Petrodollar

Iran is Finally Ditching the Petrodollar

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Iran will no longer use the US dollar in its financial and foreign exchange reporting, beginning in its new fiscal year in March. The governor of Iran's central bank, Valiollah Seif said in a televised interview on January 29th.

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US at war with Iraq, Libya, Syria, Iran, Russia all to Protect the Petrodollar

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The US dollar currently makes up 2/3rds of the worlds global reserve currency. This is because nearly every oil-exporting country in the world exclusively sells their oil in US dollars (the Petrodollar), so nations are forced to hoard large amounts of US dollars, allowing the US to print it almost to infinity without hyper-inflating their currency.

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Those who nourish the hope that it will be possible to keep central government free of the corrupting tendencies of power and to staff it with a freedom-loving elite, overestimate the virtues of both the electorate and the elected, and underestimate the normative power of structural processes even over well-intended functionaries.

- Robert Nef