Iran Dumped the Dollar in Oil Trade
Gee, wonder if this has anything to do with the stepped up war rhetoric.
Iran, OPEC’s second-largest producer, has stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, in a concerted attempt to reduce reliance on Washington at a time of tension over Tehran’s nuclear program and suspected involvement in Iraq.
Mahmoud Ahmadinejad, Iran’s President, has called the dollar a ‘worthless piece of paper.’
Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American currency
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