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Originally Posted by Mazer
Only a left-wing nutcase could blame all of the the nation's problems on one man. This one paragraph challenges the entire article's validity, and I'm tempted to dismiss these dire predictions outright.
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Got that right – you can find the story at this site too
http://www.uruknet.info/?p=m23118&l=i&size=1&hd=0
This will not hurt the USA, it will hurt Iran.
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For starters, Iran is not a very attractive site for a market, given the volatile nature of its politics, the U.S. sanctions against it and the lack of a fair legal system. Moreover, there is no indication that the European Union is interested in vying to become the world's central bank, which requires a willingness to run large currency deficits, he said. For the U.S., that has meant allowing cheap imports to undermine the strength of some major industries, including textiles, autos and electronics manufacturing.
PFC Energy oil analyst Jamal Qureshi said the fears stirred up by a hypothetical euro-denominated oil market in Iran or anywhere else are overblown, not least because the oil trade is just a small component of the overall global economy.
Iranian legislators earlier this year urged the government to set up the market to reduce the United States' influence over the Islamic republic's economy.
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Who cares how oil is traded – Euro, Pounds, Rubles etc, it is what the oil exporters do after the transactions are made in which matters. Whether they invest them in dollar denominated securities, or instead in stocks, bonds or real estate in other countries. Chances are if oil was traded in Euros exporters would convert the Euro to US Dollars because there is far more trade between Europe and the USA then Europe and Iran. Germany for example, who is Iran's biggest trading partner, had 4.4 billion euros, or about $5.4 billion in exports, which is about 0.6% of total exports. Germany last year sold nearly 70 billion euros in goods to the United States.
Do the math.