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Thread: global financial crash yay!

  1. #31
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    When is Iran going to shift trading oil in Dollars to Euros?

  2. #32
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    Quote Originally Posted by gek-opel View Post
    When is Iran going to shift trading oil in Dollars to Euros?
    5 minutes after Bush's bomb drop....I thought they already had, actually.

  3. #33
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    Quote Originally Posted by crackerjack View Post
    5 minutes after Bush's bomb drop....I thought they already had, actually.
    I wasn't sure of that- though allegedly when they do it will create more pressures on the Dollar as currency and thereby push the American economy ever closer to oblivion (hence necessitating the invasion?)

  4. #34

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    Quote Originally Posted by nomadologist View Post
    This is wildly untrue. ADJUSTED for inflation, oil prices are still $15-10 higher than they were during the energy crisis during the mid-70s.
    So?



    Prices are down on their 1980 high, the peak of $95 per barrel.

    If we exclude the spikes caused by geopolitical events, real oil prices have followed a downward trend from the mid-1970s until the late 1990s.

    Now look at the last couple of years. Starting in 2003, crude prices climbed from $30 to around $45 by the end of 2004. Since the beginning of 2005, they have gained another 50%. This may be related to the second war in Iraq and the general political situation in the Middle East. But note that even after the recent run-up, a barrel of oil costs about the same as in mid-1982, when prices were going down.


    In his challenging 1981 book The Ultimate Resource, Simon showed that resource prices had generally decreased over time. The relative price of oil (in terms of other goods) has fallen by perhaps as much as two-thirds between the 1860s and today. During the same period, the price of oil in terms of salaries has decreased by more than 90%.


    http://www.mises.org/story/1892

  5. #35

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    Quote Originally Posted by crackerjack View Post
    5 minutes after Bush's bomb drop....I thought they already had, actually.
    It kind of has - Iran currently receives most of its cash for oil in Euros and other (non-dollar) currencies. It really wants to set up an oil bourse, i.e. an exchange (like NYMEX and IPE) which trades in Euros. I don't think that it's something that can be acheived overnight, and this stuff was still at the rumour stage in 2006.

    EDIT: Iran Oil Bourse, wikpedia entry

  6. #36
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    Quote Originally Posted by gek-opel View Post
    I wasn't sure of that- though allegedly when they do it will create more pressures on the Dollar as currency and thereby push the American economy ever closer to oblivion (hence necessitating the invasion?)
    'Ere ya go.

    As of October 3, 2007, Iran currently receives non-dollar currencies for 85% of its oil exports with euros composing 65% and yen 20%. Iran is currently planning on moving the remaining 15% of dollar denominated oil exports to other currencies such as the United Arab Emirates dirham.[2]
    http://en.wikipedia.org/wiki/Iranian_Oil_Bourse

    and from today's Guardian
    The pound climbed to $2.10 for the first time since 1981 this morning, boosted by speculation that China was preparing to shift its foreign reserves out of dollars.
    http://business.guardian.co.uk/story/0,,2206584,00.html

  7. #37
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    I don't really know how significant it is. At a guess, I'd say quite but not very, if only because those predicting it means the death of America tend to sound like they're making a wish.

    Anyone here who knows what they're on about (3underscore? robjc?) care to enlighten us?

  8. #38
    nomadologist Guest

  9. #39
    nomadologist Guest

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    Quote Originally Posted by vimothy View Post
    So?



    Prices are down on their 1980 high, the peak of $95 per barrel.

    If we exclude the spikes caused by geopolitical events, real oil prices have followed a downward trend from the mid-1970s until the late 1990s.

    Now look at the last couple of years. Starting in 2003, crude prices climbed from $30 to around $45 by the end of 2004. Since the beginning of 2005, they have gained another 50%. This may be related to the second war in Iraq and the general political situation in the Middle East. But note that even after the recent run-up, a barrel of oil costs about the same as in mid-1982, when prices were going down.


    In his challenging 1981 book The Ultimate Resource, Simon showed that resource prices had generally decreased over time. The relative price of oil (in terms of other goods) has fallen by perhaps as much as two-thirds between the 1860s and today. During the same period, the price of oil in terms of salaries has decreased by more than 90%.


    http://www.mises.org/story/1892
    You get your information from extremely biased sources.

  10. #40

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    Quote Originally Posted by nomadologist View Post
    You get your information from extremely biased sources.


    There's a simple solution to that, nomadologist. Just post a link to your source for changes in the real dollar price of oil. (It is publically available infomation, after all).

  11. #41
    nomadologist Guest

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    Oil's recent rise not as familiar as it looks;

    http://www.washingtonpost.com/wp-dyn...l?hpid=topnews

  12. #42
    nomadologist Guest

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    Quote Originally Posted by vimothy View Post


    There's a simple solution to that, nomadologist. Just post a link to your source for changes in the real dollar price of oil. (It is publically available infomation, after all).
    http://news.yahoo.com/s/ap/20071107/..._ge/oil_prices

    I just did, if you scroll up

  13. #43
    nomadologist Guest

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    if i were less of a pussy, i would go 80m8 the pipelines that flow in every direction north and south all over the U.S.

  14. #44

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    Quote Originally Posted by crackerjack View Post
    I don't really know how significant it is. At a guess, I'd say quite but not very, if only because those predicting it means the death of America tend to sound like they're making a wish.
    An oil exchange trading in Euros could be significant. But can you really see investors writing contracts in Tehran instead of New York or London? Not convinced - I think that it's more like good propaganda for Iran, and their inability to meet their own deadlines for opening supports that view.

  15. #45
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    Hahaha, this 'coded' bomb-talk is cracking me up.
    Doin' the Lambeth Warp New: DISSENSUS - THE NOVEL - PM me your email address and I'll add you

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