Dollar Done As Global Reserve Currency? India Buying Iran’s Oil With Gold

March 24th, 2012

(HigginsBlog) – India is helping Iran to break the petrodollar monopoly by using gold to sidestep US and EU sanctions which could mark the end of the dollar as the global reserve currency.

More nation’s are defying western backed sanctions against Iran and continuing to import Iranian goods.

Following the severance of Iran from the global banking and SWIFT wire transfer system, this entire scenario is beginning to look like a ploy to push the U.S. into using a single global currency.

For starter’s the Obama administration is handing out waivers left and right to allow trading to continue with Iran, which will all need to be conducted in some other currency beside the dollar.

That of course means that any Iranian oil being purchased will not first go through global market exchange.

More than anything else, the dollar monopoly on the oil exchanges has kept the U.S. dollar as the world’s reserve currency and now that monopoly is quickly coming to an end.

Are the western backed sanctions inadvertently backfiring or is Iran being forced into entering trade agreements with several nations using Gold as the exchange currency for premeditated reasons?

Something just doesn’t pass my smell test here.

Source: Higgins Blog

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