Iran oil bourse:a threat to the petrodollar?: "From an economic perspective, invoicing oil in euros would be logical for Iran as trade with the euro zone countries accounts for 45% of its total trade. More than a third of Iran's oil exports are destined for Europe, while oil exports to the United States are non existent. The IOB could create a new euro denominated crude oil marker."

"The decline in the dollar against the euro since 2002 - some 26% to date - has substantially reduced Iran's purchasing power against its main importing partner. If the decline continues, more states will increase the percentage of euros vis-à-vis the dollar they hold in reserve."

"It is primarily the US which stands to lose out from any move away from the petrodollar status quo, it is the world's largest importer of oil.... In terms of its own oil imports, the US can print dollar bills without exporting commodities or manufactured goods as these can be paid for by issuing yet more dollars and T-bills."

"In the 1970s, not long after the collapse of the gold standard, the US agreed with Saudi Arabia that Opec oil should be traded in dollars in effect replacing the gold standard with the oil standard. Since then, consecutive US governments have been able to print dollar bills and treasury bonds in order to paper over huge current account and budgetary deficits, last year's US current account deficit was $646 billion."

"George Perkovich, of the Washington based Carnegie Endowment for International Peace, has argued that Iran's decision to consider invoicing oil sales in euros is "part of a very intelligent strategy to go on the offense in every way possible and mobilise other actors against the US."

"Although a matter of conjecture, some observers consider Iran's threat to the petrodollar system so great that it could provoke a US military attack on Iran, most likely under the cover of a preemptive attack on its nuclear facilities, much like the cover of WMD America used against Iraq."

Iran is more or less saying to the empty flightsuit, bring it on cowboy, you're finished.

Iran oil bourse:a threat to the petrodollar?: "From an economic perspective, invoicing oil in euros would be logical for Iran as trade with the euro zone countries accounts for 45% of its total trade. More than a third of Iran's oil exports are destined for Europe, while oil exports to the United States are non existent. The IOB could create a new euro denominated crude oil marker."

"The decline in the dollar against the euro since 2002 - some 26% to date - has substantially reduced Iran's purchasing power against its main importing partner. If the decline continues, more states will increase the percentage of euros vis-à-vis the dollar they hold in reserve."

"It is primarily the US which stands to lose out from any move away from the petrodollar status quo, it is the world's largest importer of oil.... In terms of its own oil imports, the US can print dollar bills without exporting commodities or manufactured goods as these can be paid for by issuing yet more dollars and T-bills."

"In the 1970s, not long after the collapse of the gold standard, the US agreed with Saudi Arabia that Opec oil should be traded in dollars in effect replacing the gold standard with the oil standard. Since then, consecutive US governments have been able to print dollar bills and treasury bonds in order to paper over huge current account and budgetary deficits, last year's US current account deficit was $646 billion."

"George Perkovich, of the Washington based Carnegie Endowment for International Peace, has argued that Iran's decision to consider invoicing oil sales in euros is "part of a very intelligent strategy to go on the offense in every way possible and mobilise other actors against the US."

"Although a matter of conjecture, some observers consider Iran's threat to the petrodollar system so great that it could provoke a US military attack on Iran, most likely under the cover of a preemptive attack on its nuclear facilities, much like the cover of WMD America used against Iraq."

Iran is more or less saying to the empty flightsuit, bring it on cowboy, you're finished.