TEHRAN â Iranian President Mahmoud Ahmadinejad ordered the use of the euro instead of the dollar as the basic foreign currency in the Forex Reserve Fund calculations. The Mehr News Agency reported that this order was issued in line with a decision made in this regard by the board of trustees of the Forex Reserve Fund. Prior to this, the Islamic Republic of Iran had announced that it had stopped selling oil in dollars and started using euro in its oil transactions http://www.tehrantimes.com/index_View.asp?code=203592
UN, Russia, China and India are trying their best to destroy US Dollar by trying to replace US Dollar with a new global currency. Will USA also bomb UN, Russia, China and India?.
One event often came to my mind is that right before the second Iraq war, the Iraqis government declined no longer accepting U.S. dollar for its oil export. I was always wondering if that was the trigger, if not the cause of the second Iraq War.
it's called the imperial tax : to buy oil, give $ ( $=paper). then when the guys want something form his $ ( paper ), sadly for him it will have lose value... cause of inflation.
an example : Boeing Raises Aircraft List Prices 4% In Annual Update From AviationWeek.com 2006 May Boeing on Friday revised its commercial airplane list prices in a mid-year update, reflecting a general 4% increase across all model types compared with 2005 levels. The increase is due to "the general inflation rate for manufactured goods," Boeing said. Customers rarely pay list prices, however, since all manufacturers offer discounts for large purchases. Prices also vary based on performance options, interiors, avionics and fuel capacity. The list price increase probably reflects a rise in actual prices, too. Last year Boeing raised its list prices by 3.5% (DAILY, Aug. 5, 2005). For the first time, the 2006 list includes prices for the 777 Freighter, the 747-8 passenger and freighter aircraft, and the 787-9 stretched version of the company's newest family of 200- to 300-seat aircraft. First deliveries of the 747-8 update of the 747-400 are set for late 2009. The list price for the 747-400 and -400ER is now $216 million-$247.5 million, and the 747-8 is listed at $272.5 million-$282.5 million. The freighter version of the 747-8 is listed at $279.5 million-$283.5 million. The 787-3 is priced at $138 million-$143 million, the -8 at $148 million-$157.5 million, and the -9 at $178.5 million-$188 million. In the 777 family, the -200LR is listed at $219 million-$243 million, the -300 at $210 million-$234 million, and the -300ER at $237 million-$264.5 million. Read Full Article at AviationWeek.com View Table of Contents © 2009 McGraw-Hill Companies, Inc. (The)
Reguardless that Iran has changed to EUR from USD it is all still fiat money. The current strength in the EUR would not be the best currency choice for oil to paper conversion rate. It would have been wiser to switch to a currency that has had major currency manipulation throughout its current history. (hint hint east of Iran) Akuma
The last time Iran did something like this (create an oil bourse for payment in Euros) it marked the Euro top.