Dollar in Major Blow to US: Here’s Why It Matters

Iran governor Valiollah Seif’s central bank announced the decision in a television interview on January 29. The change will take effect on March 21, and it will impact all official financial and foreign exchange reports.

“Iran’s difficulties [in dealing]with the dollar,” Seif said, “were in place from the time of the primary sanctions and this trend is continuing,” but when it comes to other currencies, he added, “we face no limitations.”

In a piece published by Forbes, Dominic Dudley contends that this move is significant “in the light of the recent ‘Muslim ban‘” announced by Trump. Iran nationals were added to the order issued by the current U.S. administration, which prompted the Iranian government to vow to stop issuing visas to U.S. citizens.

As Iran Dumps Dollar, Congress Quietly Slips in Bill for ‘Use of Force Against Iran

On March 21, The Islamic Republic of Iran will cease using the U.S. dollar in all of its financial reporting. The decision to stop using the dollar as a reference has been in the works for some time but was expedited after the Trump administration decided to include Iran as one of the seven countries banned from entering the United States.

Iranian PressTV reported, “Valiollah Seif, the governor of the Central Bank of Iran, was quoted by domestic media as saying that Iran would either replace the US dollar with a new common foreign currency or use a basket of currencies in all official financial and foreign exchange reports.”

Seif reportedly stated the country of Iran needs a much more stable foreign currency, that the dollar is insignificantly found in exchange houses throughout the country, and Iran would be better-suited trading in European Union Euros, Chinese Yen, or in United Arab Emirates Dirham.

Time for some real news. I know, we're supposed to focus all our outrage on whatever the most recent tweet is, but unlike that this is actual news. Of course, you have to be one of those kooks who uses the word "petrodollar" to realize how important this really is.

There are many ways this could play out, none of them good. It could lead to a war that rapidly expands to pull in all the major players. It could be the trigger that causes the long overdue economic correction in the US. It could be both.

OMG, the sky is falling, the sky is falling. Where is boneyard bill when you really need him!

Seriously, why in the world would Iran dumping the dollar as its currency of choice lead to anything but yawns?

 

[Jason Harvestdancer]

I know, you Ron Paul types just keep hoping for Armageddon.

If you buy a smoke detector and a fire extinguisher, that means you are hoping for a fire. If you lock your door and install a burglar alarm, that means you are hoping for a burglary. You heard it here from Jimmy.

Seriously, why in the world would Iran dumping the dollar as its currency of choice lead to anything but yawns?

Very interesting question. The reason is contained in the word "petrodollar", which according to people you disagree with was part of the reason for US military action against Iraq and Libya. According to people you disagree with, the use of the dollar as the currency used to buy oil is one of the supports for the value of the dollar. Without that support, what becomes of the dollar?

 

[Jimmy Higgins]

If you buy a smoke detector and a fire extinguisher, that means you are hoping for a fire. If you lock your door and install a burglar alarm, that means you are hoping for a burglary. You heard it here from Jimmy.

Whatever Chicken Little.

You are worrying about a war the US can't fight without a draft.

 

[laughing dog]

If you buy a smoke detector and a fire extinguisher, that means you are hoping for a fire. If you lock your door and install a burglar alarm, that means you are hoping for a burglary. You heard it here from Jimmy.

Seriously, why in the world would Iran dumping the dollar as its currency of choice lead to anything but yawns?

Very interesting question. The reason is contained in the word "petrodollar", which according to people you disagree with was part of the reason for US military action against Iraq and Libya. According to people you disagree with, the use of the dollar as the currency used to buy oil is one of the supports for the value of the dollar. Without that support, what becomes of the dollar?

Iran is a small portion of that market, so any effect on the dollar would be small. Moreover, if this causes the dollar to depreciate in value, that should help boost exports and American jobs while reducing imports. In other words, it will help the Great Satan become great again.

