http://english.aljazeera.net/NR/exeres/0D71066E-B8DE-4360-9F5C-816B8EA604D8.htm
"Mahmoud Ahmadinejad, the Iranian president, has called on Opec members to stop pricing oil in "worthless" US dollars.
...
Opec's summit in Riyadh ended on Sunday with leaders divided over whether to dump the dollar as a currency to price and sell oil.
Both Iran and Venezuela have proposed trading oil in a basket of currencies to replace the falling dollar, but a final statement from Opec after the meeting did not include any reference to the weakening dollar."
If they do decide to ditch US Dollars, just what are these "basket of currencies" that they might use instead? Euros and the British Pound are obvious choice. More importantly, given that most trade, oil or otherwise is exchanged with US Dollars, what does this mean for the currency and the rest of us? Barrel prices might be jumping up, but are the repercussions being felt in the other trade markets as much as fossil fuels are?
It would mean devaluation of the US dollar down to its gold value. Oh wait, the US dollar is not backed by gold. It's monkey money.
So is another Depression around the corner?
ON ANOTHER NOTE, A SHIT LOAD OF 6 MONTH WORTH SUPPLY OF OIL TO BIG JAPAN IN, LISTEN TO THIS, IN YEN!!!!!
As I recall, Iran started focusing on trading in currencies other than the American dollar a few years ago.
And, verily, Iraq switched to the Euro in 2000.
As of 2003, Iraq trades in American dollars. Again.
http://afp.google.com/article/ALeqM5gEr5ujz76Sdho_gW2bk5K0eM9G7Q
http://www.rferl.org/features/2000/11/01112000160846.asp
>As of 2003, Iraq trades in American dollars. Again.
Yeah, that was the first thing the invading US army did.
I suspect that if Iran switched fully to the Euro the US would invade them the next day. And put back the trade to dollars.