Iran Asks Japan to Remove Dollar Peg Link, Pay Yen For Oil
Iran Asks Japan to Remove Dollar Peg Link, Pay Yen For Oil
Iran has asked Japanese oil refiners to drop their peg to the US Dollar and to switch to their own currency, the yen to pay for all crude oil purchases, after Iran’s central bank stated that it is reducing holdings of the U.S. dollar.
Iran wants yen based transactions “for any/all of your forthcoming Iranian crude oil liftings… effective immediately” according to a letter sent to Japanese refiners that was signed by Ali A.
The value of the yen has been driven up upon speculation for an increased demand for the Japanese currency, the result of Japan’s annual 1.24 trillion yen ($10.1 billion) of oil imports from Iran.
Central bankers in Venezuela, Indonesia and the United Arab Emirates are cutting back on their reserves in dollar assets because of the weakening currency.
This is of course, terrible news for the United States. But don’t ask the American mainstream media about this, as they’ve become obsessed with ranting about “record highs” on Wall Street while ignoring the coming and imminent demise of the US Dollar.
http://www.bloomberg.com/apps/news?pid=20670001&refer=worldwide&sid=aLaColVYu5LA
As usual, the little guy is going to end up paying “the bill”. We’re watching a run up of the market here in the US which will result in a major, and possibally final sell off by “big money”, leaving the little guy, once again, footing the bill and taking it hard on the chin.
This should effectively suck the last of investment capitol from the accounts of “joe agerage”.
Everyone should be sufficently indebted by that point, leaving the US in perfect conditiion for a collapse and eventually, currency switch.
Just the way I see it…