Iran leads attack against U.S. dollar
by Jerome R. Corsi
Global Research, April 12, 2007
While the world press has focused on Iran's plans to move ahead with
enriching uranium, Tehran continues to wage economic war against the U.S.
dollar behind the scenes.
Zhuhai Zhenrong Trading, a Chinese state-run company that buys 240,000
barrels of oil per day from
million barrels per day total output, has confirmed a shift to the euro for
its Iranian oil purchases.
About 60 percent of
according to Hojjatollah Ghanimifard, who is responsible for international
affairs for National Iranian Oil.
Even Japanese refiners who buy some 550,000 barrels of oil a day from
have indicated their willingness to buy
barrels of oil from the Yadvaran field for the next 25 years, assuring
One possibility is that
announced March 20 it will no longer accumulate foreign exchange reserves.
This is more bad news for the dollar, since approximately 70 percent of
About half of
treasuries, which are vital to financing the continuing
The recent push by
other than the dollar marks a move away from a previous announcement that
quote oil prices in the euro.
Iranian oil in currencies other than the dollar is seen by many experts as a
more direct attack on the dollar, especially if the Iranian decision backs a
worldwide move away from using the dollar as the underpinning of world
foreign exchange reserves.
dollar reserves to less than 20 percent of its total foreign reserve
oil sales in a basket of 20 different currencies.
The move by both
exchange reserve reflects a desire to diversify foreign exchange reserve
portfolios amid concerns the dollar will continue to lose value versus the
The dollar has lost 9 percent of its value against the euro in the last year
and is down 35 percent against the euro in the last five years.
WND previously reported the late Iraqi dictator Saddam Hussein virtually
signed his death warrant when he obtained the United Nations' permission to
hold his Oil for Food foreign exchange reserves in the euro