Ok here we go folks....U.S. dollars no longer accepted for Iranian oil

DriftingByTheStorm

jeffbr wrote:

I think breitbart is an aggregator of new stories, not an original source. The source was listed as UPI (United Press International), on of the big boys. Their website lists the same article: http://www.upi.com/NewsTrack/Business/2007/12/08/us_dollars_not_accepted_for_iranian_oil/8683/

The source, per the article, is "RIA Novosti"

Notice in the second line "RIA Novisti reports"

TrixieCat

RolandTD20Kdrummer wrote:

Well, it's kind of a serious topic.

In other news a fluffy kitty just got adopted, and chocolate bars are yummy. Is that better? hehe

Well since I actually live here, I am aware of it. And I am aware it is a serious topic.
Yes, that is better, thank you. Do you have a photo of said fluffy kitty?
It was just a joke...sunday morning...relaxing...waking up from a deep sleep after a long day...and here comes the angel of death.
That is all.

jeffbr

DriftingByTheStorm wrote:

The source, per the article, is "RIA Novosti"

Notice in the second line "RIA Novisti reports"

Sorry, yes. The source for the information in the article is RIA Novosti. The Source of the authorship of the article is UPI who is also a wire service which broadcasts stories, along with AP, Reuters and others, to major new outlets. I was pointing out where this story originated.

RolandTD20Kdrummer

yosi wrote:

How reliable is this source? I've never heard or it, and I can't find anything else about this on the web.

Here's an American Free Press (AFP) article. The China Daily also has it on their front page.

http://afp.google.com/article/ALeqM5jGC7KSKjsKYUTGAF1oR04-yOpBgg
http://www.chinadaily.com.cn/

DriftingByTheStorm

jeffbr wrote:

Sorry, yes. The source for the information in the article is RIA Novosti. The Source of the authorship of the article is UPI who is also a wire service which broadcasts stories, along with AP, Reuters and others, to major new outlets. I was pointing out where this story originated.

Your a good man, jeff.

gimmesometruth27

DriftingByTheStorm wrote:

We will have to go on the market and exchange large volumes of dollars for euros.

Sounds easy enough, but the volume of dollars needing exchange to purchase said oil is so great that it will instantly drive the price of the dollar down and the euro up.

Looks like the EUR\USD spot price has broken its up-trend reversal (it had been going up, but recently was going down) and over the weekend has moved from 1.460 to 1.465

That is a 5\100ths increase in the price of the Euro vs. the dollar.

If you were in on that, you made some good money.
It sounds small, but in the forex world that is a big move.

I expect that will continue to go up significantly, especialy if\when dollars are actualy exchanged for euros to buy oil.

The fact that they aren't accepting the dollar, itself is a bad fact for the USD.

The fact that the USD will have to be exchanged in high volume, fundamentaly changing market flow, is even worse!

good info, thanks for clearing that up for me. economics has never been my area of expertise

gimmesometruth27

DriftingByTheStorm wrote:

We will have to go on the market and exchange large volumes of dollars for euros.

Sounds easy enough, but the volume of dollars needing exchange to purchase said oil is so great that it will instantly drive the price of the dollar down and the euro up.

Looks like the EUR\USD spot price has broken its up-trend reversal (it had been going up, but recently was going down) and over the weekend has moved from 1.460 to 1.465

That is a 5\100ths increase in the price of the Euro vs. the dollar.

If you were in on that, you made some good money.
It sounds small, but in the forex world that is a big move.

I expect that will continue to go up significantly, especialy if\when dollars are actualy exchanged for euros to buy oil.

The fact that they aren't accepting the dollar, itself is a bad fact for the USD.

The fact that the USD will have to be exchanged in high volume, fundamentaly changing market flow, is even worse!

good info, thanks for clearing that up for me. economics has never been my area of expertise

slightofjeff

I thought UPI went belly up a long time ago. I'll be damned.

DriftingByTheStorm

FORBES is running this story, which gives me more reason to believe it.

