Demise of Ahmadinejad’s dream of grandeur


Demise of Ahmadinejad’s dream of grandeur
by Multiple Personality Disorder

On Sunday, November 19, 2007 at the close of the OPEC summit in Riyadh, Saudi Arabia, President Mahmoud Ahmadinejad declared, "They get our oil and give us a worthless piece of paper… All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency… some said [petroleum] producing counties should designate a single hard currency aside from the U.S. Dollar… to form the basis of our oil trade.”  The idea of switching to another currency, Euro, was embraced by Venezuelan President Hugo Chavez, who also made his own declaration that “The empire of the Dollar has to end… Don’t you see how the Dollar has been in free-fall without a parachute?”

Three months later, on February 17, 2008, in the island of Kish in the Persian Gulf, The Iranian Oil Bourse (بورس نفت ایران) was created as an Exchange for “petroleum, petrochemicals, and gas in various currencies, primarily the Euro and Iranian Rial and a basket of other major currencies apart from the United States Dollar.”

In December 2007, ISNA, Iranian Student News Agency, cited Islamic Republic of Iran’s Oil Minister, Gholamhossein Nozari, as saying Iran has completely stopped selling any of its oil for U.S. Dollars.  "In line with the policy of selling crude oil in currencies other than the U.S. Dollar, currently the sale of our country's oil in U.S. Dollars has been completely eliminated," ISNA reported.

On Sunday, January 17, 2010, Iran’s representative to OPEC said that Iran receives 90 percent of its petroleum revenues in currencies other than the U.S. Dollar.  Meanwhile, Islamic Republic of Iran’s Trade Promotion Organization (سازمان توسعه تجارت) announced in 2009 that it would completely exclude the U.S. Dollar from its foreign revenues and reserves.

Less than four months later, on Monday May 31, 2010, Jam’e Jam Online (جام ‌جم), a news agency affiliated with IRI’s broadcasting system, reported that Islamic Republic of Ian’s Central Bank has begun implementation of measures and means to sell some of its reserves for Dollars in a three-stage program, totaling nearly 45 billion Euros ($55 billion).  In the first stage, the bank will sell off 15 billion Euros, which will be completed by September 2010, Jam’e Jam reported.  Iran will substantially decrease its oil sales in Euros.  The issue has been informed via a letter to Japan and other major petroleum customers.  Information from the Central Bank indicates that at this time Euro compromises 55 percent of the country’s reserves, and after the implementation of this program it would be reduced to 20 to 25 percent, Jam’e Jam Online said.

As of Thursday June 3, 2010, President Mahmoud Ahmadinejad has not yet issued any statement regarding this matter, which will cost the country billions of Dollars, unless the Dollar is no longer a “worthless piece of paper”, as it was declared on November 19, 2007.  At the same time his counterpart, Venezuelan Hugo Chavez is still waiting for the free-falling Dollar “without a parachute” to hit the ground.

As Khomeini said, economy is for donkeys, not presidents.


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بحران اقتصادی را نمی توان با زور سرکوب کرد


" بحران اقتصادی را نمی توان با زور سرکوب کرد، بیکاری را نمی توان زندانی کرد و تورم را نمی توان بعنوان "دشمن خلق" اعدام کرد". 

 Oil closed on Friday at $71/barrel of crude.


Ari Siletz

Oil barrel vs. gun barrel

by Ari Siletz on

A currency has to be able to defend its value militarily. The Dollar does a good job of this. It won't work to back a currency with oil that can be taken away from you at any moment.



by yolanda on

Here are 2 articles regarding the appreciation of Chinese Yuan:



but I only understand 40% of what they were saying!


MPD - the reason AhmadiNejad is not taken seriously is:

by MM on


Interesting subject MPD Jaan

by divaneh on

I think we should not accept anything but Ashrafi. No paper and no digital zeros, just good old Ashrafi.


based on your advice I am going to buy a lot of fireworks. Because if what you predicted happens, then prices of the Chinese imports will soar and I will make a few bucks. Otherweise I will throw a fire party. 

Multiple Personality Disorder

Thank science for Google Search

by Multiple Personality Disorder on

... otherwise I would have had to research hard copies.



by yolanda on

Hi! MPD,

   Thank you for your research paper.........1st I have to say that I am not an economist and I am just a layperson........a relative of mine wanted to use US dollars to buy Chinese curreny (RMB)........of course, it is just talk so far......a gold company salesperson told the relative that the US dollars may get an adjustment (depreciation) while Chinese currency may also get an adjustment (appreciation).....I am not sure when it is going to won't be overnight......

I wonder why AN flip-flops like this!

Thank you for your is amazing that you have all the dates listed, very precise!



WOW! Another 5 star blog!

by Anonymouse on

I had been following this story for the past 2 or 3 years.  In my recent trip we talked about but not much news was available about it.  Now once again the Islamic Republic has shown the world that is nothing but full of hot air!

I wrote about this hot air mentality in a blog about the Iran Iraq war and how in the end they lost all their investments and the Fao and Majnoon Islands and signed the same UN resolution that was available 3 years earlier.

Then in this other blog about the nukular issue they talked the talk and after 4 years we now know that with their tails behind their legs they gave up what they claimed they're going to do. Now that the world has been proven that the Islamic Republic needs them and not the other way around they can enrich as much ass bush as they want.  Argentine and France seem to be the only 2 countries whose nuclear fuel can be used in Iran and neither one cares!

And now your blog about the oil bourse!  Another failure and economic loss.  For the sake of Iran as a whole I really hope Ahmadi does not ruin the economy and leave the country in shambles in the next 3 years.  He seem to be on that path. 

Thank you for this blog and the information. 

Everything is sacred.

PS please consider writing a blog about that Shadi Sadr issue!  I thought you had said that you can whip up a blog about any subject at any time in no time ...