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.
Categories: In The News, Signpost #2: Iran
THE FOUR SIGNPOSTS 
Iran is increasing oil production; so is Iraq. It too produces now more than it has done in many years. And last December, even Russia reached an all-time-high record in its production. It produces more than Saudi Arabia already for some time.
All this keeps the oil price low, which stops investments in new wells of expensive oil (fracking, deep water, polar region) all over the world.
The longer this goes on, the worse will the shock of a second signpost be – not just high oil prices, but also real shortages of oil, because even with high prices again, starting new wells again will take years.
Hi David, I had said this a couple of years ago on this very page. The Iranian Oil Bourse has been in the works for almost 10 years now but nobody was watching it. https://en.wikipedia.org/wiki/Iranian_oil_bourse
It seems to me the economic & political philosophy seated in Western control of finances, as you said, Mark, needs to continue to use the petro-US$, somewhat like a drug-pusher wants to use an addictive substance to create and sustain a dependency clientele. Russian and Iran leaders (and perhaps China also), refuse to play in that game where they have no say-so in the rules. A specific currency (monetary means of exchange) can seem more powerful than the commodities which energize the world (like oil). But of course this isn’t the case. We can’t power our vehicles with money. So the Western NWO (new world order promotion) leadership is understandably worried about losing their customary control of the financial systems which primarily use the US$. Iran may pretend to play the game and use US$ in part, but they have a game of their own in mind, and cards to play which they aren’t yet openly showing.
Well said, Daniel.