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PeakOil is You

Petro Dollar to be Dethroned

General discussions of the systemic, societal and civilisational effects of depletion.

Re: Iran bans US dollar

Unread postby Outcast_Searcher » Tue 06 Mar 2018, 12:08:35

The government of Iran imposed new restrictions on the use of the US dollar in the country.


"Given that the use of the dollar in Iran is already prohibited, traders use alternative currencies in their transactions
See more at ... _dollar-0/

Since the modern forex trading systems make trading and holding alternative currencies cheap and convenient (as I've been saying), except for a bit of drag via inefficiency for the friction of currency exchange -- it's a non-event. This would be true even IF the statement I highlighted in red weren't already the case.

It is worthy of note that the Iranian national currency, the rial, has dropped vs. the US dollar by eight percent this year. Specialists believe that most of Iran's foreign trade transactions will be carried out in euros.

Funny, how could a currency be weaker than the dollar, which according to shorty of ETP fame is "worth less than toilet paper"? So many real world inconvenient economic facts to deal with when one wants to spin a tale of doom fantasy...

So they choose the "infidel" Euro instead of the "Infidel" US dollar. Yeah, THAT ought to show those evil non-Muslim heathens what's what! :roll:
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