Comment on Shart of The Deal
shawn1122@sh.itjust.works 21 hours agoIt’s not just about how useful the dollar is to Iran, it’s about making it less useful to other countries also.
If Iranian oil is back on the market there will be a lot of interested buyers. If it’s only sold in yuan or crypto.
The petrodollar wasn’t going to last forever youre right but there are many parties interested in ending it sooner than later.
UnderpantsWeevil@lemmy.world 11 hours ago
For Iran, specifically, there’s no incentive to accept reparations payments in a currency they can’t easily collect or exchange. Yuan makes sense, because China is one of their biggest trading partners. Bitcoins make sense because they’re easy to launder and can be transferred independent of the NATO-based financial systems.
It’s more Qatari and Kuwaiti oil at issue. Iranians are just rent-seeking off the most expedient shipping lane.
The petrodollar is arbitrage between Middle Eastern raw materials and the western banking system. It could move to the PetroEuro without a meaningful change in foreign policies. Or the PetroLoonie or PetroPound for that matter. All of these countries are in agreement that the Persian Gulf states need to play a secondary role in the global economy.
What Iranians are hoping to change isn’t the primary currency of the region, but the balance of power between US/EU colonizers and local people.
The very act of securing the Straight and collecting rent on passage is a huge step in that direction, regardless of what currency they collect their fees in. It’s a material change, not just an accounting shift.
shawn1122@sh.itjust.works 5 hours ago
Agreed thanks for the insights.