I have yet to read in the Post & Courier, or any major newspaper, any story regarding Iran’s opening of the Iran Oil Bourse in March 2006. A bourse is an exchange; like a stock exchange. The Iran Oil Bourse will become only the third oil exchange in the world. Currently, all oil purchased in the world, every ounce of it, is purchased with U.S. dollars. If China buys oil from Russia, they do so with U.S. dollars. If Chile buys from Venezuela, again the transaction is made in U.S. dollars. In 2000, Saddam Hussein defied the U.S. ! dollar supremacy for oil purchases and declared that Iraqi oil would only be allowed to be purchased with euros. Suddenly, if China wanted to purchase oil from Iraq, it didn’t need U.S. dollars.

If you take the time to understand our fiat money system you will quickly understand that Iraq’s “weapons of mass destruction” were of little threat to the United States when compared to the destabilization of the U.S. dollar created by oil being purchased from Iraq with euros. Within 2 months after invading Iraq, oil produced by Iraq began to be sold for U.S. dollars once again. Iran’s plan takes Iraq’s switch to the petroeuro and magnifies the threat to the U.S. dollar and the economy of the United States 100 times over. Come March 2006, not only will any country purchasing oil from Iran be able to do so with euros, but because Iran will actually be operating an oil exchange, China will be ! able to purchase oil from Russia through the Iran Oil Bourse, and pay for it with petroeuros. Suddenly, hundreds of billions of U.S. dollars will no longer be necessary for every nation of the world to hold so that they can purchase oil. If nations desire to dump all their dollars, they will be able to do so and still be able to purchase oil. If, or when this occurs, the U.S. dollar will be weakened to such a degree that it could be rendered worthless. When this happens, the 1930s could look like a picnic in the United States ! We're looking two months away...