The idea that we took military action against Iraq and Libya to somehow protect the dollar's values is ludicrous.

 

[Horatio Parker]

My understanding is that the currency used for purchasing is just a numeraire.

What matters is the currency you save in. I'd guess that if all the petrostates refused dollars it could affect the dollars reserve status. But Iran alone?

 

[Jimmy Higgins]

My understanding is that the currency used for purchasing is just a numeraire.

What matters is the currency you save in. I'd guess that if all the petrostates refused dollars it could affect the dollars reserve status. But Iran alone?

Paulista have been jerking off to the idea of a Dollar crash for decades.

 

[LordKiran]

If you buy a smoke detector and a fire extinguisher, that means you are hoping for a fire. If you lock your door and install a burglar alarm, that means you are hoping for a burglary. You heard it here from Jimmy.



Very interesting question. The reason is contained in the word "petrodollar", which according to people you disagree with was part of the reason for US military action against Iraq and Libya. According to people you disagree with, the use of the dollar as the currency used to buy oil is one of the supports for the value of the dollar. Without that support, what becomes of the dollar?

Iran is a small portion of that market, so any effect on the dollar would be small. Moreover, if this causes the dollar to depreciate in value, that should help boost exports and American jobs while reducing imports. In other words, it will help the Great Satan become great again.

The idea that we took military action against Iraq and Libya to somehow protect the dollar's values is ludicrous.

And yet the US invasion of Iraq lines up with Sadam's threat to abandon the USD. An interesting and tantalizing coincidence.

 

[funinspace]

I'd say whatever "new" things they are doing relative to the US dollar, it is pretty minor and mostly just hot air...much like Don the Con in this instance. And as the Chinese CIPS alternative to the western SWIFT inter-bank trading house, went on line about 1.5 years ago, I can't imagine that Iran hasn't made connections there so the US can't make power plays to interfere with Iranian transnational transactions.

From a year ago:
http://www.reuters.com/article/us-oil-iran-exclusive-idUSKCN0VE21S

ran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief.

A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.

 

[Jason Harvestdancer]

The idea that we took military action against Iraq and Libya to somehow protect the dollar's values is ludicrous.

What do you think is the reason for action against Libya? Do you actually think the action against Libya was done for humanitarian reasons? Because Hillary is just so nice a person? Because Gaddafi gave her a mean look? Because he had uncovered the secret of her emails and had to be eliminated?

 

[J842P]

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

There are many ways this could play out, none of them good. It could lead to a war that rapidly expands to pull in all the major players.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

Right. Because the US would never go to war unprepared with a false sense of the impending scope of the ensuing occupation, after having just made the same mistake. That could never happen.

 

[Horatio Parker]

My understanding is that the currency used for purchasing is just a numeraire.

What matters is the currency you save in. I'd guess that if all the petrostates refused dollars it could affect the dollars reserve status. But Iran alone?

Paulista have been jerking off to the idea of a Dollar crash for decades.

Obscure quote...

“Nevertheless, something will come of all this,” I said.
“Nothing,” he said. “A brief pulsation in the black hole of eternity. My advice to you—”
“Wait and see,” I said.
He shook his head. “My advice to you, my violent friend, is to seek out gold and sit on it.”

 

[Derec]

I guess that's how they are repaying Obama administration lifting of sanctions.

 

[Jimmy Higgins]

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

Right. Because the US would never go to war unprepared with a false sense of the impending scope of the ensuing occupation, after having just made the same mistake. That could never happen.

This isn't the best comparison.

1) The US had to mobilize for Iraq, which they did. While the US went into Iraq too lean, there was still over 100,000+ mobilized. The US simply does not have the ability to mobilize for Iran in the same manner. There are no allies we can use to skip over to Iran, unless Trump just tells Iraq to FO.
2) The US worked behind the scenes with the Iraqi military, who pretty much dropped their weapons and didn't resist. Iran will not drop their weapons to the Americans. In other words, unlike the Iraq War, this would actually be a war! I don't think there is anyone in the military brass that would say Iran will be like Iraq, for the invasion. There is no rosy, "welcomed as liberators" scenario here, even for the most optimistic in the military.

