Monday, March 27, 2006

Impending Doom?

The Miriam Webster word of the day is:
\gher-ter-DEM-uh-roong\ noun
: a collapse (as of a society or regime) marked by catastrophic violence and disorder; broadly : downfall

I don't like to take this an an omen, but I've been reading more about the Iranian bourse. (I wonder if bourse is going to be a 2006 top ten word.) This from Global Research, Canada:

Beginning in March 2006, the Tehran government has plans to begin competing with New York's NYMEX and London's IPE with respect to international oil trades – using a euro-based international oil-trading mechanism.[7] The proposed Iranian oil bourse signifies that without some sort of US intervention, the euro is going to establish a firm foothold in the international oil trade.

And this from Arab News:

On March 20 Iran opens a new “bourse” (exchange) on which countries all over the world can buy and sell oil and gas not only for dollars but also for euros. It also establishes a new oil “marker” (oil pricing standard) based on Iranian crude and denominated in euros, in open rivalry to the existing West Texas Intermediate, Norway Brent and UAE Dubai markers, all of which are calculated in US dollars.

This reads somewhat like this Oct 30, 2000 CNN article:
UNITED NATIONS (Reuters) -- A U.N. panel on Monday approved Iraq's plan to receive oil-export payments in Europe's single currency after Baghdad decided to move the start date back a week.
SOJ wrote about this in a December 2005 Daily Kos post about the Federal Reserve's announcement that it intends to stop reporting on dollars held by foreign institutions on March 23, 2006. (If you only click on one link in this post - make it this one).

The Daily Kos post, incidentally, links to an Ithaca Times article on the top ten most censored news stories:
One bit of news that hasn't received the public vetting it merits is Iran's declared intent to open an international oil exchange market, or "bourse." Not only would the new entity compete against the New York Mercantile Exchange and London's International Petroleum Exchange (both owned by American corporations), but it would also ignite international oil trading in euros. "A shift away from U.S. dollars to euros in the oil market would cause the demand for petrodollars to drop, perhaps causing the value of the dollar to plummet," Brian Miller and Celeste Vogler of Project Censored wrote in Censored 2006.
So, is the reason we're not hearing about this in the mainstream media that it's not important? Or that it is important?

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