2008-02-05www.globalresearch.ca

So, how important is it that oil continue to be denominated in dollars? Would the United States wage war to defend the dollar's status as the world's “reserve currency”?

The answer to this question could come as early as this week, since the long-awaited Iranian Oil Bourse is scheduled to open between February 1-11. According to Iran's Finance Minister Davoud Danesh-Jafari, “All preparations have been made to launch the bourse; it will open during the 10-day Dawn (the ceremonies marking the victory of the 1979 Islamic Revolution in Iran) The bourse is considered a direct threat to the continued global dominance of the dollar because it will require that Iranian “oil, petrochemicals and gas” be traded in “non-dollar currencies”. (Press TV, Iran)

Iran has not been very credible in their threats to establish their own (non-dollar) oil exchange. Will they finally do it? And does the US still have the military, economic, and political capital to attack in response?


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