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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (3213)	11/21/2005 7:07:44 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24233

This is something of a weird source for me to be quoting ("The Trumpet" is published by the Philadelphia Church of God), but here is their view on the opening of the Iranian Oil Bourse, which combines reality based commentary with Christian endtimes fundamentalism - the religious equivalent of secular collapsism (via the intrepid Tim of Suburbia). Asia Times reported that only one major actor stands to lose if oil-trading in euros takes hold: the U.S. By contrast, “Oil in euros would benefit millions … in the EU and its trading partners …. And it would loosen the grip the U.S. has on opec members” (August 26). “One of the Federal Reserve’s nightmares may begin to unfold in the spring of 2006,” one expert on the subject stated, “when it appears that international buyers will have a choice of buying a barrel of oil for $60 on the nymex [New York Mercantile Exchange] and ipe [London’s International Petroleum Exchange] or purchase a barrel of oil for €45 to €50 via the Iranian bourse” (Global Politician, September 2). If oil-trading in euros were to get going, the already-existent global trend of foreign currency reserves being shifted from dollars to euros would rapidly accelerate. In turn, “countries switching to euro reserves from dollar reserves would bring down the value of the U.S. currency. Imports would start to cost Americans a lot more …. As countries and businesses converted their dollar assets into euro assets, the U.S. property and stock market bubbles would, without doubt, burst” (The Foundation for the Economics of Sustainability, Nov. 15, 2004). The snowballing effect of a reserve currency switch would be catastrophic for the U.S., according to the Global Politician. The U.S. “would simply have to stop importing” (op. cit.). Considering America’s industrial and agricultural heartland has been gutted over the last half century, this possibility could be grave. As one commentator put it, the impact of the Iran oil bourse on the U.S. dollar—and the follow-on effect on the U.S. economy—could be worse than Iran launching a “direct nuclear attack.” Should Iran’s planned euro-based oil-trading mechanism get off the ground and gain international popularity, the U.S. dollar will weaken and the euro strengthen—helping to hasten the economic decline of the U.S. and propelling the European Union into dominance. Though many economists consider the chances of Iran’s ambitions being successful as remote, we can know from Bible prophecy that the U.S. financial system will be brought down—along with the U.S. dollar as the reserve currency. peakenergy.blogspot.com