[Marxism] Iran counterattacks

Louis Proyect lnp3 at panix.com
Mon Jun 9 12:13:40 MDT 2008

Eli Stephens wrote:
> Europe pays the price for its kowtowing to the American warmongers...
> Iran pulls assets out of Europe banks
> Mon, 09 Jun 2008 21:27:09
> Iran has withdrawn a huge sum of its foreign exchange reserves from European 
> banks and has deposited some of it into Asian banks.
> "Based on a decision made by a government working group, Iran has switched to 
> 'genuine' assets like gold and shares... We have decreased our foreign currency 
> holdings in international banks," said Iran's Deputy Foreign Minister for 
> Economic Affairs, Mohsen Talaei.

Speaking of which, this is an interesting exchange under Yoshie's latest 
post to Lenin's Tomb, which suffers far less from the usual apologetics.

It is using the waning but still existing dollar hegemony to deny Iran, 
as well as other targets like Cuba and Venezuela, an ability to conduct 
dollar transactions, cut it off from the international financial system, 
and isolate it economically from the rest of the world.

Except that it has failed. Despite American bluster and belligerence, 
Iran is anything but economically isolated from the rest of the world: 
its economic fate is now intricately tied up with that of China, its 
biggest trading partner.

China's largest oil supplier is ... Iran (while around 98 percent of 
Japan's imports from Iran are ... oil).

China has an agreement to buy 250 million tons of liquefied natural gas 
from Iran over 25 years. Iran is also exporting 150,000 barrels of crude 
oil per day to China for 25 years at market prices. (Meanwhile, Israel 
and the U.S. accuse China of selling nuclear and missile technology to 

And more: China's oil major, the Sinopec Group, is developing with Iran, 
in a deal worth $100 billion, the huge Yadavaran natural gas field, 
while a consortium of Japanese companies and the Iranian government are 
presently developing Iran's Azadegan oil field, one of the world's 
largest, in a project worth billions. China is also building Tehran's 
metro systems, and the Chery Automobile Company, China's eight largest, 
opened its first overseas production plant in Iran.

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