 

[migrant]

I'm sure the other protagonists will wait for the USA to get its war machine prepared - and it's not as if America has any other enemies, is it?

 

[funinspace]

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

Right. Because the US would never go to war unprepared with a false sense of the impending scope of the ensuing occupation, after having just made the same mistake. That could never happen.

This isn't the best comparison.

1) The US had to mobilize for Iraq, which they did. While the US went into Iraq too lean, there was still over 100,000+ mobilized. The US simply does not have the ability to mobilize for Iran in the same manner. There are no allies we can use to skip over to Iran, unless Trump just tells Iraq to FO.
2) The US worked behind the scenes with the Iraqi military, who pretty much dropped their weapons and didn't resist. Iran will not drop their weapons to the Americans. In other words, unlike the Iraq War, this would actually be a war! I don't think there is anyone in the military brass that would say Iran will be like Iraq, for the invasion. There is no rosy, "welcomed as liberators" scenario here, even for the most optimistic in the military.

Yeah, I agree that invade and occupy is pretty much DOA even to the likes of SecDef Mattis.

However, that does not rule out 'war with Iran' still. Bombing the shit out of a country is war, whether or not the US goes Orwellian. And though I still doubt this would come to pass, I really can't rule it out with FFvC in office. And if the US went in to bomb the Iranian nuclear facilities, I have a hard time thinking that they would stop there. If (and it still is a yuge IF), we started bombing, the US would first strike at defensive systems, and offensive missile systems, before going for the nuclear facilities. The US might even be vengeful enough to destroy lots Iranian industrial capacity. I would expect that they would try a few pot shots at the Iranian leadership as well. And there could be a few limited incursions as they felt the need.

The scary part is if Iran decides this is all out war, they could launch their thousands of short and medium range missiles at Kuwaiti and SA oil fields, and I don't think that the US weapon systems could stop enough of the missiles to prevent serious carnage. Iran could also decide it would be worth it to start heavily aiding the Afghan Taliban. If I were Iran I would already have sleeper agents in SA, that could be activated to try to blow up SA oil pipelines as well. They could also decide to give up trying to influence Iraq, and just go for total chaos there as well. Could be fun having the ME on fire from Syria straight across to Afghanistan...in a lunatic sort of way.

 

[laughing dog]

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

Right. Because the US would never go to war unprepared with a false sense of the impending scope of the ensuing occupation, after having just made the same mistake. That could never happen.

Are you seriously defending the notion that Iran dropping the dollar as an official numeraire will cause the US to go to war with Iran?

 

[Jimmy Higgins]

I love it! People are complaining about how Trump is really going about foreign policy wrong and our smug Libertarian of the Year Award candidate wants to make it sound like the only complaint was about Trump knocking the ratings of his program with Arnold in charge... during the prayer breakfast.

Can't lead to war. From a simple logistics POV, we need time to mobilize. That'll take months, and will be extremely obvious. However, to make matters worse, the US does not have the military required to occupy Iran. And unlike the Iraq walkover, Iran will fight back. I'd say a military bombing of a nuclear facility would be much more likely than a war. Of course, consequences of even that wouldn't be pleasant.

It could be the trigger that causes the long overdue economic correction in the US. It could be both.

I know, you Ron Paul types just keep hoping for Armageddon.

Right. Because the US would never go to war unprepared with a false sense of the impending scope of the ensuing occupation, after having just made the same mistake. That could never happen.

Are you seriously defending the notion that Iran dropping the dollar as an official numeraire will cause the US to go to war with Iran?

I think he meant that poor long-term judgement wasn't exactly in mind with Iraq, so that would be a primer for stupidity justifying an invasion of Iran.