[Marxism] The IMF's New World Order (The Observer - UK)
steve4masterson at yahoo.co.uk
Mon Jul 3 05:01:24 MDT 2006
Marvin Gandall marvgandall at videotron.ca
Sun Jul 2 04:42:06 MDT 2006
Steve Masterson wrote:
...it is about the threat the new Iran Oil Bourse (due to open shortly), set
to trade oil in euros, which may well precipitate the dollar's collapse.
Read why the US dollar is on the verge of collapse at:
Marvin Gandall replied:
Today's Observer article referred to in the subject line
make any allusion to the Internet hokum circulating about the proposed
Iranian oil exchange as a secret weapon which will vaporize the US dollar
and bring the US Empire crashing down. I've seen nothing in other
commentaries to suggest the "Iran oil bourse" will be discussed at IMF
and G8 meetings later this month, or that there is any ruling class concern
at all about it.
STEVE: Marvin, My opening para stated, This apparently insignificant
event (opening of the Iran Oil Bourse IOB) has consequences far greater
for the US people, indeed for us all, than is imaginable. Anyone actually
reading the article will realise it is the growth of the euro as an alternative
global reserve currency that threatens the dollar. The Iran Oil Bourse
could merely be regarded as the straw that breaks the dollar.
Secondly, I made clear that the IOB may well spark a crash for the dollar,
not vaporise it. Nor did I say it will bring the US Empire crashing down.
Rather, though I did not deal with this in the article, it is likely that its crash
will precipitate a rapid re-division of the world into three main imperialist
blocs: a China-plus bloc (SCO), an EU-plus bloc, and a US-plus bloc,
and your government is already preparing for Candian subjugation with
NAFTA-Plus and the SPPNA. George Orwells 1984 is coming very true.
Thirdly, you seem to expect the ruling class, the IMF and G8 to talk openly
to the public about their main concerns in the world such a reliance on
bourgeoise statements. Marxists have to learn to read behind the
appearance of things.
Marvin, you wrote:
"Maybe the currency speculators, oil traders, and central bankers just
haven't been paying attention. Plans for the oil bourse were announced two
years ago, but that didn't prevent the dollar from rising over that period.
Again you seem to rely heavily on what bourgeois sources say.
And what utter nonsense Marvin! The Bourse was announced in June 2004 when
the euro was at $1.18 against one dollar. The euro then soared to its highest ever
against the dollar of $1.38 over the next year, though I am not saying it was
all, or even mainly, to do with the Bourse announcement. Read my article
again and you will see that I wrote about this, and also provided the evidence:
In June 2004 Iran announced it would build an oil bourse to rival London
and New York, and again, the euro rose. The euro stands at $1.27 and has
been climbing of late.
See the European Central Bank history of the euro/dollar:
Marvin, as a main evidence you quote another bourgeois source:
"Iran, incidentally, seems to have gotten the idea from Chris Cook, a former
director of the International Petroleum Exchange, who recently wrote in the
'It is therefore with wry amusement that I have seen a myth being widely
propagated on the Internet that the genesis of this 'Iran bourse' project is
a wish to subvert the US dollar by denominating oil pricing in euros.'
" 'As anyone familiar with the Organization of Petroleum Exporting Countries
will know, the denomination of oil sales in currencies other than the dollar
is not a new subject, and as anyone familiar with economics will tell you,
the denomination of oil sales is merely a transactional issue: what matters
is in what assets (or, in the case of the United States, liabilities ) these
proceeds are then invested.'
This nonsense normally comes from some right-wing sources, who argue
it doesnt matter which currency oil is traded in as currencies are all floating
and inter-changeable. It is best dealt with by expert Coilin Nunnan on an
excellent discussion list at:
Marvin, you wrote:
In the meantime, the central banks in the US, Europe, China, and Japan
are trying to effect an "orderly readjustment" of global exchange rates to
gradually bring the dollar down against foreign currencies
Well your economic gurus have got it all sorted then Marvin. But
the catastrophobia plaguing your brain, and some others on the left,
will be sorted by events.
Comradely - Steve M
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