Washington has lit the match on a time bomb called the Iranian economic sanctions. DC and its grudging allies are attempting to shut out the Iranian central bank and keep Iran from selling oil. But Iran has powerful friends…the BRIC nations (Brazil, Russia, India & China). The unintended consequences of the sanctions are that the world is aggressively working to supplant the Dollar as the world reserve currency. Iran just made a deal with India to sell them oil and accept payment in gold. Iran will do this with other nations through the Kish Island Oil Bourse that opened in February, 2008. The American-led economic warfare, poorly disguised as diplomatic alarm about Iranian nuclear capabilities, is not about splitting the atom or building a bomb. Washington knows that if the oil-producing nations forsake the Dollar to settle all oil transactions, the Dollar is over. Washington has overplayed its hand in this high-stakes poker game. Iran holds the trump card: it sits on an ocean of crude oil that the Europe cannot live without. Washington’s global influence is in steep decline as the world is tired of DC’s bullying tactics. The BRIC nations are rapidly ascending.
Some recent history is in order. Saddam Hussein planned to stop selling Iraqi oil in dollars and switch to the Euro. Muamar Gaddafi of Libya planned to create a new gold-backed African dinar and settle oil payments in the new gold-backed money.
What happened to both of them and their countries? They were attacked by Washington. Both leaders are dead.
Pepe Escobar of The Asian Times has written a very important article that you must read. The Iranian parliament is meeting TODAY, SUNDAY January 29th, to discuss Iran’s response to Washington and Europe.
If Iran stops selling oil to Europe…even for a week or two…oil prices will skyrocket worldwide. European nations already teetering on the brink of default could quickly collapse. The Euro could collapse and the Dollar also.
If you have any brains between your ears, you’ll turn your paper investments into cash and get your cash out of the financial institutions RIGHT NOW. Buy a safe and keep your money at home.
The Iranian Oil Embargo Blowback
By Pepe Escobar