Iran’s yen for the euro
Economic Times
02-May-2008 (9 comments)

Iran, the world’s fourth largest oil producer, has reportedly shifted from the US dollar to euro and yen as currencies in which it will trade its crude produce. This is seen as a major blow to the US dollar as a reserve currency. Iran’s move may be determined partly because of its ongoing political stand-off with the US. However, that need not be the only consideration to have prompted Iran to shift to the euro and yen.

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Jahanshah Javid

the buck stops here

by Jahanshah Javid on

I wish I could get paid in Euros too!


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To ==, The Parrot

by Killjoy (not verified) on

Dummy,

Read what I wrote carefully and then respond regurgitating Ahmadinejad's oft-repeated claims about the demise of the U.S. economy. He is the last person you would want to quote on ANY subject!
Also read the definition of GDP carefully, AGAIN!
"... GDP of a country is one of the ways of measuring the size of its economy."

1. Where does it say anything about currency?

2. It does say that GDP is ONE OF THE WAYS of measuring the size of an economy and NOT the whole thing.

3. When and if the U.S. economy which boasts more than twenty-five percent of the world's GDP and is closely tied to other great economies of the world "goes down the toilet," all shit will break loose and the rest of the world will get a taste of it, especially China, Japan and many other countries which rely heavily on the U.S. market for their exports.
Remember one very basic, but extremely important fact: the larger the GDP of a country, the greater the purchasing power of its citizens.
Also read the article in question again and see what globalism means, nowadays.
Don't stop there, keep reading other books and articles!!!

4. Ask your friends, Ahmadinejad et al., if they will REALLY be happy to see the U.S. economy go down the toilet or are they only spouting slogans to keep the "economically deprived" Iranians and ignorant individuals like you busy?

5. The demise of capitalism or bourgeoisie as it was called in the 19th century, was predicted more than a century and a half ago by none other than Karl Marx. But to the chagrin of the anti-imperialisi forces who, by the way, are enjoying ALL benefits of modern capitalistic relations, the greatest socialist powers had no choice but to join the imperialist camp!

6. What the hell was your point, dummy?


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To: Killjoy (an Econ Ginny) (Re: Too Soon To Count The Chickens!

by == (not verified) on

Ginny
The value of currency is determined not just by the GDP , but like the stock market value, also by the future prospects. US's economic future is bleak (that means is going down the toilet with W as its king).


gol-dust

BushCheney damaged the US! CHINA IS THE REAL WINNER!

by gol-dust on

So much for them controlling the oil reserves in the middle east! while US is busy getting killed and bankrupt in Iraq and afghanestan, China is ripping the profits! Art of winning a war without fighting a war is about the slick china! china is the real enemy, not iran! US is pushing Iran into the hands of cheap chinese! Now Yen replacing the good old $! And US/walmart are the ones who created this US enemy for short term gains! China ruling the world like tibet! May god help us, since no one else would!


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Too Soon To Count The Chickens!

by Killjoy (not verified) on

Looking at the GDPs of the countries of the world
the U.S. still boasts the largest.

The "greatest country in the world" that is the Islamic Republic of Iran, ranks 29th while Turkey, our "poor" neighbor is ranking 17th. Source, Vikipedia

Definition of GDP:
The Gross Domestic Product per capita, or GDP, of a country is one of the ways of measuring the size of its economy. GDP is defined as the total market value of all final goods and services produced within a given country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time, and it is given a money value. Vikipedia


Mehdi

Maybe the real eason behind nuclear fiasco

by Mehdi on

Damage to $ is huge!


Abarmard

Good

by Abarmard on

Actually they should switch to a Asian currency. Absolutely. Look to the East policy must live on.


Jahanshah Javid

Value

by Jahanshah Javid on

Yeah Mehran :o)

At least if I had a fixed salary in Euros it will still be worth something six months from now. There are many businesses in New York, LA, San Fran and other tourist spots in the US that are accepting Euros, just because it holds its value against the once all mighty dollar.


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I suppose you can Jahanshah.

by MehranAlmasi (not verified) on

I suppose you can Jahanshah. Just half as much!


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