Iran: Electricity Rationing up next?

According to Rooz, the bearded, short one in the Members Only jacket is calling for it.

A week after launching his gasoline rationing scheme, which led to violence across the country, president Ahmadinejad announced his desire to replicate to replicate the idea for electricity as well. Speaking at the inauguration ceremony of Shahid Reyis Ali Delvari dam in Bushehr province, he referred to gasoline rationing and announced, “This type of conservation could also be applied to electricity consumption.”

They're producing record amounts - but...

The president of the Islamic Republic spoke of the need to conserve electricity at a time when just last week the minister of power boasted a record amount of electricity produced in the country last year. “If no unexpected problem occurs and power consumption does not radically change during peak hours, we shall not have the expected power breaks,” he said.

Who you gonna believe? The minister? Or the black outs?

These words of the minister of the ninth Islamic government were made at a time when during the past recent weeks the country experienced extensive black outs, which experts have attributed to the run-down and limited capacity of the power grid, “parts of which are over 50 years old, requiring renovation.”

Especially when the minister appears to be talking out of both sides of his mouth...

The president’s comments gain weight when one notes that just last week the ministry of power called on the public to conserve on power consumption warning that if they did not, they would face power cuts.

Faster please, on the sanctions.

Iran: Ouch! Those sanctions do hurt!

Oil Minister Kazem Vaziri Hameneh speaks out about the sanctions - don't look for him to be oil minister for long....

Iran admitted on Tuesday that international sanctions imposed over its controversial nuclear programme were harming its ability to invest in oil infrastructure, the backbone of its economy.

"The problems that they have made for banks have troubled financing of some projects," Oil Minister Kazem Vaziri Hamaneh told the official IRNA news agency. He said that the government was attempting to use its own resources, built up from windfall receipts resulting from the high world oil prices of recent years, to make up for the shortfalls in foreign investment.

Hamaneh's admission contrasted with comments by hardline President Mahmoud Ahmadinejad on Friday in which he insisted that Iran was unfazed by the prospect of further sanctions. "They cannot hurt us, not that they don't want to but because they are incapable of doing do as they are in a difficult situation," he said.

In other Iranian oil related news:

Mortar aimed at gas station in Tehran fails.

80 arrested in fuel protests.

Hugo to the rescue. Venezuela to sell Iran some gas.

Ahmadinejokes and armed guards at gas stations

From the article: Iran curses Ahmadinejad over petrol rationing.
"On the orders of President Ahmadinejad, those who are short of petrol can have a ride on the 17 million donkeys who voted for him."

Get used to it Iranians: Tighter rationing controls on the way.


Smart Money: The Smart Card system used to monitor gas usage costs 70 million to install.

From the article: Iranian leaders defend fuel rationing. It will make them INVINCIBLE!

The government began fuel rationing Wednesday, driving angry Iranians to smash shop windows and set fire to more than a dozen gas stations in the capital Tehran and several other cities. With armed guards protecting gas stations, the country calmed down the next day, but Iranians have continued to criticize the new measure, prompting Saturday's defense.

Hard-line President Mahmoud Ahmadinejad said Saturday that reduced reliance on imported gasoline would make the country less vulnerable to international pressure, at a time when Iran is at odds with the West over its nuclear program. "Enemies have confessed to this important reality that if fuel consumption is contained and reduced, Iran will become invincible,'' Ahmadinejad was quoted by the broadcast as saying.

And not only will they be INVINCIBLE - they will be GREEN.

And oh so courageous. Khamenei says: Gas rationing move "brave" (and if the Iranian people think the money saved on gasoline imports will be spent on improving their living conditions - well, that joke is on them...)

Khamenei suggested the money Iran could save through the scheme -- gasoline imports cost it $5 billion last year -- should be used to improve living conditions."If this huge amount decreases eventually, certainly it will be spent on issues related to people's lives, employment and building roads and schools," he said.

Speaking of the people, they are saying, “cannons, tanks, fire arms / Ahmadinejad must be dead.” Gasoline rationing causes chaos in Tehran.

From the dissident ranks: Petrol in the Flames of War.

...And so the “kind” administration in Iran is spending the wealth and resources of the people for an unequal war, while zooming its eye on the leadership of the Islamic world and the toppling of the “infidels”.

And that's no joke!

