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Page added on December 29, 2005

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Doomsday for the greenback

A preemptive attack on Iran would “provoke other industrial nations to strategically abandon the dollar en masse”… “in an effort to thwart the neoconservatives from pursuing their desperate strategy of dominating the world’s hydrocarbon energy supply.” William R. Clark “Petrodollar Warfare; Dollars, Euros and the upcoming Iranian Oil Bourse”

… In William R. Clark’s “Petrodollar Warfare; Dollars, Euros and the upcoming Iranian Oil Bourse”, Clark outlines the problems the dollar faces if Iran proceeds with its plan to use a euro-based oil trading exchange. The new Iranian bourse would compete head-on with the New York Mercantile Exchange (NYMEX) and London’s International Petroleum Exchange IPE) giving international buyers an option of “buying a barrel of oil $60 on the NYMEX or IPE or 45 to 50 euros via the Iranian bourse.” Clark calls this the Federal Reserves “biggest nightmare” as it would precipitate a face-off between the dollar and the euro and would fundamentally change the dynamics in the world’s largest market.
“In essence, the US will no longer be able to effortlessly expand credit via US Treasury Bills, and the dollars demand-liquidity will quickly fall.” This will “challenge the hegemony currently enjoyed by the financial centers in both London and New York.”

http://www.smirkingchimp.com/print.php?sid=24204



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