deja vu

In March 2006, Iran is slated to open the long awaited Iranian Oil Bourse (oil exchange program). Currently the petrodollar is dominated by US currency, but Iran and other OPEC countries want that to end. When the bourse opens, Iran will be trading on a euro-oil-trading system, the first step toward an alternative petrodollar. That could be bad news for the US. "In economic terms, this represents [a great threat] because it will allow anyone willing either to buy or to sell oil for Euro to transact on the exchange, thus circumventing the U.S. dollar altogether," writes Krassimir Petrov, an economics professor at the American University in Bulgaria in a January edition of the Energy Bulletin.

"Europeans will not have to buy and hold dollars in order to secure their payment for oil, but would instead pay with their own currencies. The adoption of the euro for oil transactions will provide the European currency with a reserve status that will benefit the European at the expense of the Americans ... The Chinese and the Japanese will be especially eager to adopt the new exchange, because it will allow them to drastically lower their enormous dollar reserves and diversify with Euros, thus protecting themselves against the depreciation of the dollar."

The Bush boys don't want that to happen. Oil is likely not the only reasons why the US wants to destroy Tehran's military capabilities, but it does look like one of the big motivations. The United States wants the global oil trade, and in particular OPEC, to primarily benefit America as it has been.

What we are seeing may be a new form of economic globalization in the making -- one that involves the forced eradication and trading of natural resources.

You may want to think about that next time you start your engines

Joshua Frank

Strangely, among the thousands of media analysis, few, if any, have suggested that the Bush Administration might consider common sense and unconditionally seek a diplomatic solution to its problems with Iran. The Iranians have clearly stated their willingness to negotiate a way out of the crisis, while Russia is eager to mediate whatever outcome yielded by these diplomatic efforts. It’s time for the United States government to alter its ways in managing problems if it indeed wishes for the Iraq tragedy not to steep any further. It’s time to give peace and diplomacy a chance.

Ramzy Baroud


And I ran, I ran so far away.I just ran, I ran all night and day. I couldn't get away