Iran: Gas pains to continue despite protests and riots

The plan will cause no problems for the people...The rationing was something which had to be done and will eventually be to the benefit of all people and also reduce air pollution...we cannot spend major parts of our oil revenues for importing petrol..."

Iran will continue petrol rationing despite protests and riots throughout the country, Iranian Oil Minister Kazem Vaziri-Hamaneh said Friday.

'This decision has been approved by the parliament and therefore the government is determined to implement it,' the minister told Mehr news agency.

In the Friday prayer ceremony in Tehran, Ayatollah Ahmad Jannati called on the people to remain calm.

Since rationing took effect on Wednesday, the capital Tehran faced a visible decrease of traffic jams and also the air was much cleaner in the last 48 hours, realising at least two of the main aims of the rationing plan. (this smells like taquiyah to me-yah)

Hey, quit your bellyaching! You're going nuclear!

More on the Iranian gas pains...

Iran Police on Patrol after Petrol Rationing Protests

Iranian police were on patrol in Tehran on Thursday on alert for any further violent protests over the introduction of petrol rationing in the world's fourth largest oil producer.

A dozen petrol stations were set ablaze in violence that erupted late Tuesday and angry motorists queued for hours throughout Wednesday to fill up their tanks after the government's sudden announcement. But on Thursday, state-run television said the streets were calm and no further trouble had been reported near petrol stations despite long lines of cars still waiting at the pumps.

"The situation in the city is calm and the police are patrolling the city's main roads and squares," Tehran metropolitan police spokesman Mahdi Ahmadi was quoted as saying by Iran's energy news agency Shana. "Thank God there was not any report of any kind of unlawful act in Tehran last (Wednesday) night."

More...

Meanwhile, behind closed doors: Majlis holds unofficial session behind closed doors

And Negative Stories about the rationing are banned. Oh, and the number of stations burned is now up to 19.

Iran: Rationing sparks anger (and fires at the pump!)

Iran fuel rationing sparks anger, pump stations burnt

Angry Iranian motorists queued for gasoline on Wednesday hours after the world's fourth largest oil exporter imposed fuel rationing, sparking chaotic scenes and the torching of two pump stations in the capital.

Drivers raced to fill up their tanks late on Tuesday after the Oil Ministry announced the delayed scheme would finally go ahead at midnight after months of confusion and conflicting statements, forming lines that stretched hundreds of meters.

"Gas, tanks, fireworks, Ahmadinejad must be killed." was the chant.

Gateway Pundit has video here.

Update: Iranian Parliament convenes emergency session.

The Iranian parliament has convened an emergency session attended by the interior and oil ministers to discuss the riots sparked late on Tuesday by the introduction of petrol rationing and price hikes aimed at ending Iran's dependence on imported petrol. A group of MPs has tabled an urgent motion proposing an immediate halt to the limit on private drivers of 3.3 litres of petrol per day, terming the measure unpopular and provocative. The government fears the United Nations may cripple the Iranian economy by introducing fresh sanctions sharply curbing exports of Iranian crude oil and fuel imports.

Iran: To run out of cash to import gasoline in August

Time for plan C? (Plan B didn't work. Neither did Plan A. And whatever happened to the Iranian petro bourse?)

Iran, which imports more than 40 percent of the gasoline it uses, will run out of funds to import the commodity in early August, forcing the country to either increase its budget for imports or start rationing.

More than $1.5 billion of the $2.5 billion budgeted for gasoline imports this year has already been spent, Hojatollah Ghanimifard, National Iranian Oil Co.'s executive director for international affairs, said today to Shana, the Iranian oil- ministry's press agency. The rest will be spent over the next 1 1/2 months, he predicted. In 2006, Iran's parliament had to approve an emergency budget extension of $2.5 billion to bridge the gap. The Islamic republic has tried for more than a year to implement a gasoline-rationing program to curb consumption. Demand is buoyed by subsidies and supply is restricted by waste and scant refining capacity. Service stations in Iran offer the fuel at 1,000 Iranian rials a liter, or about 42 U.S. cents a gallon.

Earlier this month, Iran pushed back a rationing plan until late July to give the government more time to agree on a quota for drivers. An initial plan to limit consumption to as little as three liters a day per car was dropped last September because of fears of popular discontent.

