iran is everywhere in the news today. the stock market is very nervous. before we blindly accept another military action on the basis of weapons of mass destruction, maybe we should pause to reflect on what we would REALLY be fighting for.
currently oil is traded only in two markets, the NYMEX in new york and the IPE in london. both are controlled by US interests, and all transactions are in US dollars. the iranian oil bourse is scheduled to open this spring, and will create a new exchange where trade is conducted in euros. if this exchange is successful, it could have a profound effect on the world economy, and the value of the dollar.
i am not going rehash what others have written more capably, but if you are interested, you should read this article, and this one has more details. and in the interest of opposing viewpoints, check this one out.
going down the road to military action in iran is a more unwinnable mission than iraq. they ARE playing hardball, there is no question about it. but we should be very clear about what we can do about it, and HOW. and it shouldn’t escape our notice that beijing and moscow are heavily invested in iran.
At the end of 2004, China became
Iran’s top oil export market. Apart from the oil
and natural gas delivery contracts, the massive
investment being undertaken by China’s state-owned
oil companies in Iran’s energy sector contravenes
the US Iran-Libya Sanctions Act. This law
penalizes foreign companies for investing more
than $20 million in either Libya or Iran.
Side-stepping US laws is nothing new for
China. Beijing, as well as Moscow, has supplied
Tehran with advanced missiles and missile
technology since the mid-1980s. In addition to
anti-ship missiles like the Silkworm, China has
sold Iran surface-to-surface cruise missiles and,
along with Russia, assisted in the development of
Iran’s long-range ballistic missiles. This
assistance included the development of Iran’s
Shihab-3 and Shihab-4 missiles, with a range of
about 2,000 kilometers. Iran is also reportedly
developing missiles with ranges approaching 3,000
the united states has an ignoble history in iran, notably the successful CIA action to remove the prime minister, mohammed mossadegh. we should do everything we can to not add to that history.