Iran Oil Bourse Not End Of Dollar

I read about this months ago and busted a nut trying to find it again. But you are lucky because I succeeded...finally.

Of all the things that could wreck the US dollar - and there are many - the projected Tehran oil bourse, which is tentatively scheduled to open on March 20 to trade Iran's crude and other petroleum products in euros rather than US dollars, is probably not among them.

The much greater threat to the US currency is the US current account deficit, which ballooned to 7% of gross domestic productin [sic] the fourth quarter of 2005. The announcement drove the euro up to 1.202 against the US dollar as skittish traders renewed their concerns about the world's fiat currency.

Obviously I hope this analyst is more correct than the Bulgarian university professor Krassimir Petrov who calls this "The ultimate nuclear weapon that can swiftly destroy the financial system underpinning the American empire". Oh my!

Almost everyone has bought into Petrov's theory, but what if he is wrong? If Bush buys Petrov's arguments, he will invade Iran to protect the dollar.

Please read John Berthelsen's article. He has compelling arguments and even has a couple neato tables for those of you who like visuals.