The news went past most people today. Yet, it is further evidence that a Phase Three economic attack is underway, designed to destroy the American economy by making the dollar irrelevant to global trade. This week, it was announced that Iran and India (and soon China) will settle oil trades in gold, not dollars or even Euros. Few understand the implications. For those who do, this is a "Pearl Harbor" moment. Sadly, most of America remains asleep even though the damage will be no less severe than that of December 7, 1941 UNLESS we begin to respond. Here's a decent summary:
Iranian Crisis Evolving into Dollar Hegemony and Western Power Challenge
By Chris Blasi
Profoundly significant news came out of the Middle East on Monday January 23, 2012. The headline via DEBKAfile* reads:
India to Pay Gold Instead of Dollars for Iranian Oil. Oil and Gold Markets Stunned
Within the body of the report were gleaned these crucial items:
1. India has become the first buyer of Iranian oil to agree to settle purchases in gold.
2. China is expected to follow India's move.
3. Approximately 40% of Iran's total oil exports are consumed by India and China.
4. Settling oil transactions in gold enables Tehran to circumvent the EU's upcoming freeze on Iran's Central Bank assets and the oil embargo announced Monday January 23rd.
5. Due to the magnitude of the transactions proposed, the price of gold is expected to rise and the Dollar's value depressed on world markets.
6. The EU currently accounts for approximately 20% of Iran's oil exports.
7. The transactions are to be facilitated via two Indian state-owned banks and a Turkish state-owned bank.
8. Financial mechanisms have also been implemented between Iran and Russia for the settlement of oil purchases in currencies other than the US Dollar.
Read more at:http://news.goldseek.com/GoldSeek/1327417200.php.