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Article: End of the petro-dollar? Is Tehran about to deploy an economic weapon potentially more deadly than a nuclear bomb?(IRAN)(Cover Story)
- Article from:
- The New American
- Article date:
- March 6, 2006
- Author:
CopyrightCOPYRIGHT 2006 American Opinion Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If Iran is years away from developing a nuclear weapon, why is Washington girding for war within a matter of months, or weeks? Some economic analysts believe that the real weapon of mass destruction Tehran is preparing to deploy is not a nuclear bomb, but rather the proposed Iranian Oil Bourse (IOB), which is scheduled to open in March.
The IOB, writes Dr. Krassimir Petrov of the American University in Bulgaria, will be a petroleum commodity market "based on a euro-oil-trading mechanism that naturally implies payment for oil in euro," rather than in dollars. This would constitute a direct challenge to the "petrodollar" economy that has existed since the ...