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OpEdNews Op Eds    H2'ed 1/28/12

The Iranian oil embargo blowback

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Only last week, Saudi Arabia and China rolled out a project for a giant oil refinery in the Red Sea. And India more or less secretly is deciding to pay for Iranian oil in gold -- even bypassing the current middleman, a Turkish bank.

Asia wants a new international system -- and it's working for it. Inevitable long-term consequences; the US dollar -- and, crucially, the petrodollar -- slowly drifting into irrelevance. "Too Big to Fail" may turn out to be not a categorical imperative, but an epitaph.

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Pepe Escobar is an independent geopolitical analyst. He writes for RT, Sputnik and TomDispatch, and is a frequent contributor to websites and radio and TV shows ranging from the US to East Asia. He is the former roving correspondent for Asia (more...)
 

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