Thursday, September 6, 2007

Better hurry up with those bunker busters

Nippon Oil to buy Iran oil in yen

Japanese firm Nippon Oil is to start paying for Iranian oil in yen, rather than in US dollars.

Posted by thunder9912 @ 12:25 PM (735 views)
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5 thoughts on “Better hurry up with those bunker busters

  • It is so over for the USD

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  • stillthinking says:

    This was announced before, must be about a year but I can’t remember when. This is not necessarily motivated by the dollar crash, the original reasoning was the US sabre rattling at the border. However, sets a precedent. Iran is different in that they would love to see the US go down, the other countries with dollars are not Iran, and have a vested interest in the US economy.
    Still, the end of the dollar reserve starts. I wonder, but can’t decide what happens to the UK afterwards.

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  • This is a most important development. The current account dececit in the US is clearly worrying some folk. They don’t trust our American cousins anymore.

    I think the sub prime/CDO problem will also be a landmark disaster, just like 9/11. Perhaps Westerners with a diminished attention span have moved on to the next celebrity game already, but Asia certainly hasn’t.

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  • also sold to rent says:

    Cool, no need to bother holding those pesky dollars anymore. I seem to remember someone else trying this a while ago, they ended up on the end of a rope.

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  • I don’t think so. This is not the first time that two countries have trading in a mutual currency.
    As long as commodities like oil, coal, gold are quoted in dollars it will be around.
    Also the valuation of currencies also seem the based on value of dollar.

    Do a test. take two curriencies say GBP and Euro. If you want Euro for GBP.
    Convert to GBP to USD. and then USD to Euro you will be nearly to the rate of GBP to Euro .

    Hope this makes sense.

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