Why are we going to attack Iran? Same reason we attacked Iraq. [View All]

Folks, we might have to change our "No blood for oil" signs to "No blood for dollars." Dollars as opposed to euros, that is.

Right now, oil is traded in dollars. That's great for us--when we run out, we just print more. But everyone else actually has to have dollars to buy oil. If they don't have enough through trade, they have to borrow...and pay interest...in dollars...creating a worldwide demand for...dollars!

When Iraq began trading oil for euros, we attacked. Iran is planning to start a euro-based oil exchange in, I believe, June.

Here's an excerpt from an article which lays the whole thing out:
http://www.informationclearinghouse.info/article9936.htm

"One of the major unstated reasons the United States invaded Iraq was to stop Saddam Hussein from trading oil for euros, which he had begun in 2000. Hussein actually made more money selling oil for euros, as the euro appreciated 17 percent against the dollar between 2000 and 2003. Other countries in the region, particulary Iran and Syria, began public musing about switching from dollars to euros around the same time.

All three countries were subject to a barrage of threats from the United States government, but only Iraq went through with the switch, and it was summarily invaded. One of the US government's first acts in Iraq was to switch oil sales back to dollars.

Now, Iran plans not just to sell oil for euros, but to create an exchange market for parties to trade oil for euros. The oil bourse will provide a euro-based price standard, the way West Texas Intermediate crude (WTI) and North Sea Brent crude do today. To the extent that the balance of reserve holdings starts to shift from dollars to euros, that's very bad news for America's system of dollar hegemony."