And it looks like some of the remoter areas of Iran are already having gas pains... Rural Gas Distribution Criticized.

Oil Minister Kazem Vaziri Hamaneh will attend a Majlis session today to respond to a number of questions on poor gas distribution to rural districts. Lawmakers are critical about the ministry’s performance in supplying gas to remote and deprived villages, Mehr reported on Monday.

Hmm. What will August bring? Will it suddenly get awfully hot in the Straits of Hormuz?

Update: Japanese banks curb loans to Iraq - and they're refusing to pay for their oil imports in currencies other than US dollars. Arigato gozaimasu, Japan.

Japan’s banks are stepping up financial pressure on Iran - restricting loans and rejecting an Iranian request to pay for oil imports in currencies other than dollars, Britain’s Financial Times quoted banking and official sources as saying.Three Japanese banks - Bank of Tokyo Mitsubishi UFJ, Mizuho, and Sumitomo Mitsui – had informed the Iranian authorities in April that they would not conduct new business in Iran, the FT quoted a senior banker as saying.

More Iranian gas pains

Stockpiling, fights and fires break out in advance of the decision.

Iran will decide next week on when to start rationing subsidised gasoline, Oil Minister Kazem Vaziri-Hamaneh said on Thursday, two days after a lawmaker said the controversial scheme would be delayed until late July.

The minister's comments came after reports over the past week of Iranians stocking up on gasoline and fights breaking out among some queuing motorists amid uncertainty over when the plan would take effect.

Rationing for government employees took effect last month.

Iranian cash crunch?

Can you spell S-A-N-C-T-I-O-N-S?

From Mehr News: Iran to offer $1.6 billion to stock purchasers - incentives for big cash payments. (and does it look to you like Mahmoody Doody shares in the proceeds? It does to me!)

Iran’s Executive Headquarters of Article 44 of the Constitution here Thursday
urged banks to offer 15 trillion rial ($1.6b) facilities to purchasers of state-run companies’ stocks. The incentive is earmarked for the purchasers of large blocks of state stocks who pay at least 30% of the price in cash. The Headquarters is headed by Presiden Mahmud Ahmadinejad who also ratified the setup of state-funded Cooperative Development Bank by late July and partly shares in the sale.

And in another cash generating move - Iran to list 15 oil companies for privatization. Makes me wonder who's Members Only jacket pocket this cash will end up in?

There's more: Iran to set up power bourse. Maybe they will have better luck with this than they did with the long threatened petroleum bourse that was going to bring the great Satan to its knees. You can read the history of the oil bourse here, here, here, and here. As of 4/9/07 there was STILL no Iranian Oil Bourse in sight.

Or the metals bourse where mafia figures are reported to be at the helm, there are rumors of hoarding and steel prices have increased 15% since January...

Never fear! The Iranians have launched another bourse to save the Iranians from their current economic woes... are you ready for the PERSIAN CARPET BOURSE?

More Trouble in Iranian paradise

Remember the Iranian gas rationing scheme? Well, now there's this:
Iran interest rate cut sparks panic selling

Methinks, the littlest theocrat is in over his wee head. I smell panic.

Iran's financial system suffered a fresh jolt yesterday with panic selling on the stock market after the president, Mahmoud Ahmadinejad, abruptly ordered banks to cut interest rates sharply, despite surging inflation.

The order, which Mr Ahmadinejad issued by telephone during a visit to Belarus and which flew in the face of expert advice - has triggered warnings of a financial crisis and spiralling corruption amid fears of a capital flight from the country's lending institutions.

Mr Ahmadinejad's decree forced all state-owned and private banks to slash borrowing rates to 12%. Inflation is officially 15% but is generally believed to be much higher. State banks had been offering rates of 14%, while those in the private sector ranged from 17% to 28%.

The decision caused panic in the Tehran stock exchange, with private banks losing much of their share value overnight. Shareholders in one bank, Karafarin, queued on Wednesday to sell their stock when previously there had been 1.2 million applicants to buy its shares.

And about that gas rationing scheme? The one that resulted in lines at the Iranian petrol station? Timing is everything, Mahmoud....

The rate cut was imposed at the same time as Mr Ahmadinejad raised the price of petrol by 1p to 5p a litre. That caused anger among motorists, who expected a new rationing system to be introduced on Tuesday. The government has postponed rationing until next month, citing difficulties in introducing the necessary technology to filling stations.

