Monday, May 29, 2006

21st Century Insanity has
collected the evidence that this scenario may be
round the corner. It claims the Western media has
up to now self-censored on the issue – sounding
alarm bells as the gold price soared to nearly
$700. It records Al-Jazeerah, on April 30,
reporting that ‘Oil producing countries such as
Venezuela…and a few of the larger oil consuming
countries, notably China and India, have already
announced their support for the Iranian bourse’
An article : Petro-Euro: a reality or distant
nightmare for US’ quotes US security expert
William Clark saying ‘If Iran threatens the US
dollar in the international oil market, the White
House would immediately order an attack against

Gold is now at a 20-year high against the
dollar, and the dollar at a one-year low against
the euro. The Financial Times of May 16th, under
the headline: “Fears for Dollar as Central Banks
Sell US assets” reported that ‘central banks sold
a net $14.4 billion during the month, the largest
sale since August 1998.’

At the opening of the IMF meeting on April 21,
Russia’s Finance Minister said his country ‘could
not consider the dollar a reliable reserve
currency because of its instability’. The same
day the Swedish Riksbank halved its dollar
holdings to buy euros.

At that IMF meeting the 2006 World Economic
Outlook was launched, warning of a dollar
collapse – due to global trade imbalances,
spiraling US debt and the demise of the petro-
dollar reserve standard. In the language beloved
of obfuscating economists who hope thereby to
soften the truth, it stated: ‘Global current
account imbalances are likely to remain at
elevated levels for longer than would otherwise
have been the case, heightening the risk of
sudden disorderly adjustment.’

‘Sudden disorderly adjustment’ is the current
bankers’ euphemism for the consequences of a
dollar collapse. Others, including Morgan Stanley
economist Stephen Roach, as well as financiers
Soros and Warren Buffet, refer to it as ‘economic
Armageddon’. How close are we to that?

It's not about Iran's nukes. Never has been. It
wasn't about Iraq's non-existent WMDs. Never has

It's about the dollar.

Always will be.

Damn near everyone's just playing into their
propaganda machine not calling this like it is,
willingly or not is irrelevant.

With all these nations dumping dollars, who's
gonna get the first nuke...or the second or...?

Nah, couldn't happen, could it?

Now I'm gonna get on my donkey and go back to my

Read it and weep.


Since this is an "official" statement, I'd bet
it's a lie?
Tehran - Iran's oil minister said Monday the
Islamic republic would continue to set the price
of its oil in US dollars, despite calls by ally
Venezuela for crude to be quoted in