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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When plunder has become a way of life for a group of people living together in society, they create for themselves in the course of time a legal system that authorizes it, and a moral code that glorifies it.

- Frédéric Bastiat