Update: Ahmadinejad rebuked over incomprehensible rate cut.

Iranian gas rationing set to begin May 22

Iran’s Oil Ministry is set to begin gasoline rationing on May 22.

However, with only 12 days left until the rationing plan is to be implemented, no decision has been made on how many liters each car will be allowed to consume per day or month at the fixed price of 1000 rials per liter.

In the Majlis bill on gasoline rationing, MPs left it to the Ahmadinejad administration to decide the price of gasoline sold outside the rationing system. Even though unofficial reports have put the free market price at about 3000 rials (33 U.S. cents) per liter, some administration officials say the final price is still being debated.

Over the past decade, billions of dollars have been spent subsidizing gasoline.

I think this is a government gimme that if removed will make a lot of Mo Blows mad at the regime. Just sayin.

Supreme Leader commends Iranian workers...

Al Khameinei plays pander bear.
Supreme Leader of the Islamic Revolution Ayatollah Ali Khamenei on Monday highlighted the significant status of labor in the country's economic development. In a meeting with several thousand workers in Tehran on the eve of Labor day, May 1, the Supreme Leader said that the government should draw up a suitable program to clarify relations between the workers and investors and help remove the concerns mainly that of the labors.

Ayatollah Khamenei said that clarified relationship between the labors and investors is effective to speed up economic boom through proper investment and generating value added.

Islam has dignified the glorious status of workers, said the Supreme Leader, adding that our laborers have always stood by the Islamic Revolution in the campaign against political plots and never abandoned their efforts to reconstruct the country.

Iranian laborers are very pious, noble, revolutionary and committed to the aspirations of the Islamic Revolution, pointed out the Supreme Leader.

"Workers, investors and government are considered as three angles of economic development in any society."
It gets deep at the link. And don't forget to check out Kamangir. He has the lowdown on who al Khameini was pandering to. Looks like it was his homeys - oh and his guards.

High finance, sharia and you...

From Investor's Business Daily:

Frank Gaffney Jr., president of the Center for Security Policy, which is leading the divestment in terror campaign (divestterror.org) reports that the Ohio legislature will soon hold its second hearing on legislation to prevent investment by Ohio's public pension funds in companies that do business with the terror-sponsoring and nuke-building mullahs in Iran. The legislation is sponsored by state Reps. Shannon Jones and Joshua Mandel. Mandel knows something about Iranian involvement in Iraq, having served a combat tour there as a Marine.

Similar initiatives are also under way in Missouri, Florida, Illinois, Georgia and Louisiana — and not a moment too soon. According to Gaffney's organization, as of August 2004 roughly 100 of the top U.S. public pension funds alone had some $188 billion invested in companies that partner with terrorist-sponsoring regimes like Iran.

In other financial news, Standard and Poors aids and abets Islamic financial markets with the formation of a series of Sharia index funds. The indices include only those stocks compliant with Sharia law and opens the door for the creation of mutual funds, exchange traded funds and other structured products to facilitate liquidity and improve risk management. Great, not only will the islamists be able to use hawala to launder their funds. They'll be able to use the S&P.

And last but not least, the UK Government is considering issuing sharia based bonds. Read it and weep.

Under sharia law, making money from money, such as charging interest, is not permitted, which restricts opportunities for investing to trade and assets. The Islamic financial model is based upon risk-sharing between financial institutions and customers. For instance, customers are able to get credit by asking a bank to buy an item, which it then sells on to them on a deferred basis. The market is expected to grow quickly as there are estimates suggesting that there are more than £125bn of Islamic finance assets worldwide....

"Domestically, we will do everything we can to promote new ways for British Muslims to bank, save and borrow using Islamic finance products," he will say. "I believe there are great potential advantages for the UK government issuing sharia-compliant government debt. The feasibility study will also be assessing the opportunity for issuing such instruments, taking into account the government's debt-management objectives..."

The government is changing the rules to allow Sukuk bonds to be issued, held and traded in the same way as corporate bonds to try to encourage more of them to be issued in London. The high-street banks are also devising products for Britain's two million Muslims. HSBC, for instance, offers an Islamic mortgage and current account.

Like sands through an hour glass...

