Share on Google Plus Share on Twitter 3 Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (4 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   1 comment

OpEdNews Op Eds

Europe at war with Iran

By (about the author)     Permalink       (Page 2 of 2 pages)
Related Topic(s): ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com

Become a Fan
  (111 fans)
- Advertisement -
The huge North and South Azadegan fields -- 26 billion barrels -- are being exploited by -- who else -- China; China National Petroleum Corporation is developing both, investing $8.4 billion over the next 10 years. As for the Yadavaran field, it is being developed by the China Petroleum & Chemical Corporation; in four years, it will be producing almost 200,000 barrels a day. And all this without even mentioning the largest gas field in the world -- South Pars, of which Iran holds a great portion, alongside Qatar.

And then there's the crucial petrodollar front. Dominique Strauss-Kahn (DSK), slightly before he was forced to resign as the International Monetary Fund's director general over a sex scandal, was insisting on the end of the US dollar as the world's reserve currency, proposing instead the IMF's special drawing rights -- the IMF's virtual currency including the US dollar, euro, pound, yen and yuan.

Well, it's already happening, via other means. Memo to an asleep-at-the-wheel Washington/Brussels axis; China and India are already bypassing US/EU sanctions on Iran.

Three BRICS members (Russia, India and China), plus Japan and Iran -- a mighty mix of the world's largest producers and consumers of energy -- are already trading, or about to trade, in their own currencies. Russia and Iran have just started trading in rials and roubles. All of these powers have bilateral agreements -- inexorably surging to multilateral; and that translates as the US dollar slowly fading as the global reserve currency, with all the seismic consequences this implies.

It's as if a stunned world was watching a ritual seppuku in slow motion committed by the Washington-dominated West.

There is also the auspicious orange in this Year of the Dragon pie -- the upcoming foreign exchange bourse trading in yuan in the City of London. Beijing wants it -- and the City badly wants it. Tehran already sells oil to Beijing in yuan. Think of Iran using the City foreign exchange to use their yuan and thus keep access to all global markets -- no matter the US/EU sanctions/embargo avalanche.
- Advertisement -


Obviously, City players are aware that a "free trade" yuan bourse in London may play to Iran's advantage; but unlike those morons in Brussels, at least City slickers are aware that business is business.
- Advertisement -

Next Page  1  |  2

 

Pepe Escobar is the roving correspondent for Asia Times. His regular column, "The Roving Eye," is widely read. He is an analyst for the online news channel Real News, the roving correspondent for Asia Times/Hong Kong, an analyst for RT and (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Why Putin is driving Washington nuts

All aboard the New Silk Road(s)

It was Putin's missile?

Where is Prince Bandar?

Why Qatar wants to invade Syria

The IMF goes to war in Ukraine

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

But on the public radio channels here in Sweden, n... by mhenriday on Tuesday, Jan 24, 2012 at 3:07:37 PM