Sunday, 25 March 2012

Dollar Done As Global Reserve Currency? India Buying Iran’s Oil With Gold

India is helping Iran to break the petrodollar monopoly by using gold to sidestep US and EU sanctions which could mark the end of the dollar as the global reserve currency.

More nation’s are defying western backed sanctions against Iran and continuing to import Iranian goods.

Following the severance of Iran from the global banking and SWIFT wire transfer system, this entire scenario is beginning to look like a ploy to push the U.S. into using a single global currency.

[Posted at the SpookyWeather blog, March 25th, 2012.]


steven andresen said...


It is my understanding that the Mumbai attacks several years ago were made to look like a Pakistani supported terrorist attack on Indian passersby, when in fact, it was organized by CIA spooks and maybe Pakistani patsies.

I suspect that the Indians believe this also and are therefore not much in the mood to support the United states.

I would think that the Iranians could follow up on this situation by negotiating other economic deals. The BRIC countries could always use allies.


Spookypunkos said...


And recently the Indian military purposely chose to buy equipment that did not involve US technology and support.

I am thinking of the decision to buy the French Rafale multi role fighter. This choice included rejection of the US offers and, importantly, the Swedish Gripen offer because they used a US made engine.

Other aircraft and armaments they are sourcing from Russia.

The Indian Government is definitely steering away from having intimate US ties.

Perhaps this will make them targets of further destabilisation or political actions (false flag terror) ?

All those BRIC countries are targets because of their threat to US economic hegemony.

I reckon they should take your advice and team up as much as possible -Iran, South America, China, India, Russia ...


steven andresen said...


...I say that India as well as other BRIC countries should look to strengthen ties with Iran, not because I want to tell them what to do, like I have something against the U.S., but seems to make sense that they would do that, given how the U.S. has been such a prick about town lately.

Given how the U.S. has given up its manufacturing to BRIC countries, and how much the U.S. is dependent financially on China, it would seem the U.S. cannot demonize the Indians too much. Well, they may have already gone too far....given Mumbai.

I had read that there was a split in Europe about supporting the U.S. or Russia. Apparently, the Germans, the French, the Spanish, and the Norwegians think they ought to maintain ties to Russia because they get a lot of their oil from Russia...and they presumably don't see the U.S. able to replace it.

The rest of Europe,...the new Europe, tends to side with the U.S. thinking, I guess, that they get too much military support for their slacker regimes to cut ties with America.

I wonder whether the Europeans feel a bind when they are told to stop buying oil from Iran and that suggests that they would also have to stop buying oil from Russia...for much the same reasons.

Doesn't the U.S. argue that Russia trades with the enemy?

steven andresen said...

I read on WRH that this gold exchange for oil has been modified so that instaed of gold the Iranians will have certain commercial goods owed them from India.

Same thought.

Spookypunkos said...


Over the long term it looks like the US is alienating itself.

All these other countries want is deals that allow viable oil trading, commodity trading etc - to help their economies & businesses- whereas the US seems to want to overide the "general well being" for hegemonic ("security") reasons.


steven andresen said...


Yes, there does seem to be a conflict between the general interest in commerce, expressed by India, China, Russia, the E.U., and even Iran, and the "hegemonic" security interests of the United States. The U.S. promotes all this inter state conflict as a way of managing the world, and this gets in the way of these countries making deals to promote commerce and their own economic prosperity.

It's like how the TSA and its interest in pat downs and orifice probes is scaring away tourists and hindering airline business.

I have to say here, because you can't point it out in an airport, that we wouldn't need the TSA and DHS nonsense if the U.S. would stop going into foreign countries to kill people and steal their valuables. It's not like there's no connection between how the U.S. makes its profits in stuff like stealing and the desire by some to blow it back at us.

I want to say the best defense the United States had was the fact that we were a democracy and that our motives as such were pure, even though we might at times make mistakes. The fact that we no longer are a democracy is another reason why we need to spend trillions a year on security and defense. We have to spend that kind of money to make up for the loss of our hitherto priceless character trait.