These are the days of the Iranian Bourse...

March 30, 2007 Iran has plans to stop oil sales in dollars.

TEHRAN (Reuters) - Iran's central bank governor said Tehran had plans to end the sale of its oil in dollars completely, state television reported on Friday, part of a move to protect the Islamic Republic from mounting U.S. pressure.


Funny. I thought the Iranians were going off the dollar to bring Great Satan to its knees. Read all about it here.

I say you want those hostages back? You target their refining capabilities and bring a show of naval force to the Gulf. Supplement this with sanctions and banking enforcement. Hell even the Iranians admit that refining and currency is their weakness.
Iran has to import about 40 percent of its gasoline needs because it lacks refining capacity. Western diplomats have said they do not plan to target these imports, even though it is a vulnerable point, because it would hurt ordinary Iranians most.

Imagine my dismay at reading this quote from 'old wouldn't-say-shit-if-he-had-a-mouthful' Under Secretary of State Nicholas Burns and one of his minions.
"...it was a "point of leverage" for Washington. A U.S. official said targeting fuel imports was unlikely in any third round of sanctions."

Pulling the plug on Iran's Bank Sepah

From Bloomberg:
Financial regulators in Italy and the U.K. froze assets of Iran's Bank Sepah. The Italian central bank today said the action was in compliance with sanctions detailed in a March 24 resolution by the UN Security Council in response to Iran's nuclear program.
About Bank Sepah:
The Sepah Bank whose Italian branch's assets have been frozen Italy's Central Bank was founded in 1925 as the cooperative bank of the Iranian armed forces. Today it boasts 1,700 branches in Iran and a dozen abroad, has become one of the most powerful financial institutions in the Islamic Republic. It also has a related group Sepah International, based in London. It is particularly active in internaitonal transactions and for this reason was included in the list of Iranian companies subject to sanctions. Most institutions in the Islamic Republic, especially military ones for their historic connection with this bank, have used Sepah's services for international transactions.
Move to control Sepah pooh-poohed by Iranian officials but not the businessmen...
The decision by Italy's central bank to take effective control of the Rome branch of Sepah, an Iranian bank linked to Tehran's armed forces, has been greeted with indifference by Iranian authorities but concern in the country's business circles. For the economy minister Davoud Danesh Jaafari "everything was taken into account" and "these resolutions (UN Security Council resolutions 1737 and 1747) will not impact on the economy."
Why?
The Italian banks have for some time now not accepted bank guarantees from the financial institutions of Iran and more and more often we have to use third country banks for our dealings with Italian companies" he complained. "Using a bank from a third country not only takes more time but involves a significant increase in costs which vary from five to ten percent of the global value of the transaction.""In recent months my relations with Italian firms and businessmen have become more complex and even people I have been dealing with for years are now reluctant to clinch deals with we Iranians:" he said.
Where there's a will...
Parwiz N. explained that to get around the difficulties caused by the international isolation of the Islamic Republic and the diffidence which has arisen since the United Nations Security Council resolution was passed, they have had to set up companies in neighbouring Dubai, involving a businessman from the United Arab Emirates.

Sanctions, schmanctions, I say. You can bet the accounts have all been quietly and efficiently cleaned out in the run up to the date the plug got pulled. Here's the transcript from Nicholas Burns appearance in front of the Senate Foreign Relations committee. I'm beginning to think this guy wouldn't say shit if he had a mouthful.

And since we're talking economy, read what some dipwad over at alJiz magazine has to say. Talk about having a vastly inflated sense of your own importance. Dude, I hate to break it to you, but your economic model sucks and Larry Kudlow needs to smack you around a little bit, I think.
The U.S. is not interested in democracy for Iranians either but having been kicked out of Iran and losing all its economic benefits and assets in Iran, it is out for blood. I think that Mr. Bush has bullied the EU3 and the IAEA into reporting Iran to the UN Security Council for consideration for sanctioning because he is mad that a program started by the Ford administration is serving the benefit of Russia now, which is building the reactor in Bushehr. It also is an economic blow to the U.S. that the IRI switched their bourse to Euros. When the U.S. gets kicked out of a country by nationalists, it never gets over it. Look at Cuba. Nationalism is a dangerous precedent for Capitalism...

Yeah, like Cuba is such a powerhouse in the world today.

