When Saddam Hussein announced that Iraq would be switching from USD to Euros in selling its oil, a Canadian Economics Columnist asserted that Saddam was signing his Death Warrant, because the oil interests behind the Bush Administration would not allow it to happen. The U.S. invasion of Iraq occurred during the next few months.

No sooner had America gained control of the Iraqi administration than it called for tenders to run the Iraqi Central Bank, and appointed a consortium from the J P Morgan and Chase Manhattan Banks to do the job, with no further mention of trading in Euros.

Not that the U.S. Banking Lobby was successful on its own; they had the full backing of the Oil Lobby as well. Opec had been under de facto U.S.

control ever since being established, and with Iraq switching to Euros , that would inevitably disconnect and make independent a major Opec oil supplier, so the interests of banking and oil control were in complete harmony.

On top of that, the Muslims, like many other religious groups around the world do not consider the assertion in the Christian Bible that God would eventually give the Jews for their Homeland, a big chunk of Palestine, a sufficient reason for the British and Americans to uproot the millions of Arabian Christians there and with armed force, help establish the State of Israel.

With Iran being a mainly Muslim country, and possessing much military muscle, the Zionist Jews in particular have been hoping for decades for a situation which could lead to Iran being militarily neutralised.

To the Zionists, an invasion of Iran incorporating an American "Shock and Awe" blitzkriegs like was delivered on Iraq would , metaphorically be, Just what the doctor ordered. Now by a remarkable coincidence, there are more people in the senior White House staff with Zionist connections, than with any other country, so guess what. Unless the American public fill the streets with protests about invading Iran, then itís a done deal.

Despite in many respects the U.S. Constitution being a good model, its Achilles Heel is that it does not provide any mechanism (apart from protest

rights) by which a President or the Government, can be stopped. This seems to be a perfect example of the need there for a "Swiss Initiative"

including the citizensí rights to petition for a binding referendum on any matter they consider important.

Without it, the world may again witness the pure , professional fabrication of excuses to justify destroying and invading Iran, just like what happened in in Iraq. Mary Rose has passed on the following Report, and we quote:

TEHRAN (AFP) - Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the United States on its financial system. The vast majority of transactions for oil from OPECís number two producer are now being carried out in euros, said Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing.

"Iran is selling about 85 percent of its oil in the non-dollar currencies," Khatibi was quoted as saying by state television.

"Currently, about 65 percent of the oil sale income is in euros and 20 percent in yen," Khatibi added.

He also said that the remaining sums being paid in dollars, about 15 percent, are going to shift to "other creditworthy currencies".

Khatibi also cited the United Arab Emirates dirham as one other possible currency for use in oil transactions.

He said the main reason for the move was fluctuations of the dollar on the currency markets and the depreciation of its value since 2004.

Iran, the worldís fourth largest oil exporter, has massively cut down its dependence on the dollar in the face of US pressures.

The United States has been seeking to make international banking transactions harder for Iran, as another tool to pressure Tehran into backing down over its controversial nuclear programme.

Several European banks have drastically cut business with Iran as a result of US pressure.

However despite problems with inflation and unemployment at home, Iranís economy is being helped by revenue windfalls from current high crude oil prices.

Iranís foreign currency reserves held in banks abroad have risen by 37 percent over the past year to the equivalent of 65 billion dollars as of the end of June 2007, the central bank said in September.

OUR COMMENTS: What a wonderful opportunity for Presidential Candidate, Dr. Ron Paul, to announce on TV that he will introduce legislation to Congress that would give American Citizens the constitutional right to use a lasso or legrope to bring down rogues with dictatorial ambitions ?

We acknowledge this will create a conflict of interest for Dr Paul. Can his urge to protect the integrity of the American State outweigh the control which his Republican Party has over him ?


08 October 2007

Weekly international Ezine focusing on the New Economics