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Butthead

First Iran, Now Venezuela May Price Oil In Euros

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Just another step is a series of wars stretching back a few thousand years. Nothing new here.

Bottom line for us is to ask whether the world will be a better or worse place with the Iranian nuke threat neutralised.

Remember, peace in our time.........................

President Mahmoud Ahmadinejad had already responded to the prospect of UN action by warning that Britain was “doomed to disappear” along with Israel and America.
Ahmadinejad, who has previously threatened to wipe Israel off the map, claimed the three countries would “vanish like the pharaohs” of Egypt.

Bottom line is that the M.E. oil producing nations are getting sick of being pushed around ..... Iran getting nukes would make the threat of war in that region LESS likely ..... apart from the US, nobody has ever used nuclear weapons and nobody ever will !!

The consequences of Iran making a first strike nuclear attack, are its complete destruction ...... Peace in our time would be possible if every nation had a nuclear arsenal, not if only a select handful do ........

Oh and AmaDinnerJacket will probably be remembered for being the most mis-quoted leader of the 21st century .....

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The consequences of Iran making a first strike nuclear attack, are its complete destruction

Considering recent events, it is far more likely that the United States would be the one making a nuclear first strike. In April of this year, 13 prominent scientists, including 5 Nobel prize-winners, sent a letter to President Bush calling him to remove the nuclear option off the table in any future conflict with Iran. President Bush has not done so. An excerpt from the letter:

“It is gravely irresponsible for the U.S. as the greatest superpower to consider courses of action that could eventually lead to the widespread destruction of life on the planet. We urge the administration to announce publicly that it is taking the nuclear option off the table in the case of all non-nuclear adversaries, present or future, and we urge the American people to make their voices heard on this matter.”

Link: http://www.physorg.com/news64505715.html

Best,

L

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Considering recent events, it is far more likely that the United States would be the one making a nuclear first strike. In April of this year, 13 prominent scientists, including 5 Nobel prize-winners, sent a letter to President Bush calling him to remove the nuclear option off the table in any future conflict with Iran. President Bush has not done so. An excerpt from the letter:

“It is gravely irresponsible for the U.S. as the greatest superpower to consider courses of action that could eventually lead to the widespread destruction of life on the planet. We urge the administration to announce publicly that it is taking the nuclear option off the table in the case of all non-nuclear adversaries, present or future, and we urge the American people to make their voices heard on this matter.”

Link: http://www.physorg.com/news64505715.html

Best,

L

....hmmm.Depends what the objective is.

If it's to propel inflation higher then I could see the likes of israel/us/uk prolonging the conflict by NOT using nukes,EVEN if iran used them first......this would send the oil price mental,involve other folks like syria and their benefactors and give the US A CHANCE TO INFLATE AWAY IT'S DEFECIT.

....I'm sure the objective is to suck in some more regional players like syria first,before resorting to roasting everything in the area.....it would also be good PR as the MAD situation would not ensue,for a while.

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....hmmm.Depends what the objective is.

If it's to propel inflation higher then I could see the likes of israel/us/uk prolonging the conflict by NOT using nukes,EVEN if iran used them first.....

no offence but thats the stoopidest thing ive ever read ,

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Considering recent events, it is far more likely that the United States would be the one making a nuclear first strike. In April of this year, 13 prominent scientists, including 5 Nobel prize-winners, sent a letter to President Bush calling him to remove the nuclear option off the table in any future conflict with Iran. President Bush has not done so. An excerpt from the letter:

“It is gravely irresponsible for the U.S. as the greatest superpower to consider courses of action that could eventually lead to the widespread destruction of life on the planet. We urge the administration to announce publicly that it is taking the nuclear option off the table in the case of all non-nuclear adversaries, present or future, and we urge the American people to make their voices heard on this matter.”

Link: http://www.physorg.com/news64505715.html

Best,

L

My point exactly ..... Iran is not developing nukes to use against anyone (including Israel) ...... it needs them as a form of defence ......

I'm reading more and more "reports" of Iran supposedly being behind most of the insurgency in Iraq ..... seems they have learnt from their past mistake and are building up a nice big catalogue of excuses for war this time .....

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My point exactly ..... Iran is not developing nukes to use against anyone (including Israel)...... it needs them as a form of defence ......

Sorry to be pedantic here but, it has not been proven that Iran is developing nukes. They claim their nuclear programme is for peaceful energy generation purposes under the third pillar of the Nuclear Non-Proliferation Treaty of which they are a signatory. This is their right by international law. Who are we to say that they are lieing? First, your assertion must be proven by an independent third party. This is just the simple principle of you are innocent until proven guilty

Best,

L

Edited by Luminist

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If Iran and Venezuela want Euro for oil then they can swap US $ they receive for Euro at any time they please. They do not have to price their oil in Euro. Indeed they may well prefer to price their oil in elephants but it makes no difference to the US $ or to the value of oil in terms of other commodities (including gold and currencies of all kinds).