Remember the Iranian Bourse?

Longtime readers of Dinah Lord know that she has been breathlessly anticipating the inauguration of the Iranian Bourse...well, get the paper bag out because all this breathless anticipation has resulted in nothing but hyperventilating and I'm beginning to think that Mahmoody-Doody is full of hot air.

From 3/20/2006: Dude - where's my bourse?
Yesterday was the day that the Iranians were supposed to have launched their Petroleum Bourse. This was supposed to shift demand from US dollars to euros, bankrupting the Great Satan's treasury and bringing our evil economy to their knees. Except it hasn't happened yet and I haven't been able to find out why.

From 6/3/2006: Remember the Iranian Oil Bourse?
It's ba-a-a-ack! Well, maybe. Per Reuters it's back on:
Iranian President Mahmoud Ahmadinejad announced Friday that in July Iran will abandon dollar payments for its oil and natural gas exports in favor of euros.You will note that they don't exactly say WHEN in July. And it's not like we haven't heard this before. Just sayin'.

From 7/18/2006: Remember the big bad Iranian bourse?
You know, the one that the Iranians feel will bring the great Satan to it's knees. (See Dude, Where's My Bourse and Remember the Iranian Bourse) Supposedly one of the arrows in Almondjoy's quiver is the formation of an Iranian oil market to smash the dollar to smithereens and take care of our tacky asses once and for all. The only problem? Who the heck knows? But it's been postponed a bunch of times.Here's the latest I've been able to find from the Persian Journal. Iranian Bourse to Open in September

From September 2006: The sound of crickets and a computer programmer swaying gently in the wind as he hung by his neck from a crane in the town square on the isle of Kish.

Finally, this from 2/24/2007: Iran oil bourse to open soon.
Iran's petroleum exchange will begin operation in the near future, said the secretary of the country's High Council for Free Trade and Industrial Zones on Saturday. Mahmud Salahi said Iran decided to establish a euro-based oil bourse on the Persian Gulf island of Kish, because "there was no such oil trading body in the region." "Iran's oil bourse could help many countries transact petroleum under more favorable conditions," he said. He did not say when exactly the bourse would open.

Today: March 7, 2007: Still no Iranian Bourse in sight.

Great Satan not yet brought to its knees.

Remember the big bad Iranian Bourse?

You know, the one that the Iranians feel will bring the great Satan to it's knees. (See Dude, Where's My Bourse and Remember the Iranian Bourse)

Supposedly one of the arrows in Almondjoy's quiver is the formation of an Iranian oil market to smash the dollar to smithereens and take care of our tacky asses once and for all. The only problem? Who the heck knows? But it's been postponed a bunch of times.

Here's the latest I've been able to find from the Persian Journal. Iranian Bourse to Open in September

The lede and some choice tidbits:

Iran will start the initial phase of its planned Iranian oil bourse at the end of September.

The building that will house the oil bourse has reportedly already been purchased in the southern Iranian island of Kish in Persian Gulf.

Petrochemical and oil-related products will be made available to customers in the first phase but the volume of the shares to be traded is not yet clear, the official told.

The exchange will have a positive impact on oil sales, not only in Iran but in the wider Persian Gulf region and is slated to replace the current dollar-based oil exchange with one based on the euro, he said.

The International Petroleum Exchange in London and the New York Mercantile Exchange, on which oil is currently traded, both use the dollar.

Iran argues that as long as 60% of global oil and 25% of natural gas needs are met by Persian Gulf states, oil dealing in either New York or London made no sense.

Time will tell. I guess. I'll believe it when I see it.

For the most succinct breakdown of why it will not bring old Uncle Satan to his knees see Analysts Skeptical of Iran Oil Plan.

In the interim the Middle Eastern markets have their own dead cat bounce to deal with.

From Trade Arabia: Beirut bourse stays closed, dollars hoarded

Escalating Violence Batters Mideast Markets

Remember the Iranian Oil Bourse?

It's ba-a-a-ack!
Maybe.



Per Reuters it's back on:

Iranian President Mahmoud Ahmadinejad announced Friday that in July Iran will abandon dollar payments for its oil and natural gas exports in favor of euros.

You will note that they don't exactly say WHEN in July. And it's not like we haven't heard this before.

Dude - where's my bourse?

