"Political language . . . is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." George Orwell

August 26, 2005

Killing the dollar in Iran by Toni Straka

Could the proposed Iranian oil bourse (IOB) become the catalyst for a significant blow to the influential position the US dollar enjoys? Manifold supply fears have driven the price of crude oil to its recent high of US$67.10 - only a notch below its highest price in inflation-adjusted dollar terms. With the world facing a daily bill of roughly $5.5 billion for crude oil at current price levels, it becomes apparent that sellers and purchasers of the black gold are looking into all ways that could lead to a financial improvement on their respective sides.

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