Friday, May 12, 2006

A Final Step Toward US Dollar Collapse & Preemptive Nuclear Strike

Jones Report: Iranian Oil Bourse Opens for Business

Over the past four days, the Western media has finally ended their blackout and acknowledged the possibility of an imminent dollar collapse, as gold reaches nearly $700 an ounce.

On Friday, May 5, the Associated Press covered the oil bourse with their article Iran wants oil market in Euros. The article warns of a rapid decline in the dollar while feebly attempting to minimize the importance of the oil bourse.

Nevertheless, the AP quotes a top Wall Street analyst who gives a far more realistic assessment: But if one day the world's largest oil producers allowed, or worse demanded, euros for their barrels, it would be the financial equivalent of a nuclear strike, said A.G. Edwards commodities analyst Bill O'Grady.

It appears the bottom may already be falling out from under the financial house of cards. The fiat currency ponzi scheme, bloated by hundreds of trillions in leveraged derivatives, hedge fund manipulations, and unregulated currency speculation, appears doomed.

Posted by cgnao @ 08:12 PM (707 views)
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4 Comments

1. Jolph said...

When someone casually throws a phrase like 'staged 2004 Presidential election' into what is supposed to be a piece of economic comentary and does so without any supporting argument (perhaps his readership simply accepts that notion as fact) then it's clear that the writer is the kind of fringe loon whose opinions don't belong on HPC.

There is a strong argument that the dollar will devalue sharply and moves to denominate oil sales in Euros rather than dolars could speed that process (if they materialise). However I'd rather read that sort of opinion from an intelligent, measured source who supports radical assertions with further evidence. This is wanton and rather paranoic ranting.

Saturday, May 13, 2006 01:58AM Report Comment
 

2. Harold said...

But this was supposed to be just a conspiracy theory

Saturday, May 13, 2006 06:58AM Report Comment
 

3. Sirgoogle said...

What is the Jones Report - is this "proper" news or just a Blog ? It looks like a rant. We cannot have Blogs commenting on Blogs ?? Or is that what people want?

Saturday, May 13, 2006 07:35AM Report Comment
 

4. Harold said...

Agreed, the Jones 'report' is definitely an ideologically motivated rant, and as a consequence it's very difficult to sort out 'fact' from fiction. I'm inclined to treat most of it as fiction, but not all. If it were all fiction, i.e., just a loony conspiracy theory, then the USAs position is, it has to be said, difficult to understand. The IAEA has said that Iran is not about to develop nuclear weapons. Okay, so Iran wants to wipe Israel off the map, but this is not a new position for Iran, or for a number of Middle Eastern theocracies. Iran is happily pumping oil onto the world market, and therefore preventing its price from rising further than it has already. So I repeat, why is the US so hostile? Is Iran a military threat? Don't make me laugh.

Unfortunately, articles like this don't help us to understand this complex situation more clearly. Shame... missed opportunity.

Saturday, May 13, 2006 02:44PM Report Comment
 

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