11.10.9 The End Is Near AND The Arrogance Of Fools
Iran to completely drop dollar from foreign exchange
Iran's Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country's foreign revenues and reserves.
Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic, Mehr News quoted the organization as saying on Friday.
Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added.
Iran suggests other currencies such as the euro and the United Arab Emirates' dirham to replace the US dollar for oil revenues.
The constant declining value of the dollar and persisting economic crisis in the US has forced many countries to drop the currency in favor of a more stable and valuable one.
Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves.
Oct. 17 (Bloomberg) -- The dollar dropped the most against the euro in more than a month and reached a 14-month low on speculation the Federal Reserve will trail other central banks in boosting interest rates.
AT THIS POINT, IT IS NOT JUST IRAQ OR IRAN.....EVERYONE IS JUMPING ON THE TRAIN
It is amazing how little press the foreign nations moving away from the dollar is getting in American mainstream news. Few in America really understand the consequences. If you are not the reserve currency, you MUST export to get money....and America has very little exports relative to our current economy.
Most of our CURRENT economy is simply Government printing and spending money.
What is $1.42 trillion? It's more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada's, and more than $4,700 for every man, woman and child in the United States.
If such behavior was permissible....every nation would be printing trillions to create a domestic economic boom. BUT IT IS NOT...as it destroys the integrity of currency and the value as well.
LOOK WHAT IS HAPPENING TO STATE AND LOCAL GOVERNMENTS BECAUSE THEY CAN'T SIMPLY PRINT......
As Americans we have very little knowledge or appreciation for the behavior as it has never been an issue in our history....but talk to a Greek, or Argentinian, or German and they can clearly explain the consequences.
HOWEVER, the consequences for losing reserve status will be MUCH greater to America...as our current economic make up generates very little foreign reserves and converting our economy will take time....
Just watch what happens if the world decides to sell dollars all at the same time......if you think a stock market crash is a BIG deal....you ain't seen nothing yet.