The Iranian Oil Bourse establishing Euro-based pricing of oil is set to open on February 17th 2008 and could have devastating effects on the US dollar.

Currently all three major oil markets (WTI, NYMEX, IPE) trade barrels of oil in US dollars. Consequently any country buying oil needs dollars to pay for it. This enables the US Federal Reserve to issue huge volumes of dollars to meet increasing demand for oil. In return oil producing nations invest dollar proceeds in US treasury bills, allowing for the current US budget deficit.

But this balance may become unsettled after a fourth major oil market opens this month, trading in Euros: the Iranian Oil Bourse (IOB).

Unlike other bourses, the IOB relies on a peer-to-peer trading model, using the Internet. IOB has been in the works for several years and encountered many hurdles on the way, the last of which are severed underwater internet cables creating an Internet outage throughout the Middle East days before the IOB's opening and prompting conspiracy theories. In recent years the US has outfitted some of its submarines with the capability to splice optical fiber underwater so these theories may not be far-fetched.

Having the world's second largest oil reserves of 136 gigabarrels, Iran will likely extend its influence on financial markets when the IOB opens. Although under-reported by the media, this historical shift and its consequences should be watched closely.
Companies in the Oil Business For the Long Haul by

The US has for a long time been planning to implement a North American Union (NAU) which will basically be the States, Canada and Mexico. A combined currency is the first step in this (lets call it the "Amero" as a nice contrast to the "Euro").

Unthinkable a while back.. but now with their currency losing value to the Euro every day.. well the unthinkable is becoming a reality.

Devaluation of their own currency is a step in a wider plan of consolidating the North American continent (unofficially at first of course).

Canada has mineral wealth (especially under the ice up north if you're looking for oil).. Mexico has more people than they know what to do with, and America has the military and cultural supremacy.

Watch for the signs.. they'll devalue their own currency to create economic hardship. Then they'll demonise outsiders as boogeymen (those pesky chinese/ruskies/arabs/etc.. take your pick).