Why is Forbes covering it and why is the rest of the media in a very real BLACKOUT? (China and the Islamic World are covering it, but NO american source besides Forbes)

a. Steve Forbes was recently on television supporting Ron Paul's pro-gold-standard position. Clearly he understands "real" value, and would understand that oil is the new gold standard, and therefore his organization find significant importance in the story.

b. The Mainstream Media (MSM) MUST REMAIN SILENT for fear of SCARING WALLSTREET. If this story IS true, it is horrible for the dollar. If wallstreet finds out en masse, watch the fuck out!

:yikes:

spiral out

Drifting you really think wallstreet doesn't know? They must keep there eye on the ball, surely.

It's just the general public that they don't want to find out, there been nothing in the news here either.

Doesn't anyone think this is a good reason for america to go into Iran guns blazing?

DriftingByTheStorm

spiral out wrote:

Drifting you really think wallstreet doesn't know? They must keep there eye on the ball, surely.

Uh.
Best i can make, Forbes is the ONLY financial news source reporting it.

The people who know must have REALLY good news sources, because it isn't popping up on your usual news services.

How do you know if no one is telling you?

I'm sure the super elite institutions have a clue,
but as far as your average wall street trader, or MOST people moving money out there?
Yeah, i honestly think it is way below the radar.

mammasan

Anyone could have seen this coming a mile away. Saddam attempted to do the same back in 2002 and look at what it got him, a fucking noose around his neck. One of the main reasons for our invasion of Iraq was to secure the US dollar as the world's petro currency. Unfortunetly we have an administration headed by a complete cluster fuck of a president and he overplayed his hand and now we are suffering the consequences of his stupidity. Iran will not be the last country to do this. You can bet your ass that Venezuela will soon follow. The Arab sheikdoms will hold out for sometime but as the dollar keeps plummetting they will soon be forced with the decision of switching to the Euro.

Honestly we have no one to blame but ourselves. We believed ourselves infalable and that we where the greatest country in the world. Well in order to stay on top you have to work hard at it and we became complacent and just expected the stay ontop without have to put in the effort. We lag behind in education, standard of living and healthcare compared to other industrialized nations. I mean for god's sake Brazil was able to come up with a sugar based ethenol while we still jonze for petroluem. Not to insult Brazil but I would think that the US is a bit more technologically advanced. We have grown fat and lazy as a country and the rest of the world has caught up and is on the verge of passing us. Leaving us dreaming of the days when we where the top dog and wondering what went wrong.

NoK

mammasan wrote:

Anyone could have seen this coming a mile away. Saddam attempted to do the same back in 2002 and look at what it got him, a fucking noose around his neck. One of the main reasons for our invasion of Iraq was to secure the US dollar as the world's petro currency. Unfortunetly we have an administration headed by a complete cluster fuck of a president and he overplayed his hand and now we are suffering the consequences of his stupidity. Iran will not be the last country to do this. You can bet your ass that Venezuela will soon follow. The Arab sheikdoms will hold out for sometime but as the dollar keeps plummetting they will soon be forced with the decision of switching to the Euro.

Honestly we have no one to blame but ourselves. We believed ourselves infalable and that we where the greatest country in the world. Well in order to stay on top you have to work hard at it and we became complacent and just expected the stay ontop without have to put in the effort. We lag behind in education, standard of living and healthcare compared to other industrialized nations. I mean for god's sake Brazil was able to come up with a sugar based ethenol while we still jonze for petroluem. Not to insult Brazil but I would think that the US is a bit more technologically advanced. We have grown fat and lazy as a country and the rest of the world has caught up and is on the verge of passing us. Leaving us dreaming of the days when we where the top dog and wondering what went wrong.

I just read that Bush has nominated some new guy to improve America's image abroad. Current person is charge is stepping down.

http://www.naharnet.com/domino/tn/NewsDesk.nsf/getstory?openform&623A5DA7B9B56543C22573AE006C6B26

James K. Glassman

http://en.wikipedia.org/wiki/James_K._Glassman

Glassman is known for his market analyses and commentary on economics and equities investing. He is a long-term optimist and is quick to point out positive developments, which is clearly typified in his book Dow 36,000.

