Google: Iranian Oil Bourse

I picked one, here are some quotes:

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"On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release.

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But what is the M3? And how is it relevant?

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M0 (M Zero) is simply how much physical American money is in circulation, both coins and bank notes. M1 is M0 plus all the money that's in a bank that someone could withdraw immediately (usually known as "checking" accounts). M2 is M1 plus other types of accounts, including money markets and smaller CDs (under $100,000).<br

M3, the one that will no longer be printed, is M2 plus Eurodollars. While Eurodollars sounds like plastic money used at EuroDisney, it actually refers to dollars being held in non-American banks (originally most dollars held overseas were in European banks, but "eurodollars" could just as easily be held in China).

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Why does this matter? Why would keeping track of how many dollars are being held overseas matter to anyone except perhaps some bankers?

The answer has to do with oil. Texas tea. Black gold. The stuff which wars are fought over, and alliances made to crush human rights in order to obtain a steady supply of it.

While oil can be drilled and refined and transported anywhere, there's only two places where it can be officially purchased. One is in New York City on the NYMEX stock exchange and the other in London on the IPE exchange. I should mention that London's IPE is actually now owned by an American country named "ICE".

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So back to the Fed and their decision to stop reporting the holdings of dollars overseas. Why does that matter?

There is a lot of speculation out there, but one good guess is that Spring 2006 is when Iran's oil bourse will debut.

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Iran had originally scheduled to open its bourse (or stock exchange where oil could be sold and bought in Euros) in 2005. That obviously hasn't happened, but now the date is set for Spring 2006. Exactly when the Fed says it will stop printing statistics of how many dollars are in existance overseas. In fact, just this week the Iranian government has issued preliminary licenses to trade on that bourse.

What's not well known is that Saddam Hussein decided to switch from selling Iraq's oil in dollars to Euros in November 2000. This was not widely reported.

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That being said, it does seem ominous that the Fed wants to stop printing the statistics of how many dollars are being held overseas precisely when those amounts may go down dramatically.

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The conclusion is that the Federal Reserve will be hiding a debasement of the US$.

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Of course most of the saber-rattling is over Iran's nuclear program and the word "bourse" is never mentioned."

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