The price of gold has climbed to over US$ 600 an ounce. Many are saying this is because of the pending war with Iran. However, this leap in gold prices has little to do with a real or imagined war with Iran, it has to do with greed.
Remember the Bruce Willis movie, DIE HARD 3, where 'terrorists' stole dump-trucks full of gold from the N.Y. Federal Reserve Bank that belonged to different foreign countries? Think what that gold was doing there in the first place: in 1973 all the OPEC member countries agreed with the USA to sell OPEC oil only for U.S. dollars. This forced every nation in the world to buy U.S. federal reserve 'dollars' in order to purchase OPEC oil for import. They have been exchanging their gold for our otherwise worthless 'dollars' for years, having no other choice in order to import critical oil.
In March of 2006, Iran broke the OPEC oil-for-U.S. dollars-only agreement by offering oil on the Paris stock market for EUROdollars. Other OPEC countries fed up with U.S. hegemony are sure to follow. China and Japan, with their wallets stuffed with yuan and yen, are cheerfully holding Iran's coat while waiting for the dust to settle.
Since our "federal reserve notes" have no value unless all countries are forced to buy them at economic gunpoint, Iran is the leak in the dike. If the USA doesn't stick its finger in it, it will definitely grow. Once other nations see Iran getting away with selling her oil for real money, they will stop buying U.S. dollars and the USA will be flooded with inflation because of her idiocy in having federal reserve notes backed by nothing.
Inevitably, a major OPEC producer, Iran, just said NO!, and is selling its oil for more viable currency, with the benefit of wrecking the US economy far more than a thousand attacks on U.S. buildings could yield. Even our allies are rubbing their hands in glee as they eagerly await us to go down in economic flames.
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Iran to Enrich Uranium Despite Global Opposition
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