Obama in another article has submitted to congress
requesting to increase the 1.2 trillion dollars limit it can borrow to cover
deficit meaning the U.S. economy is still in the doldrums. This will further increase
USA’s debt of more than 16.2 trillion dollars and yet this beast is bullying
other nations not to buy Iran’s oil threatening to punish countries paying oil
through Iran’s Central Bank. Oil prices are soaring putting more pressure on
the world’s economy especially of developing countries while USA/EUROPE becomes
an EMPIRE DEBTOR. If Iran survives this embargo; it will turn out to be a
blessing in disguise because oil doesn’t get spoiled unlike an organic matter. It
can’t be denied we have reached the age of “peak oil” meaning oil is running
out. They have to pump sea water into some oil fields in the gulf to push the
remaining oil out not to mention resorting to oil fracking in USA that is proving
to be an environmental hazard. Embargoing Iran’s oil is comparable to ‘forced
hoarding’ for a better price in the future…believe it or not. While the west suffocates
under mounting debts; Arab oil producing nations are buried under mountains of
cash not knowing what to do with the extra cash but ah; they are spending 123 billion
dollars to build roads, bridges and railroads across the Arabian Peninsula. God
is still the better planner :-)
QUOTE:
The
bottom line is that average Iranians will suffer - as average, crisis-hit,
indebted Europeans will also suffer. The US economy will suffer. And whenever
it feels the West is getting way too hysterical, Tehran will keep reserving the
right to send oil prices skyrocketing.
The regime in
Tehran will keep selling oil, will keep enriching uranium and, most of all,
won't fall. Like a Hellfire missile hitting a Pashtun wedding party, these
Western sanctions will miserably fail. But not without collecting a lot of
collateral damage - in the West itself.
The US-Iran Economic War
By Pepe Escobar
By Pepe Escobar
January 06, 2011 "Asia Times" -- NEW YORK - Here's a crash course on how to further wreck the global economy.
A key amendment to the National Defense Authorization Act signed by United States President Barack Obama on the last day of 2011 - when no one was paying attention - imposes sanctions on any countries or companies that buy Iranian oil and pay for it through Iran's central bank. Starting this summer, anybody who does it is prevented from doing business with the US.
This amendment - for all practical purposes a declaration of economic war - was brought to you by the American Israel Public Affairs Committee (AIPAC), on direct orders of the Israeli Torrents of spin have tried to rationalize it as the Obama administration's plan B as opposed to letting the Israeli dogs of war conduct an unilateral attack on Iran over its supposed nuclear weapons program.
Yet the original Israeli strategy was in fact even more hysterical - as in effectively preventing any country or company from paying for imported Iranian oil, with the possible exceptions of China and India. On top of it, American Israel-firsters were trying to convince anyone this would not result in relentless oil price hikes.
Once again displaying a matchless capacity to shoot themselves in their Ferragamo-clad feet, governments in the European Union (EU) are debating whether or not to buy oil from Iran anymore. The existential doubt is should we start now or wait for a few months. Inevitably, like death and taxes, the result has been - what else - oil prices soaring. Brent crude is now hovering around $114, and the only way is up.
A key amendment to the National Defense Authorization Act signed by United States President Barack Obama on the last day of 2011 - when no one was paying attention - imposes sanctions on any countries or companies that buy Iranian oil and pay for it through Iran's central bank. Starting this summer, anybody who does it is prevented from doing business with the US.
This amendment - for all practical purposes a declaration of economic war - was brought to you by the American Israel Public Affairs Committee (AIPAC), on direct orders of the Israeli Torrents of spin have tried to rationalize it as the Obama administration's plan B as opposed to letting the Israeli dogs of war conduct an unilateral attack on Iran over its supposed nuclear weapons program.
Yet the original Israeli strategy was in fact even more hysterical - as in effectively preventing any country or company from paying for imported Iranian oil, with the possible exceptions of China and India. On top of it, American Israel-firsters were trying to convince anyone this would not result in relentless oil price hikes.
Once again displaying a matchless capacity to shoot themselves in their Ferragamo-clad feet, governments in the European Union (EU) are debating whether or not to buy oil from Iran anymore. The existential doubt is should we start now or wait for a few months. Inevitably, like death and taxes, the result has been - what else - oil prices soaring. Brent crude is now hovering around $114, and the only way is up.
Please read full article:
'via Blog this'
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