Yesterday was the day that the Iranians were supposed to have launched their Petroleum Bourse. This was supposed to shift demand from US dollars to euros, bankrupting the Great Satan's treasury and bringing our evil economy to their knees.

Except it hasn't happened yet and I haven't been able to find out why.

There's this from the Globe and Mail: Iranian Oil Bourse hits the wall - opening postponed.

Iran Daily News has a little bit more info - saying that the Iranian bourse will be up and running by April;

The country, which also holds the world’s second largest gas reserves after Russia, has planned to put an end to the greenback monopoly on oil trades by expediting efforts to establish an oil bourse by April.
Once the much-publicized oil bourse is established, the long-sought objective of replacing the US dollar with the euro in OPEC transactions will come one major step closer to reality. The oil bourse, which will be established as envisaged in the Fourth Five-Year Plan (2005-2010), has received support from both the Parliament and the government in Iran. It will enable oil-rich Iran to regulate prices at home without having to follow other countries’ dollar-pegged trading system.

There's this from The Age that pretty much lays out the Iranian plan to economically destroy the US, although in typical LLL fashion it is all George W Bush's fault. (Rove you magnificent bastard!) Bush's Iran plan a timebomb with explosive results

The Final Call, the mouthpiece of the Louis Farrakhan organization, has put their own spin on the bourse, blaming the US evildoers, of course and siding with the poor widdle UN. Shocka!

UNITED NATIONS (Finalcall.com) - Phyllis Bennis, senior fellow, Middle East/UN Affairs expert for the Washington-based Institute of Policy Studies, told the Inter Press service back in December that “2006 would be the crucial year” in determining whether the United Nations could “reclaim its role as an independent actor on the world scene, or whether the virulent United States choice of either sidelining or undermining the global organization would prevail.”

But a funny thing has happened on the way to the bourse - Middle Eastern financial markets are the ones that are in turmoil, not the Great Satan's.

For years Middle Eastern financial markets have outperformed many in the world. Over the last few weeks they have taken a hit. The Dubai Financial Market has lost about 40% of its value since since the beginning of the year. Saudi Arabia's Tadawul index fell 5% on Tuesday, bringing it down about 20% since it's February high. Kuwait has seen it's stock exchange fall 7% last week and is down about 13.2% since December, causing investors to take to the streets.

Some ME governments have intervened in limited ways, for example, Saudi allow Expats to invest in their stock market The article neglects to mention that Prince Alaweed bin Talal, a close bud of the country's ruling elite, has also pledged to inject as much as 10 billion Saudi riyals ($2.7 billion) into the market to help stabilize it.

You won't feel so sorry for the investors though when you take a look at the run up these guys have been having. The Tadawul has risen nearly 600% since 2002. It doubled in value last year. Kuwait's price index has risen 749% since 2000. In the UAE, the Abu Dhabi Securities Market and the Dubai Financial Market have more than quintupled.

Can you say valuation problems? Can you say fundamentals?

Good thing the Iranians have another trick up their financial sleeve...are you ready for it????

This will take the world markets by storm- Iranians plan Persian Carpet Bourse.
Update: From the Asia Times:

TEHRAN - March 20 was to have been the day that Iran was attacked by either the United States or Israel, according to countless doomsday predictions. The fateful date has come and gone, and there has been no replay of "shock and awe". March 20 was also meant to see the inauguration of the Kish oil bourse, on which Iranian oil will be traded in a basket of currencies, including the euro. But because of "technical glitches", according to the Ministry of Petroleum, the launch has been postponed, with no new date set.

This too, just in from the Asia Times:

According to a March 14 story in The Independent of London, the United Arab Emirates, which includes Dubai, said it was looking to move a tenth of its dollar reserves into euros, and the governor of the Saudi central bank condemned the US move blocking Dubai Ports World from taking over the US ports as ''discrimination''.

As an example of the dollar's imperviousness to reports of petro-switches, the UAE announcement had almost no effect on world currency markets, whose traders are skittish enough to respond to slight rumors of wheat blight in the Caucasus to shift in and out of currencies with lightning speed. The US dollar, which spent last week strengthening against the euro before the threats by the Middle Eastern central bankers, fell slightly against the European currency by a quarter of a percentage point to a one-week high of $1.1945 - before it retreated later.