how long until war? ... iran breaks with the US dollar

[luke]

CBI breaks with the US dollar

The Central Bank of Iran says the process of converting the country's dollar reserves to other foreign currencies has been completed.

The process of diversifying Iran's foreign exchange reserves by converting reserves held in dollars to other currencies is almost complete, Fars news agency quoted Tahmasb Mazaheri, President of the Central Bank of Iran, as having told the American publication, The Emerging Market.

He added that the procedure has been carried out in the best possible way and achieved maximum results.

Experts believe Iran has gained huge profits by adopting the measure because of the sharp fall in the value of the US dollar.

Other countries are also said to be taking similar measures for the same reasons. Arab Persian Gulf states, for one, are believed to be holding 30 percent of their foreign exchange reserves in currencies other than the dollar.

from https://www.presstv.ir/detail.aspx?id=28 ... =351020102

[major.tom]

I thought it would come one day, but am surprised that that day came so soon. It'll be interesting to see how this plays out.

[faceless]

I think the news will bolster support for Iran generally. Money talks.

[Mandy]

Reading the above, and after seeing the recent dollar fall, makes the Iranians look wise & strong (financially).

[nico]

It was bound to come, Chavez is planning to do the same, which means very positive for Euro and the European countries.
If the Arabs do the same, I guess it's goodbye US dominance, which is already happening very insidiously.

[t.]

If the Arabs do the same, I guess it's goodbye US dominance, which is already happening very insidiously.

hehe....unfortunately the arabs will not be following in those footsteps any time soon

the saudis were bought long ago in the 70s after the oil crisis when the states realized they could actually be pushed around by some bedouins in the middle of a cold war

the egyptians (read: Mubarak) are currently being paid $2 billion a year

the kuwaitis owe the states their lives after that little war that occurred on their front lawn

the emirates and bahrain are too busy developing their infrastructure to be able to have a decent gdp in 20 years when the oil runs out

yemen, oman, syria....not enough oil to make an impact

although syria might do it just to make a point