West Threatens Iran

Obama Threatens Iran

Here is what the main stream corporate media said today:

President Barack Obama declared today that Iran is on a path to confrontation with world powers unless it agrees to “come clean” and disclose all its nuclear activities. He said he would not rule out military action.

Obama joined the leaders of Britain and France in accusing the Islamic republic of clandestinely building an underground plant to make nuclear fuel that could be used to build an atomic bomb. Iranian officials acknowledged the facility but insisted it had been reported to nuclear authorities as required.

“Iran’s action raised grave doubts” about its promise to use nuclear technology for peaceful purposes only, Obama told a news conference at the conclusion of a G20 summit whose focus on world economic recovery was overshadowed by disclosure of the Iranian plant.

Obama seemed to hold out limited hope that a meeting next week between Iran, the US and other world powers would lead to resolution of the nuclear standoff.

“When we find that diplomacy does not work, we will be in a much stronger position to, for example, apply sanctions that have bite,” he said. “That’s not the preferred course of action. I would love nothing more than to see Iran choose the responsible path.”

So would you really like to know what is going on? Hold on to your hats!

Iran replaces Dollar with Euro in FX

Iran’s President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in the country’s foreign exchange accounts.

The September 12 edict was issued following a decision by the trustees of the country’s foreign reserves, Mehr News Agency reported.

Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country’s oil transactions. Iran has called on other OPEC members to ditch the sinking dollar in favor of the more credible euro.

Following the switch, the interest rate for the facilities provided from the Foreign Exchange Reserves will be reduced from12 to 5 percent.

Since being introduced by the European Union, the euro has gained popularity internationally and there are now more euros in circulation than the dollar.

The move will also help decouple Iran from the US banking system.