Then the financial world was roiled by Robert Fisk, a journalist for The Independent. According to him, Economic ministers from China, Russia, Japan and France have been secretly negotiating with OPEC "to end dollar dealings for oil." His news report sent gold prices soaring to record highs, and put more downward pressure on the dollar.
These recent events illustrate how precarious the dollar's status as the world's currency is. But this begs a question: How far will our regime go to defend this petrodollar monopoly?
The United States has suddenly taken a much more belligerent stance against Iran. The Obama administration is scrambling to get new sanctions passed, and even threatening war. Why?
Because Iranian President Mahmoud Ahmadinejad ordered his country to conduct all oil trade in euros on September 12, that's why. His executive decree also shifted the nation's $80 billion in foreign exchange reserves from dollars to euros. Our confrontation with Iran has less to do with their nuclear program than with saving the dollar.
On September 15, just three days later, the Bipartisan Policy Center issued this statement:
"If biting sanctions do not persuade the Islamic Republic to demonstrate sincerity in negotiations and give up its enrichment activities, the White House will have to begin serious consideration of the option of a U.S.-led military strike against Iranian nuclear facilities.
On September 24, President Obama chaired a meeting of the United Nations Security Council. During his opening remarks he issued the following grim warning:
"Just one nuclear weapon exploded in a city -- be it New York or Moscow, Tokyo or Beijing, London or Paris -- could kill hundreds of thousands of people, and it would badly destabilize our security, our economies and our very way of life".
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