In Case You Were Wondering...

From the Asia Times: 

The Iranian oil bourse - the first oil, gas and petrochemical exchange in the Islamic Republic, and the first within the Organization of Petroleum Exporting Countries (OPEC) - was launched on Sunday by Iran’s Oil Minister Gholam-Hossein Nozari, flanked by Minister of Economy and Financial Affairs Davoud Danesh Ja’fari, the man who will head the exchange...

...Transactions at this early stage will be in Iran’s currency, the rial, according to Nozari, ending worldwide speculation that the bourse would start trading in euros. The Iranian ambassador to Russia, Gholam-Reza Ansari, has said that "in the future, we'll be able to use the ruble, Russia’s national currency, in our operations". He added that "Russia and Iran, two major producers of the world’s energy, should encourage oil and gas transactions in various non-dollar currencies, releasing the world from being a slave of the dollar."

Russia’s First Deputy Prime Minister Dmitry Medvedev said last week that "the ruble will de facto become one of the regional reserve currencies"...

...The trillion-dollar question is if, and when, most European and Asian oil importers may stampede towards the Iranian oil bourse. OPEC members as well as oil producers from the Caspian may be inevitably seduced by the advantages of selling at Kish - with no dreaded middlemen. Europeans, Chinese and Japanese will also see benefits if they can buy oil with euros, yen or even yuan - they won’t need US dollars – and the same applies to their central banks.

It would take only a few major oil exporters to switch from the dollar to the euro - or the yen - to fatally bomb the petrodollar mothership...

...The symbolism of the Iranian oil bourse is stark; it shows that the flight from the US dollar is irreversible - and so, sooner rather than later, is diminution of Washington's capacity to launch wars on credit. But at this early stage in the game, only one thing is certain: the empire will strike back.

And what form might the empire's actions take?

Well, back in 2000, Saddam Hussein insisted that Iraq's oil be paid for in Euros. By June 10, 2003, after the US invasion of Iraq, the transactions were switched back to dollars.

Slouching Towards Bethlehem

So, President Bush proposes to not only "surge" in Iraq but expand the war to Iran and Syria.

Because, you know, things have gone so well so far.

The staggering hubris and stupidity of this "plan" are difficult for me to put into words. Here's a Los Angeles Times article that provides a little perspective on how this is going over in the region (though the title, "Mideast shaking its head" seems a bit of an understatement. "Shaking its head"?!).

Keith Olbermann has a few words as well. If you can't access youtube, try this crooksandliars link.

A few other words do occur to me, words from John Kerry, who was not always as verbally obtuse as he is now. You've probably heard them before.

"How do you ask a man to be the last man to die for a mistake?"

We had to burn the village, etc.