India and Iran ditch Dollar, India to buy Iranian oil with GOLD!!

I think the irony is that American policy is actually very unified and consistent. But the efforts to artificially divide opinion and thus give voters a choice to 'have a say' in the running of the country by accentuating the differences between the front that is the political parties is now backfiring.

There is a way out. The parties can both admit that it is corporate interests through political donations and favours that shape policy and not the population. That could unify opinion. Give the running of America back to it's people! I like most of the Americans I've met. Same as any group.

 

Still gonna need dollars to buy gold.

LOL

 

Actually Saddam DID ditch USD, he was trading oil in Euro's for 3 years; making a bundle off the better currency. Then GWB invaded and the very day Saddam was toppled, he changed Iraq's oil trade back to USD.

Other countries who've dared to sell oil in non-USD? Venezuala and Iran.

Do you see the trend here?

 

Oh please... India needs to fuel.. They can't do without because we are trying to squeeze Iran for Israel's sake.

 

A fair summary Peter .
India has had preliminary discussions with at least Russia and China about moving away from the US $ as the reserve currency , so I see nothing surprising in this news .
India is a huge net Gold purchaser and second only to China I believe .
Who knows , it may have been cheap for India to pay in gold --- they are buying Oil when Gold is ca 1700 and perhaps they bought that Gold ( for Oil payment ) at 1200 , say . Simple good business .
They are also aware that Gold is expected to rise to a minimum of 2000 this year , so that replacement buys between 17000 and 1800 will look "cheap" in a short time .

 

Well, that's what I said. Domestic economic needs override international allegiances. That's what non-alignment means, and India will point to its traditional non-commitment position if questioned about its timing of the Iran oil deal.

 

Don't also forget how the elite circles always brag they're the winners because they're good opportunists. It seems everyone now is playing on this theme.

 

To recap, since Bush's first term, India seemed to have gravitated towards an alliance with Israel, seemingly as long as the Coalition forces were engaged against Islamic militants in Afghanistan who were at risk of extending their activities into Kashmir vowing for its independence. Now however, India decided nuclear armed or unarmed Iran is not a threat to it, so it feels its interests be better served by competing and outbitting the Chinese for Iran oil. So India simply fell back on its traditional policy of non-alignment.

 

Yeah and Obama put the kabosh on a steady oil supply from a good neighbor.

 

India has been friendly with Israel a lot longer than that. Israel LOANED US money from the loans and grants to develop India's nuclear program.