Iran Hopes Iranian-EU Oil Trade Mechanism To Start Working By Year-End

[jaycee + 348]

https://oilprice.com/Latest-Energy-News/World-News/Iran-Hopes-Iranian-EU-Oil-Trade-Mechanism-To-Start-Working-By-Year-End.html#join-discussion

A breaking news article that shows what Trump's the greatest mistake of his presidency will be using the $ as a weapon and that it will lead to the loss of the $ as the world's trading currency. This is going to have grave consequences for America as the $ will plummet when people no longer need to use it or American banks to trade with. I have been pointing it out for a while but this article shows the snowball is gathering momentum. If Europe stops using the $ others will definitely follow suit, dangerous times for the US the loss of the £ as the world trading currency post war put the UK into a massive hole.

Last week, Germany and France were said to be joining forces to host the special vehicle to keep trade with Iran, including oil trade, flowing, according to the Wall Street Journal.

In another energy-currency related development, the European Commission (EC) is calling fora wider use of the euro currency in energy-related transactions.

“The Commission will start a consultation on the market potential for a broader use of euro-denominated transactions in oil, refined products and gas,” the EC said in a statement on Wednesday......

Iran’s take on this is that the EU would ditch the U.S. dollar and start paying in euros for all its oil-related transactions.

“The EU is going to ditch the US dollar and just use the euro in the financial transactions of all European oil deals with other countries,” PressTV quoted Salehi as saying on Thursday.

https://www.cnbc.com/id/100461159

This is an article from 2013 by CNBC where it clearly points out the problem, ironically it was due to Obama's fiscal stability problems that the article was written but the consequences are the same..

"If the dollar loses status as the world's most reliable currency the United States will lose the right to print money to pay its debt. It will be forced to pay this debt," Bove said. "The ratings agencies are already arguing that the government's debt may be too highly rated. Plus, the United States Congress, in both its houses, as well as the president are demonstrating a total lack of fiscal credibility."