[Marxism] The IMF's New World Order (The Observer - UK)

Steve Masterson 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
  (http://observer.guardian.co.uk/business/story/0,,1810488,00.html) doesn't 
  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 Orwell’s 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
  Asia Times:
 '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.'
  "Full: http://www.atimes.com/atimes/Middle_East/HA21Ak01.html"
  This nonsense normally comes from some right-wing sources, who argue
  it doesn’t 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

To help you stay safe and secure online, we've developed the all new Yahoo! Security Centre.

More information about the Marxism mailing list