But it's predictablity that matters, particularly when forward pricing - the very reason for using the $US in the first place was to have a stable basis for doing business. It's (one of the reasons) why hyper-inflation is so damaging to an economy - if you don't know what the sale proceeds are going to be worth by the time you receive them (whether it's in elephants or dollars), it makes price setting almost impossible.

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Sorry to be pedantic here but, it has not been proven that Iran is developing nukes. They claim their nuclear programme is for peaceful energy generation purposes under the third pillar of the Nuclear Non-Proliferation Treaty of which they are a signatory. This is their right by international law. Who are we to say that they are lieing? First, your assertion must be proven by an independent third party. This is just the simple principle of you are innocent until proven guilty

Best,

L

Absolutely true, no proof that Iran is developing weapons as part of their research ...... however, do you really believe that it isn't one (if not their main) goal ??

Does a country with one of the biggest reserves of natural energy, really need to develop a nuclear source ...... ??

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Absolutely true, no proof that Iran is developing weapons as part of their research ...... however, do you really believe that it isn't one (if not their main) goal ??

Does a country with one of the biggest reserves of natural energy, really need to develop a nuclear source ...... ??

There could be many reasons why Iran is pursuing alternative energy sources to fossil fuels. A good reason is maybe because some people think that it will soon run out of fossil fuels in about ten years:

Report says Iran’s oil exports could decline to zero in less than a decade

Or maybe, dash the thought, that Iran's environmental policy is protectionist. Either way, we in the West cannot point our righteous finger at them and accuse them of things which we have absolutely no evidence of as yet

Best,

L

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Agreed ..... however, if you think Iran has no intentions of becoming a nuclear power than you are being naive and very optimistic !!

Iran and in fact all the M.E. nations are desperate to get hold of the "ultimate" deterrent ..... the situation with Iraq and the US/Israel breathing down their neck is only making them bring forward their time scale .....

As far as Iran running out of Oil in 10 years ..... if that does happen then it means all the other nations with similar reserves have also run out ...... which means we'd have far more pressing issues to worry about !!

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As far as Iran running out of Oil in 10 years ..... if that does happen then it means all the other nations with similar reserves have also run out ...... which means we'd have far more pressing issues to worry about !!

Ain't that the truth!

Best,

L

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There could be many reasons why Iran is pursuing alternative energy sources to fossil fuels. A good reason is maybe because some people think that it will soon run out of fossil fuels in about ten years:

If that is the case then the impact of Iran switching to Euro pricing of its oil sales is minimal on the US$. Neither do I see how switching to Euro pricing by Venezuela can have any impact. Unless the USA gets hyperinflation and suddenly moves to a fixed exchange rate or capital controls the I see no forseeable demise of the US$.

By the way - what has this got to do with house prices?

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There could be many reasons why Iran is pursuing alternative energy sources to fossil fuels. A good reason is maybe because some people think that it will soon run out of fossil fuels in about ten years:

Report says Iran’s oil exports could decline to zero in less than a decade

Or maybe, dash the thought, that Iran's environmental policy is protectionist. Either way, we in the West cannot point our righteous finger at them and accuse them of things which we have absolutely no evidence of as yet

Best,

L

WASHINGTON - Iran is suffering a staggering decline in revenue from its oil exports, and if the trend continues income could virtually disappear by 2015, according to an analysis released Monday by the National Academy of Sciences.
Iran’s economic woes could make the country unstable and vulnerable, with its oil industry crippled, Roger Stern, an economic geographer at Johns Hopkins University, said in the report and in an interview.
Iran earns about $50 billion a year in oil exports. The decline is estimated at 10 to 12 percent annually. In less than five years exports could be halved and then disappear by 2015, Stern predicted.

I wonder how much oil the ME in general has left? Perhaps the US/Canada are holding back on the massive Alaskan NW Territories reserves until the Arabs run dry? Recent discovery of the largest oil field ever discovered in the US (Gulf Of Mexico) seems to suggest the US has far more oil that is popularly believed? $$$ anyone?

Without oil and no infrastructure or means to compete in a global economy Iran's moment in the spotlight might be shortlived.

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no offence but thats the stoopidest thing ive ever read ,

WHY???

.....the baby-boomers retire BIGTIME in 10 years,and the pensions have to be paid for.....

.....if you ain't aware,the pension pot switches from stocks into annuities/bonds upon retirement.

....what better way to pay for it all than by sucking global money into US Bonds when the rate is favourable(ie yields are high...just like BTL!!)

...If this can be manipulated to happen by invading a couple of countries so be it.

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Bloomberg article yesterday, 27th December: Dollar Slides; U.A.E. Says Selling U.S. Currency, Buying Euros

The U.A.E. will switch 8 percent of its reserves from dollars into euros before September, Sultan Bin Nasser al-Suwaidi said in a Dec. 24 interview in Abu Dhabi. The U.A.E. has started "in a limited way'' to sell its dollar reserves, he said.

The Gulf state is among oil exporters including Iran, Venezuela and Indonesia that are looking to shift their currency reserves into euros or price their oil products in the 12-nation currency.

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Israel will probably execute the "hit" and their safety is guaranteed by the West in general, Germany in particular and the US specifically.

Whats new.

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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