Obama's grandstanding before the U.N. Security Council reminded many of Colin Powell's infamous speech. As Secretary of State, Powell had briefed the U.N. On Iraq's mythical weapons of mass destruction, complete with bogus intelligence reports and even fake diagrams. His diatribe helped convince the Security Council to back the US invasion of Iraq.
Of course Powell was lying. There were no WMDs in Iraq, they were an excuse used by the neo-cons to justify the war. The truth was, Saddam Hussein had ordered his country to conduct all oil trade in euros, just as Iran has done.
The Obama administration has failed to impose new sanctions on Iran through the U. N., which means they've failed to stop Iran's oil trade in euros.
What they have done is unite Iran's trade allies in a common cause; dethroning the dollar. Several state-run Chinese companies are already purchasing Iranian oil with euros, and supplying Iran with gasoline in return. Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. Dollar.
On October 26, the Iranian Oil Bourse opened as a new market for oil trade on the Persian Gulf island of Kish. According to the Tehran Times:
The oil bourse is intended as an exchange market for petroleum, gas, and petrochemicals in various currencies, primarily the euro and Iranian rial, and a basket of other major currencies.
Just two days later, the United States pressed ahead with unilateral sanctions in an attempt to curtail this trade. The US Congress has passed the Iran Refined Petroleum Sanctions Act, (IRPSA). This bill prohibits firms that supply Iran with petroleum products from doing business in the United States.
Congressman Howard Berman declared that; � ���"Iran, the leading state sponsor of terrorism, will be prevented from acquiring the capacity to produce nuclear arms."
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