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Friday, 09 May 2008 |
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One of my favorite, more obscure conspiracies about the justifications for the Iraq War was that Hussein was preparing to shift oil trading from the dollar to the euro. His masters in the west didn't like that none, so they bombed the country into the stone age. I know, I know, oil is so much more obvious, but its an interesting concept anyway. Nations wage war through currencies; ours is no exception. But signs abound that we're reaching the end of the dollar's dominance worldwide. Case in point:
On Wednesday, Iran decided to make all transactions with euros in Europe, and
the Japanese yen within Asia. This was largely triggered by the tensions between
Iran and Washington for the past few years and lately, due to the weakening
of the dollar. Despite its weakened position against almost every currency last
year, the dollar has continued to dominate as currency of trade. Traders continue
to use the greenback as it was a convenient currency. While exporters stood
to gain by billing in dollars, buyers did not always agree. Also, there were
logistics problems in carrying out trade in multiple currencies.
Read the rest.
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