Wednesday, January 18, 2012

Current affairs
18 Jan 2012, NewAgeIslam.Com
Sinking the Petrodollar in the Persian Gulf

By Pepe Escobar

January 17, 2012

That Iranian isolation theme only gets weaker when one learns that the country is dumping the dollar in its trade with Russia for rials and rubles -- a similar move to ones already made in its trade with China and Japan. As for India, an economic powerhouse in the neighbourhood, its leaders also refuse to stop buying Iranian oil, a trade that, in the long run, is similarly unlikely to be conducted in dollars. India is already using the yuan with China, as Russia and China have been trading in rubles and yuan for more than a year, as Japan and China are promoting direct trading in yen and yuan. As for Iran and China, all new trade and joint investments will be settled in yuan and rial. --Pepe Escobar

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