One of the two ways Iran could take peace of mind and stability away from the global economy is to end the US Petrodollar system when it takes over the gulf oil, at the start of the Second Signpost. The Islamic Republic of Iran has been at war with the USA since 1979 and has been trying to find ways to chisel away at the global ubiquity of the dollar.
Since international sanctions have been lifted, Iran has been increasing its oil production available for global markets. Besides providing additional pressure to keep prices low, therefore helping to assure the bankruptcy of America’s oil fracking companies, all that extra oil is now being sold not in US dollars but in Euros and any other currency. As this story from Reuters attests, Iran is on contract selling oil to European companies in Euros. The story also confirms,
“Iran has pushed for years to have the euro replace the dollar as the currency for international oil trade. In 2007, Tehran failed to persuade OPEC members to switch away from the dollar, which its then President Mahmoud Ahmadinejad called a ‘worthless piece of paper.’”
But like many US presidents in the last half century the current administration is clueless. Carter allowed the Persian ram to come into being. George W led the effort to unleash the First Signpost, changing the lion’s mind, and truly unleashing the end times on the world. Obama has not been slacking; he has been encouraging Iran – though unwittingly – to start the Second Signpost. So it wasn’t surprising to see this story in which Treasury Secretary Jack Lew quoted as saying, “We must be conscious of the risk that overuse of sanctions could undermine our leadership position within the global economy, and the effectiveness of our sanctions themselves,’ he told The Carnegie Endowment for International Peace.”
The same story then quotes Mark Dubowitz, of the Foundation for Defense of Democracies, responding, “Lew’s remarks signaled that the administration of President Barack Obama is preparing to make ‘a major concession to Iran’ by giving it access to the US dollar.”
If it wasn’t so tragic it would be worth a good laugh. Iran has been trying for years to bring down the US dollar, and is planning to do so, and the Obama administration is basically saying it is preparing to make “a major concession to Iran” by giving it access to the US dollar? Well isn’t that so kind of Obama? And so out of touch? Wow. I’d even bet that the Obama administration thinks the nuclear deal is a good thing. Oh wait, that’s right, it said that too.