Don't know what it means but sounds better than what you have right now. Maybe I'm wrong though. After all it is Bush thats nominating him.

DriftingByTheStorm

NoK wrote:

I just read that Bush has nominated some new guy to improve America's image abroad. Current person is charge is stepping down.

http://www.naharnet.com/domino/tn/NewsDesk.nsf/getstory?openform&623A5DA7B9B56543C22573AE006C6B26

James K. Glassman

http://en.wikipedia.org/wiki/James_K._Glassman

Glassman is known for his market analyses and commentary on economics and equities investing. He is a long-term optimist and is quick to point out positive developments, which is clearly typified in his book Dow 36,000.

Don't know what it means but sounds better than what you have right now. Maybe I'm wrong though. After all it is Bush thats nominating him.

IF the guy thinks the Dow is going to increase 150% in our lifetime, the guy is a fucking idiot.

Growth is not INFINITE.
Humans are squeezing out about as much juice from the planet as there is to go round.

FYI, the ALL TIME RECORD HIGH for the Dow was 14,164.53 this October 9th.

Remember, the DOW is an INDUSTRIAL average.

You think there are enough resources in this world to support a nearly TRIPLE in that average?
And can the globe support the population growth implied by that level of consumption !?!?!

Based on that book title alone, I gotta call the guy a fool.

NoK

DriftingByTheStorm wrote:

IF the guy thinks the Dow is going to increase 150% in our lifetime, the guy is a fucking idiot.

Growth is not INFINITE.
Humans are squeezing out about as much juice from the planet as there is to go round.

FYI, the ALL TIME RECORD HIGH for the Dow was 14,164.53 this October 9th.

Remember, the DOW is an INDUSTRIAL average.

You think there are enough resources in this world to support a nearly TRIPLE in that average?
And can the globe support the population growth implied by that level of consumption !?!?!

Based on that book title alone, I gotta call the guy a fool.

Well then, I'd say you guys are fucked!

I'm not very knowledgeable when it comes to economics. Thanks for clarifying it.

LikeAnOcean

Thank god for the currency exchange!

spiral out

Is this a good enough source?

http://uk.news.yahoo.com/afp/20071208/twl-iran-forex-dollar-oil-3cd7efd_2.html

DriftingByTheStorm

spiral out wrote:

Is this a good enough source?

http://uk.news.yahoo.com/afp/20071208/twl-iran-forex-dollar-oil-3cd7efd_2.html

The problem is wallstreet is not going to stumble upon Yahoo UK\Ireland sources with this story.

In fact, they are not going to stumble upon ANY source of this story. No one on wallstreet is googling "iran drops dollar", because they DON'T KNOW that Iran is dropping the dollar.

If it isn't in any of their papers; its not on any of their news channels, and its not on the front page of any of their financial websites, they aren't going to know about it.

And so far, the MSM in total is COMPLETELY burying this story!

RolandTD20Kdrummer

You can't hide a news story like this forever, and when it does come around, people are first going to wonder what it's all about, then when they do find out, questions will be asked, and the inevitable Iraq parallels will be made...then it's going to be like well...why the heck didn't this come out in the news when it actually happened?!?

I believe this is what Cheney really meant when he made reference to the term "quagmire".

jeffbr

It is not just naive, but fucking crazy to believe that Wall Street doesn't know this. Every brokerage house has massive research departments that scour everthing from news wires, to PR releases, to scientific journals, etc... for their various sectors. It is fantasy to think you've somehow scooped Wall Street.

If this news had simply been the subject of the thread, that would have been great. It was informative and important. But to take it to the next step saying NOBODY KNOWS ABOUT IT, OMG OMG OMG, WE'RE FUCKING DOOMED, WAIT TIL WALL STREET FINDS OUT makes some of us do this: :rolleyes: