Gold for Oil: India and Iran Ditch Dollar – Report


According to a new and yet unconfirmed report, India bought oil from Iran using gold. India certainly has the gold resources to fund the oil, while Iran is under pressure by the West, due the continuation of its nuclear program.

There were reports that officials have been floating this idea for some time, and now, as the EU finally decided upon an oil embargo on Iran, more details became available, yet still pend confirmation.

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Oil is priced in US dollars, and bypassing the greenback posed challenges for both parties. Two banks are reportedly involved in this deal: India’s state owned UCO Bank and Turkey’s state owned Halkbank.

Both banks don’t have any business with the US and therefore are less vulnerable to sanctions. According to the report, an Indian delegation has spent time in Tehran and finalized the details of the transactions.

The annual capacity of trade between these two countries is 12 billion dollars. With gold trading at around $1668, that is around 7.2 million ounces of gold.

The step joins Russia and Iran’s announcement to begin trading in their own domestic currencies rather than use the US dollar – a reserve currency.

These details about the gold for oil deal come on the day that EU officials announce an oil embargo on Iran starting on July 1st. Tensions between Iran and the West are mounting and oil is already on the up.

The time it took the EU to reach the decision, and the late implementation date make it very easy for Iran to enlarge exports to oil hungry and fast growing Asian countries.

The use of gold for buying the No. 1 commodity, will likely have positive implications for the precious metal, if this report is confirmed and especially if the use of gold widens to China – the world’s No. 2 economy.

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.


  1. Pingback: India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned - Forums

  2. Good. The sooner we back-bench America and move to a multipolar world, the better.

    The dollar is a disaster – it is quickly becoming worthless. Hopefully we will see more such avante-guardism in international finance.

    Go ahead America and Europe, try to boycott or bully these countries with sanctions. They will simply ignore you and move to other currencies, other markets, other networks. They don’t need you. Your reign of terror is over.

      • bob dabolina on

        Apparently you’re too stupid to read, like most americants. Gold for oil. The US and EU can trade credit default swaps and mortgage backed securities. LOL

          • Irradiate Iran? Is that before or after Russia irradiates all US troops in the region?

          • Russia has long desired warm water ports in the region. What do you suppose the Russian response will be if the US offers to partition Iran with them? And offers India a free hand with its western problem?
            Boy, that’s a hard choice. Gambling on thermonuclear destruction, if it actually makes it past the ABM systems, and is actually still in a condition to launch. OR gaining a large section of desired territory, and additional oil supplies. And taking a shot at ending islamic terrorism in the (soon to be restored) Southern sections of the Soviet Union. Care to take a bet on who Russia chooses to side with in the end? After all, we know what Stalin’s choice was in 1939…

          • That was pretty lame. I’m sick of American macho-ism, especially when stupidity is involved. Our government is corrupt and our schools are crap and nobody is behind us to pick up our torch. Then, we get people who make dumb comments like this. It’s a comment derived from how our government is run. Treat others like crap because we can.
            Just because America has been an empire for the past century doesn’t mean it goes on forever. We’re fading. Wake up!
            Either we get someone in office (aka Ron Paul) who understands bullying pisses other people/countries off (remember 9/11) or we go to war with China and others. We’ll get our ass kicked and you won’t hiding behind some anonymous handle. You’ll be crying. Nothing’s better than a good ass whooping to correct character flaws.

          • The US economy may be wobbling, but the US military is not. The US military would stomp a mud-hole into Russia’s in about 6 months if they stood toe-to-toe(that’s if the Russian Army sobers up, if not, less). Now, if Russia get’s nasty and decides to go nuclear, about half would make it out of the silo, half of those would make it to orbit, half of those would make it over the target, half of those would deploy, and half of those would have a functional guidance system, and out of all of those (2 or 3 warheads), they would be shot down quick, fast, and in a hurry.

            Anyhow, going to a hard currency is a good idea, maybe those jagaloons in Washington will wake up.

          • @dick – 6 months? are you really that stupid? how long have were we in iraq? how long have we been in afghanistan? both of those countries have far less capabilities than russia.

          • If the US military gets into a fight with Russia, the gloves come off. The US’s back will be against a wall. It won’t be some PC mission about rebuilding and stabilizing a region. Obviously you have no clue of the US military’s capabilities (one carrier battle group is the fourth most powerful navy in the world, 11 total). That’s a whole bunch of hurt and hate that will be unchained.

        • Ben Franklin on

          At $1500/ounce there is about 5 Trillion USD worth of Gold Above Ground, you think that is going to satisfy the appetite the world has for interest bearing instruments ?
          you may be able to buy alot of oil, wheat etc. with Gold if you don’t mind taking the heat when the prices swing violently. but then what? you think the worlds biggest consummer is going to pay for your products in Gold? in Rubles? think again, you think there are enough Canadien Dollars and Aussie Dollars and Japanese Yen to be used as an interest bearing reserve? I think NOT. the USD is KING.

          • You are still assuming that the world is dying to own the dollar. It is not.

          • Ask Alex about Russia’s great space program… Has that Mars probe even finished crashing yet? Gotta say, I’m not too worried about Russians acting tough

          • It’s a fallacy to believe the consumer drives the economy. Producers are the engine. Consumers are the caboose. The world is beginning to realize that they don’t need to give up their labor or resources for increasingly worthless paper. It’s ok for them to enjoy the fruits of their own labor.

            Trading gold for oil, or wheat for manufactured goods is a perfectly valid way of marginalizing the banking interests in world trade.

            The world’s appetite for interest bearing instruments will also wain as inflation takes hold. China for example has significantly reduced their purchases of bonds and have been using their free cash flow to buy mineral rights around the world.

            The Fed is currently filling the void, but unless some big lender steps up to the plate – or, less likely, the Federal Gov’t balances it’s budget – that is going to result in hyperinflation sooner rather than later.

            Like the elder Lion is pushed out of the pride by new blood, the Dollars position as king will soon end.

          • Alex, from russianfreedomforum.

            Our U.S. Fed is printing money as fast as it can go, but the Europeans are printing Euros even faster. The proof is the dollar costs 15% more Euros than it did several months ago. I’m in manufacturing and it’s hurting our exports. In fact, we’re cancelling our google advertising to Eurocustomers until things go the other way. It may be awhile as the European Union has to print up enough money to bail out the Greeks and the Dagoes,…etc.

      • yeah…..hes rite. your a stupid american. you wont see the fall of your empire until your neck deep in shit!!!!

        • Learn to spell Manny. How many dollars has your country received in aid in the last few decades?

        • F### Arabs and "Moo"homid on


          You smelly little brown man! You better show some respect before we come into your country and dominate you.

    • And soon the reign of terror of Iran over the Gulf when it finally creates a nuclear weapon will begin!

      Oh, joy! How much better the world will be then.

    • Iraq tried to set up an oil market that did not trade in dollars a few years before OIF; Ghadafi was trying to set one up that traded in dollars a few years before the “revolution”. So how long before the US invades Iran and/or India, since that is the trend? And how many Americans realize what inflation awaits them if nobody needs their dollars to buy oil and they all come home like chickens to roost?

      • Iran is not Iraq. And Russia is not pushover. There are many thousands of Russian personnel working in Iran.

        • BUffmuffin on

          I seriously doubt Russian politicians want to see their civilians burned to a cinder either…

          They would step aside… It’s in their interest to:

          A: get their share of the oil from a multinational settlement.


          B: Not burn down the planet.

          • Do you want to bet that they do not mind burning US troops in Middle East to the cinder. BTW, do you have any idea just how big Russia is? Of course not.

        • You seem to think Russia is still relevant.
          They’re not. I promise.

          They have a negative birthrate, for Christ’s sake.

        • Bashar Al-Asshole on

          Right Iran is the country that fought Iraq with a 3:1 advantage and Iraq almost one. Great fighters there!

        • Rick O'Shay on

          There were thousands of Ruskies in North Vietnam but when Nixon got serious there were none to be found.

        • F### Arabs and "Moo"homid on

          Alex….we destroyed the Solviet Union. Get over it. Your empire is gone. America will be he before you were born and after you die. Rot in communism you twerp!

          • SlammoFandango on

            WE did not at all destroy the Soviet Union. They went bankrupt because they couldn’t outspend us. In the meantime they have recovered. In the meantime they have maintained their nuclear arsinals and mondernized their delivery systems. War with Russia is just as unthinkable as it was 50 years ago.

      • Saddam Hussein sealed his fate when he announced he’d only be taking Euro’s and gold for his oil, no more $’s.
        Iran for the last five years, every time it came out talking about setting up its own oil bourse that would not accept $’s, within a week scary stories appeared here in MSM about what a terrible nuclear threat they were becoming and sanctions or worse were required.
        We did not go into Iraq for WMD’s or nation building or cause they had a bad dictator, etc., nor will we be bombing or going into Iran for any such reasons, though we may be told so.
        It’ll be to preserve, for a little longer, the inevitable repudiation & collapse of the almighty petro-dollar, the reserve currency of the world, the US $.

        • BINGO. It’s all about petro-dollars and the private federal reserve banking cartel. the only hope for the US is Ron Paul in 2012.

    • Cool since dollars are worthless can I have all of yours? Put your money where your mouth is or STFU.

      • If he has any common sense, he would have no dollars to give. Rather, he would be in a currency worth more than the toilet paper USD.

        • You mean a currency like the Euro? Well, something funny happened to the Euro on its way to reserve currency status…wait, what?

          Cool story, bro.

      • SlammoFandango on

        The hidden truth is that most of the dollars aren’t worth the paper they aren’t even printed on.

    • Spot on. They removed Gaddafy and Hussein for the same thing – wanting to sell their oil for something other than increasingly worthless federal reserve notes. Are we ready to invade India? Tough luck, banksters – your days of dominance are numbered.

    • Smarter than you on

      You are an absolute idiot. Your brother in the white house is the cause of the dollars decline. As well as other America haters like yourself. Why dont you move to lovely Iran and tell us how nice it is.

      • the dollar decline started in 1913 and is due to the federal reserve’s inflationary monetary policies. the fact that dubya and obuma spent like drunken sailors over that last decade only spend up the process a little bit.

    • Move to other currencies? You do realize that most if not all currencies are linked together in symbiotic relationships. Rogue nations who don’t play into the international sphere are doomed to alienate themselves and their citizens from the global market.

  3. I’ve wondered for years how the dollar would end being the world’s default currency…Ah!

    • Precisely. All the other currencies are going to default into the dollar one day coming soon…to a market crash near you. Stay tuned.

    • bob dabolina on

      Don’t forget that Saddam also tried to ditch the petrodollars

      • Yeh! I would love to see America try to bully India. We would finally get what we have coming.

        • Ha! You must be joking. What is India going to do? Cut off cheap tech support, precious gems, cheap jewelry, and other non-essential goods? Militarily they cannot hold a candle to the U.S. The only concern is their being in league with the Chinese. But you want to open that can of worms by asking for military help, go right ahead.

          • Much worse than that, pal! India has some powerful partners with lots of nukes in their arsenal and the way to deliver them.

          • Don’t forget India owns your local Convenience Stores, Gas Stations, are Doctors and manage a lot of Walgreen pharmacy’s right here in the U.S.. “This is Chess not Checkers.”

        • Rick O'Shay on

          That’s true, they have this rope which they throw one end in the air, climb up it and disappear.

          • Yeah the indians do own alot of that. But Americans own alot of guns. We will see soon enough.

      • Big Bob! I’m a friend from I wonder if they’ll cover this there (snicker).

        For all of you who don’t get it: The world has been the bankster’s little toy for 100 years, but some nations are smart enough to see the writing on the wall. Fiat money always ends in disaster. Our turn. We sold our soul to the fiat money Ponzi scheme, now it’s time to pay the piper.

    • SlammoFandango on

      Buyers are not cause of the threat. Only the those who SELL for something other than dollars.

  4. Shoot, US should go to gold too. Force us to get real about finances. Sick of all the smoke and mirrors. Tired of our coins made of tin instead of silver nickel and copper. Tired of funny money and the fed. Maybe we can be led kicking and screaming into fiscal responsibility by the likes of India and Iran.

    • US has no gold to speak of. What is tored in Ft. Knox are bars of crap painetd yellow.

      • That doesn’t matter. Open the mint to gold and silver, and allow it to circulate freely, with goods prices in grains of gold and silver. We’ll find a way to get the gold, as the dollar loses it’s purchasing power. Now, that’s not even an option. As usual, Ron Paul has the right idea. The other candidates are ignorant, bought and paid for, or moronic. With any luck, this will come to a head this year, and people will take another look at Paul. Everyone else has been wrong for decades.

      • The Federal Reserve Bank of NY holds more gold (including that of dozens of other nations) than any single entity in the world. You need to get your facts straight you old doosh.

        • The Federal Reserve is a PRIVATE banking cartel and it’s gold reserve is separate from the US government, which used to have gold in Ft Knox.

  5. The only thing these sanctions against Iran are achieving is to push that great country further away into the China, Russia, India block. The only looser here will be the West.

    • Alex, you are the only sane person to leave a comment. This is serious business, and we are playing with fire. America has grown so arrogant, it really is sad. But educating the fools on this forum is a lost cause. The brainwashing worked rather well on them. You know what is coming with this situation, so prepare accordingly, and don’t waste too much time on ignorant dummies…

      • Thanks Kayhla, we are dealing with a bunch of uneducated morons who cannot find their own country on the map

        • what we’re dealing with is a bunch of people (Americans in general) who have the mistaken idea that someone in politics cares about them and their family, and has everyone’s best interests in mind.
          That’s the old America. Now it’s all about kissing bankster keister and perpetuating the looting. The people will learn, too late, that they have few friends in power. The few they do have are spit upon (the Pauls). I weep for America.

          • ron paul 2012 is the only hope to save america from the pending financial collapse.

        • Ronpaulblican on

          Hey Alex,

          I just got a massage and a happy ending from one of your highly educated Russian girls right here in the USA. Guess what? I paid her in dollars. US dollars.

          Now go move to Iran and enjoy your ‘democracy.’ You’re boasting is typical Russian ‘we will bury you!’ BS.

      • There’s not much educating here. Some decent points are made but are too often followed up by snide comments. This detracts from your arguement. Negativity poisons the debate and renders it futile. Rise above it. You will never know the full effect a positive message full of wisdom can have.

        There’s great work ahead of this country. Very tough decisions will have to be made. 95% of current politicians aren’t up for the challenge. Most Americans aren’t either. Restoring America begins with the informed and aware individual spreading their knowledge in an infallible manor. It begins with Ron Paul.

  6. All the gold ever discovered in the world, would not fill an Olympic sized swimming pool!!! Almost 8 billion people world wide….!!!

  7. Pingback: Report: India purchases oil from Iran with gold, thus ditching the dollar as a medium of exchange - politiColonel

  8. This is a CURRENCY WAR. Buy James Rickards new book and read all about it.

  9. Norm Ezzie on

    Gold for oil? Really…..? Imagine what will happen if “they” demonetize gold- You do know who they are,right? Mmmmm,that something to dwell on,heh? Let’s not forget our dollar isn’t “backed” by any precious metal.its backed by “gun point”- in other words,The United States Armed Forces- its their insurance card! Again,I ask—- do ya know who they are?

    • Ben Bernanke told Ron Paul during a congressional hearing that gold isn’t money. He is correct in the sense that it isn’t used as a currency atm… the value of gold is only speculative relative to its demand as a backing for currency, a speculation hedge bet against a weak currency, and aesthetic value.

      • A hedge bet that’s gone up $100.00 in value every year for the past 10 at least. I’m betting that will continue.

  10. Onsite Repair on

    Valcent Technologies has proven they can grow around 100,000 gal of oil per acre per year in the desert, ie. non-arable land.

    We can grow all the oil we need on a land mass equivalent to about 10% the state of New Mexico.

    The current war drums are for the profits of the war industry as we do not need middle east oil in reality.

    • Onsite Repair on

      We should have heeded Eisenhower’s warning on the military industrial complex, and the US is not the only one that has fallen prey to it. Greece is likely to declare odius debt on most of its military gear that was strong arm sold to it.

  11. Sounds like the setup for the Antichrist to me. When all the world economy is collapsing and war and the rumors of wars are rampant people will look to someone…anyone…to bring peace and stability. When people are desperate, fearful and hungry they will listen to anyone…especially the Antichrist who will seemingly have all the answers. We see it now how people in the US are desperate for someone to get them out of the mess we’re in and they will jump aboard whichever bus offers them the most “stuff” even if when it makes no sense. You can laugh at people like me…those crazy Christians…but there will come a day that many will see that we are not just a bunch of nuts. Oh sure, there are plenty of phonies and crazies out there but Jesus Christ is the answer and I beg anyone who is looking for early answers to look to Him and Him alone for salvation both here and for all eternity. Put aside all your preconceived notions and don’t judge Him by some of the hypocrites and phonies you know. Jesus is the real thing and you’ll be amazed to see how the events of our day come alive when you study the scriptures yourself. And lastly, I think gold is the answer…the Wisemen sure did too!

    • To each his own old fella, you stick to your story of redemption and I will stick to mine of survival without the need for Christianity

      • Alex, you are so right. To each his own and to the One who saved the world. We get it! Please keep up the good work…

    • Karen, Very well said. Thanks for “standing up” a bit. I do see parallels in this thread and overall responses. Everyone commenting is quietly hoping to have something “right” happen. I’m a diehard American, who reluctantly is seeing the country I grew up in change to something “other”. Small wonder that countries who used to look up to us and appreciate our values now see us in lesser light. We have stellar Americans and we have moronic Americans. When you stand up for Christ, people are reminded of stellar Christians..and moronic “Christians”. One of my Christian friends is bright enough to have worked with Steven Hawkin(s). Yet most people think having a significant IQ is mutually exclusive to being a Christian. Similarly, many sides are being represented in this thread…all the “bright people” aren’t on just one side…Christ is the answer, but His intervention has absolute world chaos as a preamble. Hold on, Karen, He comes…!

  12. Pingback: Gold for oil - Forums

  13. Iran can try and work its way around sanctions as much as it wants, but eventually the economic issues will work its way in to the population, and then they may finally revolt with such force, they topple this even government currently in charge

    • 10-15 years ago that may have worked. Today Iran produces everything it ever needs. Sanctions against Iran are a waste of time, they will only hurt the West. Iran has very powerfull allies, far more powerfull than US is.

      • Right. Powerful. Sure.
        The ever-inebriated Russians, and if the Chinese create their military hardware with the same quality controls as they create their generic baubles…Well…

        So that leaves…Who now?

      • Ironically, Iran must import fuel. It does not have the refining capability to process most of it’s own transportation fuel.

        Sanctions would stand to work well, actually. The Iranian currency has already started to weaken tremendously since the US imposed the last round of sanctions having to do with the Iranian central bank. Their purchasing power is tanking. The Iranian people are, on the whole, fed up with Ahmadinijad’s jihad to hold onto power at the expense of their countrymen and women. It’s only a small minority that control that country.

        You can find these facts in the public domain.

      • Old a** drunk… You have no clue what you’re talking about. Go pass out

    • Rick O'Shay on

      Exactly, even the Iranians will finally be pushed hard enough to take matters inhand and remove the religious nuts which are out to prepare the world for the coming of the 12th something or other.

    • SlammoFandango on

      Tell it to the Spartans.

      Tell that to Fidel Castro.

      History has shown us time and time again that such actions do nothing but create a siege mentality which causes people to rally around a leadership making far more popular than it previously might have been.

      If we instead employ the tactics of the latter part of the Cold War and instead trade with people and offer them a glimpse at another alternative to that of their current leadership, not only does that leadership become more reasonable, the people tend to want better leadership.

      The truth is, Ahmadinejad isn’t all that popular and the Iranian people could very well consider voting in a more pro-western leadership but if we make him a ‘War President’ the people will rally behind him like never before.

    • Onsite Repair on

      Its not that Obama is smart or dumb he does what he is told by the round table groups.

      Go to youtube and search for “hillary cfr” and then you will understand who really runs this country, DC is just
      theater for the citizens to think they have a say.

      Watch the film Hacking Democracy for a large dose of reality.

      • The elections in US are a joke, President is a joke, the country is run by those are ripping it off blind.

        • “The elections in US are a joke”
          Says the stupid, blind russian.

        • Alex,

          I know 5 generations of inbreeding didn’t help your IQ, but you gotta stop making an old fool out of yourself

        • Trappedinwv on

          It is always nice to see a Russian lecturing the US on oppression of a few on the many.

    • Putin is a megalomaniac. He’s also one of the richest people in the world. He garnered his riches when the soviet state assets were carved up and pocketed the treasure. Putin screwed his own countrymen. He’s no better than Ghaddafi.

      • And how many endangered animals must he slaughter to show how manly he is. It’s alright Putin, just put down that muscleman magazine and come out of the closet now.

  14. Pingback: Gold for Oil: India and Iran Ditch Dollar – Report | Forex Crunch « Berks PA Tea Party

  15. The only terrorism in the world today is that performed by United States against the people of Middle East. There is no Islamic terr4orism and never has been. The idea of Islamic terror is to rally the weak minded Europeans to the side of torture and warmongering.

    • Glad I stayed up late, reading all these articles and comments, some good some bad, to stumble upon this:

      THE most profoundly stupid, idiotic, non-sensical comment of the evening/

      Congratulations Sir…and good nite….

    • Are you serious Alex…these idiotic muslim ass clowns have killed school children in Russia for no reason but their goat f*&$%ing religion. Give me a break

    • Rick O'Shay on

      The only reason the United States doesn’t rule the world is that we didn’t want to and the only reason the Ruskies don’t rule the world is that they were afraid of the United States.I can see the Premiere asking his Chief of Staff every morning, “Ivan, is this the day we can attack the United States successfully?” “No, today is not the day.” And it never was the day and never will be the day. Chew on that, ahole.

    • Trappedinwv on

      With that comment Alex, you lost any credibility you may have been building.

  16. Another “benefit” of our special relationship with Israel no doubt. America is losing credibility (Iraq war no doubt to partially remove a threat to Israel in addition to the Oil), respect(Blind backing of Israel against the Pals) and now alternatives to the dollar is becoming a real possibility (because we are heeding Israel’s orders to bully Iran)….Now what do we get in return? A ‘special friend’…..Isn’t that nice!

  17. I invest in bullets. I am willing to share one for each of you Ragheads and Muslim filth.

    • “Ragheads” have been doing OK last few days, they bagged a dozen Marines plus a dozen Frenchmen!

      • See?! There you go again shitstain… I promise you, not even Mexico’s afraid of Russia

      • Alex, Im American and I know your country is our greatest threat, I dont understand why your trying to make is so apparent. I KNOW Russia was responsible for 9/11. I know we are in a proxy war in the middle east with your buddies. I know Russia supplies our enemys with weapons and whatever they need. I know your country has been a thorn in our fucking ass well before I was born. I know we lost the cold war. I also know you hate the majority of my people. I dont hate Russia or the people in it or you. But I would kill your fucking ass if it meant me not being able to feed my children and you would do the same.

    • Your enemies aren’t in the middle east, pal. They’re right here at home. They’re going to milk you and your family for all you’re worth, then move on to the next victim. It’s all about the money, as always.

  18. “The step joins Russia and Iran’s announcement to begin trading in their own domestic currencies rather than use the US dollar – a reserve currency.” THIS IS WHY THE US WANTS TO SANCTION AND POSSIBLY ATTACK IRAN, NOT FOR “NUCLEAR BOMBS.” OUR NUMBER ONE EXPORT IS THE DOLLAR. IF ITS WORTH NOTHING THEN WE ARE IN BIG TROUBLE. SUDDENLY, RON PAUL DOESN’T SEEM SO CRAZY huh?!?!?!?!

    • Onsite Repair on

      Ron Paul has been right for 20+ years, but most of America is still victims of what Bernays taught the media via his book, Propaganda…an excerpt from it for clarity..

      The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of.

  19. Alex, we are with you. We realize you have to write between the lines and so we read that way as well in order that you stay safe. Your country is and has been such a good one over the last 100 years (wink wink). Thank you for all that your great country has contributed and the lives you have saved around the world (not to mention the millions within your own) since the early part of the 20th century. Your great leaders such as Stalin and Lenin have saved millions! Please keep up your courageous writing from the great eastern front of freedom! More Vodka to you!!

    • Russia is an explicit example of what happens to societies when the bankers get to rape everyone at will. They funded the 1917 ‘revolution’, they wanted the gold Russia had accumulated under the Czars, and wanted access to Russia’s resources. Follow the money, friend.

      • Alex, please pay no attention to this rubbish. Your loyalty is what matters the most. Thanks again for serving as one for many!

  20. Food for Thought…
    Let’s say India and Iran agree to trade gold for oil, and let’s say gold is going for 1500/ounce…and a barrel of oil is going for $100. So India would agree to pay 1 ounce of gold for 15 barrels of oil right?…WRONG. India would offer to pay 1 ounce of gold for let’s sat 70 barrels of oil.
    Now why would Iran agree to that. 1) Iran’s under sanctions…dollars…euro mean nothing because Iran can’t spend them…but gold..oh yea. 2) What’s it cost Iran to pump a barrel of oil into a waiting Indian tanker…I’d guess about 20 cents a barrel. So for $14.00 worth of oil, Iran could get $1500.00 worth of gold.
    What would that do to the price of oil…collapse it….the dollar (and other fiat currencies)…collapse it…Wall Street …collapse it. The price of gold….not sure.
    But I am sure that Washington can’t let this happen, and it will be interesting to see how they stop it.

    • Onsite Repair on

      Interesting theory, but I do not think Iran has the production volume to make that happen, but if others joined in that don’t like the US its in the realm of possibilities.

  21. Pingback: India and Iran Ditch The Dollar, | Sovereign Rights

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  25. Yap yap yap. America will keep killing your families and we don’t give a shit. We look forward to pissing on your corpses.

  26. Those that have bet against the success of America, long-term, have lost every time. Some will never learn.

  27. All of this rhetoric is irrelevant. When inflation and hyperinflation kicks in, there is only one commodity. History has proven this true countless times. And with the largest section of arable land on the planet, the USA will remain the nexus of power. That one true commodity? Food. Try and live without oil or gold? Easy…. Try to live without food …. good luck, buddy.

  28. Pingback: US is losing its reserve currency status - |

  29. junksilver on

    great to hear!! maybe the fiat fraud will end soon….cheaters never prosper??

  30. We have been hearing about some suitcase nuclear bombs that have been spread around the US. There are also the constant rumors of Russian nuclear subs always just off the Atlantic and Pacific coast of the US. One thing is certain Russia and China will if not already make a decision that the US can’t win this war, and join in the war of destroying the US. They certainly are not friends of the US and will never be. It’s easy to see when such an attack would take place it would happen at the same time Iran unleashes it’s nuclear missiles towards Israel. They will completely stop any possibility of the US helping Israel, for they may not even be able to help themselves.

    Folks this is the most serious times that have ever confronted the human race. Only those who are founded in God’s Word will know that this is all about Satan and his struggle to prolong his reign on planet earth.

    • Can you say “mutually assured destruction”? Sure you can. We have nukes pointed at them as well.

  31. Pingback: Gold for Oil: India and Iran Ditch Dollar - Stormfront

  32. Ummmm, this would be the only reason we go to war. There is not political reason to go to war with Iran. We have enough resources here in the USA to take care of the USA. The international banking industrial profits from our dead soldiers. They will also profit from war with IRAN. UNDERSTAND….NO NATION ON EARTH CAN BUY OIL, UNLESS IT FIRST BUYS U.S. Dollars. This has gone on for a lont long time. It is changing, Sadaam was the first to say no more U.S. dollarys. Libya had not central bank, and Syria has not central bank, nor does guess who?? Iran or North Korea….THE AXIS OF EVIL!!! God Help us. WAKE UP AMERICA WAKE THE HELL UP

  33. Pingback: Iran gets tough, Australia gets tougher

  34. jol. taylor on

    This planet is a very shitty place. We all should have guns and bombs every last person on earth.


  36. Please do not lump American citizens with American politicians! We have no say in the actions these thieves perform as they have locked us out of the decision making process with their laws and cops. We realize their actions attempting to be world police is a bad move but they are so focused on one world government that they have no common sense anymore. All we can hope for is a change because of the November presidential election or worse case scenario of a short overthrow of these idiots…I prefer the former to happen…vote them down!

    • You got that one right. The problem being, as you can see on this site that far too many Americans are fooled by crooked politicians, and are willing to risk everything to see if they can get a bigger piece of a pie for themselves

    • Donald,
      That is completly correct the citizens do not deserve or need to be draged into this . I think we should just let India and Iran figure it out. It is not the United States proublem if they cant take care of them selfs.

    • Unless you are willing to vote against ALL these Bilderberg slugs, you ARE part and responsible for this crap…Vote Ron Paul…

  37. “Cui Bono” asked the Roman judge (Who benefitted) That is all that determines the guilt. Most ridiculous thing I heard is that Russia was responsible for 911 (Macabee) All you have to do is look around you in JewSA, and you do not have far to look to find the culprits, not only those who attacked this country but also those who are deliberately in process of destroying it economically.

    • TheWholePerspective on

      This is a HUGE development.

      If this trend continues, the Dollar will be devalued even further until it plummets.

      That is a good thing.

      This is an opportunity to let the fractional reserve, fiat system to collapse and allow for the return of the Treasury Note and monetary policy that is controlled by congress and the people, rather than private bankers.

      Research the History of the Federal Reserve and the various Central Banks around the globe. They print money and sell it to our governments on interest, creating a perpetual debt cycle that is impossible to clear.

      Want to know what Federal Income Tax is used for?
      Paying the debt to the Federal reserve, every last penny of it.

      States taxes and spending are the ones who handle most of what people assume the Federal taxes and spending are allocated for.

      Lets hope this continues to develop so that we can usher in the return of SOUND MONEY.

      • Yeah, and while the US returns to the treasury note and abolishes the Central banks, we live in hyper inflation as a 3rd world country. Sounds like a good idea.

      • SlammoFandango on

        While it is inevitable that the fiat dollar will someday lose its reserve currency status, our Foreign Policy and Dollar Reserve Status are essentially the same thing. Other countries such as Iraq and Libya which had been trading oil for currency other than the dollar and gold have had their entire economies wiped out in order to maintain the dynamic where all nations hold dollars for future oil purchases which allows for manipulation of the dollar without immediate swings in value.

        This certainly seems to be a trend which is being followed regarding the saber-rattling around Iran and like Libya and Iraq the excuses of ‘humanitarian reasons’ will not be the cause of our aggression against Iran but instead a push toward compliance with western wishes that Iran only sell oil for dollars so that other countries will hold on to dollars. This would also be a very good explanation as to why the Chavez regime is also seemingly in the cross-hairs.

        While it is true that the dollar is only backed by military reprisal or the withdrawal of military protections depending on which foreign country’s monetary policy is being influenced, the loss of status as The World’s Reserve Currency would have a devastating effect on American and would essentially stop all borrowing which creates all of our money to begin with.

        This might lead us back to a more moral monetary policy and also a more moral foreign policy but the initial pain will be significant and the loss of reserve status will most certainly slow American economic recovery.

    • Wow…what an original idea…blame the Jews for everything…after all, it’s got to be their fault…they just LOOK guilty…

      If you had inserted ANY other people group in place of Jews (think Muslims, Hindus, Christians) do you see how ridiculous your line of reasoning is…?

      Citizens of the USA don’t want to be lumped together with their leaders in Washington. So don’t blame a group of people for the actions of a few of their members.

      • TheSharpenedPen on

        Oh come on, Israel wags the US dog, everyone knows that. To pretend that the wars in Iraq and (and if Israel and the Neocons have their way it’s way WW3 in Iran) the destabilization campaigns in Libya, Syria and Egypt, etc. weren’t for the benefit of Israel, or to pretend that Israel isn’t the largest recipient of US aid, well, let’s just say that it’s not without merit to examine why so much of US policy is Israel based.

        • Gimli son of Gloin on

          Exactly how did the “destabilization campaigns” in Egypt, Libya, and Syria benefit Israel? The ascendency of the Islamist factions surely cannot what Israel wanted, and any other outcome following the overthrow of Gadhafi, Mubarak, and Assad (should that come to pass in Syria) was (is) unlikely, to say the least. Are you suggesting that Israel went ahead and rolled the dice, hoping for a miracle? Sorry, but they haven’t survived since 1948 in the cesspool that is the Middle East by being that stupid.

      • look up jews false hate crimes then ask yourself what other group of people feel the need to attack themselves in such a fashion to play the victim card and dont compare others who dont to them

  38. India needs to be warned against this. Iraq and Lybia did this look what the US did to those countries. The confrontation with Iran has less to do with nuclear capabilities and more to do with petro-dollars. Dont mess the the private Federal Reserve banking cartel or else.

      • Mike Brown on

        Invade India?

        Are you gone nuts! 1.3Billion ppl and counting. By the time we get our planes and ships there add a 100m to their population.

        India is your only friend in the region so better not play politics with them.

        • If India is our only friend why are they doing deals with Iran in gold? If they were are friends they would tell Iran to pound sand.

          • When people toss names around like kike, it’s no wonder they don’t have friends. Straighten up.

        • Indian people are the biggest wimps on the planet. I wouldn’t be too concerned just because they have ‘a lot of people’.

          • If you cannot subjugate few thousand Taliban, who do not even wear boots but sandals made out of the US truck tires, HOW IN THE DICKENS YOU GOING TO BEAT ANYBODY? Doy ou realize that US troops are only safe behind the protective walls of their camps, and even there they are getting killed.

      • You really are crazy if you think that we need to invade indea beacuse we will only get our butts kicked

      • Pretty sure Jason was not serious. But there are other ways that the US can put the squeeze on India and they won’t like it one bit.

        • So if India does not kissy assy to the know-it-all Amerikana, we invade…this is why we are a broke and sorry excuse for a nation…

        • SlammoFandango on

          None of these oil wars are over the oil. They are over the way the oil gets sold. Countries that sell oil for anything other than dollars allow buyers to not hold on to vast volumes of dollars which prevents maniupulation of dollar supplies by the proprietary issuing banks that actually control our government. Countries such as Iraq and Libya get their regimes changed when they do this while countries that play along like Kuwait get protection and countries like Qatar who are getting rich in the process play along militarily.

      • We don’t need to invade India!

        Just add a punitive tax to all phone calls going to and from India. That will gut their tech-support industry.

        • As an Indian, I want the US to invade and liberate us from the corrupt aholes running the country. Just keep dropping bombs. We want to start fresh.

          • Yeah sure, did you ask Vietnamese, Iraqis and Afghanis how they liked their liberation?

    • SlammoFandango on

      I agree with you entirely. It should be obvious to all of us by now. We protect generational Monarchies with deplorable human rights records because it is they play the game an cause other nations to hold onto dollars. Other countries such as Egypt have been bribed in order to play along and countries such as Iraq and Libya have their economies entirely destroyed and future profit making chances eliminated because it is more important to save the banking dynamic that what might ever be made from honest trade.

      Iran and Venezuela are problems only because of the way they are selling oil.

  39. Pingback: Gold for Oil: India and Iran Ditch Dollar | Come To Jesus

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  41. As to the current issues with Iran and the Strait of Hormuz most people refuse to or can’t see the forest for the trees. I agree that no matter what action if any is take in regard to Iran that their will be consequences and repercussions to any decision the is made and remember doing nothing is a conscious decision. The true question becomes if nothing is done to prevent the Iranian nuclear program to reach its inevitable and obvious conclusion and two to three years from now the outrage that will come form both the left and the right as to why the U.S. didn’t stop Iran and or others when a nuclear device is detonated in London, New York, Los Angeles, or some other major population center.

    • SlammoFandango on

      India already has the bomb. Iran is a target because they are selling oil for something other than dollars. India’s actions are just a symptom of Iran’s policy at least from the perspective of the issuers of proprietary US currency who want countries like India to hold onto dollars before spending them on oil. Iran is allowing India to not hold on to dollars. This is why Iran will be attacked. Nukes have nothing to do with the economics. Wars are ALWAYS fought over economic yet given different excuses.

  42. BS Detector on

    Oh great!

    Now we have to attack Iran AND India to save the all mighty dollar from these “terrorists”.

    That is what got Gaddafi and Hussein murdered.

    Don’t you believe what the BANKSTERS say.

    • i am studing anbout this curent event i think that yuo dont know what yyur talking about

      • You don’t study well. Around the 2000 election, Saddam demanded payments for the oil for food program to be in Euros. Qaddafi was doing something similar and wanting to bypass the us federal reserve note (not technically a dollar). But good try on flinging bs at the bs detector.

  43. Pingback: MONEY: India and Iran Ditch Dollar | Pitts Report

  44. Truthseeker on

    India has the rights to do what is in its best interests. Growing economy,alleviating poverty requires uninterrupted oil flow.

    Has Iran bombed buses, trains and malls inside the USA? But Pakistan did bomb and kill innocent Indian civilians. USA would not listen to India’s pleadings and pump in billions of dollars and weapons to the terrorists i.e pakistanis.

    • Thats just the thing gold is mony so i think that we should just open up mines and get more gold for mony because we are also in debt

  45. Pingback: Gold for Oil: India and Iran Ditch Dollar. China may soon follow. | Hanuman Capital

  46. Trading gold for a disposable resource strikes me as desperate. If India commits to this strategy, they end up goldless and oilless in the end.

  47. I’ve never understood the conspiracy theorists’ obsession with the “reserve currency.” Sure, central banks have to buy the reserve currency, but central banks use a reserve currency because its convenience outweighs the transaction cost of acquiring it.

    Iran and India could trade in Rupees and Rials if they wanted to, but both countries’ central banks would still incur a transaction cost from having to buy the other’s currency. If they trade in gold, both countries will incur a transaction cost for buying gold. Once they buy the gold, they will need to ship it to the other country. 7.2 million ounces of gold works out to be 450,000 pounds. (Over 245,000 kilos for thse of you who use those crummy French weights and measures.)

    Good luck moving that without anybody stealing it.

    • SlammoFandango on

      There is only one Reserve Currency – The US dollar which became the default reserver currency because it was positively valued when the previous reserve currency (Pound Sterling) went fiat.

      All nations hold reserve currency in order to purchase the world’s oil which until recently was the ONLY way for buyers to buy oil. When the dollar was gold-based this was of course fair and there was no reason to coerce other nations to use dollars.

      Since going off the gold standard the United States has used coercion in order to keep the dynamic going. Now that the dollar is fiat and with the dynamic still in place, the proprietary issuing banks can manipulate the supply while other nations hold dollars in reserve which slows value fluctiation of dollars and these issuing banks suck wealth right out of the back pockets of everyone.

      If other countries don’t hold onto dollars in great volume, manipulations in dollar supply would have an immediate effect on the dollar’s strength. If oil producers sell oil for anything other than dollars there is no need for other nations to hold on to large volumes of dollars. This is why regimes that sell oil for anything other than dollars have their regimes changed with regimes which will play by the rules and only sell for dollars.

      Those transaction costs and inconvenieces you speak of are nothing in comparison to the amount of wealth that gets sucked out of dollars by the issuing banks.

  48. This only proves just how informed, honest and courageous Congressman Ron Paul is. He’s calling out the Fed on behalf of America and yet he’s laughed at and booed.

    • Dear Ronbot –

      Your comment has absolutely no relevance to this situation. Ron Paul is a whackjob and so are his minions.

      • Why isn’t your retort to prove Ben wrong by using facts?

        My guess is because you’re completely clueless about value and free trade, the federal reserve and paper currency, and the differences between non-intervention and isolationism.

        Now prove me right by throwing around more insults.

      • dear dawgbyte

        your comment is just as irrelevant, if not more so. Paul is calling out the fed and last time i checked my money said federal reserve note on it. Are the foreign central banks getting us dollars that are coming straight from the us treasury? sure many people that are pro-paul are very, lets say excitable, but they seem way more informed than your ignorant, condoning ass.

      • Rex Conrad on

        Dear Status Quo Lemming,

        Your comment is all anyone with a single operating brain cell needs, to know you are utterly, painfully…yet comically….clueless.

      • Sorry, DawgByte, but this is exactly what Ron Paul always talks about. Economics and politics, inseparable.

      • SlammoFandango on

        DawgByte – An insult without an explaination is worthless. If you know what you’re talking about, then by all means please elaborate. Otherwise, stick around and you might learn something.

        • There’s no arguing with Ronbots… facts are meaningless. They’re programmed, hence the name.

          The Fed has nothing to do with this situation. As it happens, the dollar is the currency used to trade oil. These two countries and are attempting to use another standard to skirt the oil embargo. Russia and China have been whining about being tied to the dollar for the better part of two years. One has to ask why that is… the answer is very simple if you know anything about those two regimes.

          • SlammoFandango on

            First of all, those ‘regimes’ as you call them are only acting in their best interests. Russia is buying because its cheap and China is doing everything it can to get away from holding dollars because they know where the dollar is going – down. They’ve been trying to divest themselves from Treasuries as fast as they can these last years because we are in debt to them for way more than they are comfortable with and they’d be dumping Treasuries faster than they already are but they don’t want the price to fall any faster than they have been. They’re still holding debt from before it was the money supply tripled. You can’t blame them. The main buyer of the Treasuries China has been dumping has been the Fed itself, and that my friend is not at all a good sign.

            And speaking of the Federal Reserve, yes, the Federal Reserve has everything to do with this. Everything begins and ends with the Federal Reserve because the Federal Reserve is the banks that issue their own form of proprietary currency which all the rest of the world is forced to deal in when trading oil. Don’t kid yourself into thinking we at all have a Nationalized Central Bank. They are the ones that manipulate the supply of the currency while it is others hold vast amounts of dollars out of circulation awaiting future purchases of oil.

            You’ve got the chicken confused with the egg: The reason there is an embargo is because of Iranian trading practices. These practices are not a result of the embargo, but instead the other way around.

  49. And so it begins. India isn’t even our enemy…but now that it has dumped the dollar, the domino effect of nations will occur. China and Russia are next. America will be a pauper nation by next Christmas…and Oba-Mao will suspend November elections as we spiral into the abyss. When gas hits $5 a gallon, remember this post. When it hits $10, it will be too late. When it hits $20, America fails, and your Communist, Kenyan Usurper wins!

  50. Only 7.2 million ounces? That is 225 tons of gold. That is almost half of India’s total gold reserves!

    This will NEVER happen.

    • “Only 7.2 million ounces? That is 225 tons of gold. That is almost half of India’s total gold reserves!”

      YOU ARE ASSUMING THE PRICE OF GOLD vis-avis OIL will remain the same! The price of gold will rise faster than the price of oil. This means oil will be cheaper in gold bars.

      That’s the nature of fiat (paper) money. It’s value always goes to zero because governments will always print more paper and confiscate your paper money saving (stored labour wealth).

      • Malik Al Spaghetti on

        “The price of gold will rise”
        Hold on there…as a reserve currency: gold is supposed to remain the same (value) and everything is supposed to be compared in value to it. Example: Gold is valued at $1668 per ounce…then goes to $1695 the next week. Did gold change or did the dollar de-value?

        The problem with tangible commodities (gold/oil, etc) is they ARE subject to being devaluation IF the World Bank decides to do so with any currency comparison. Gold is a potential bubble as it were back in the early 1980s when millions of people lost a lot who had gold.
        The fact is, unless every country agrees that gold is the monetary reserve, it remains a commodity that is subject to manipulation. I don’t see the globalist giving up their grip on people’s wealth through inflation.
        Watch the price of gold plummet at some point (big sell off) and/or a new currency arises that forbids gold transactions – with the excuse of taxing the wealthy – plunging people to poverty who converted the majority of their wealth into gold.

    • You do not understand the first thing about the international transactions

  51. The Indians are skirting a very important diplomatic strategy to prevent Iran’s nuclear weapon ambitions. If I was Obama I’d call the Indian Ambassador to the U.S. into the Oval Office and explain to him that if India doesn’t comply with this embargo I would encourage Congress to draft a law making it illegal for U.S. companies to outsource to India. That will most assuredly get the Indians attention as to the seriousness of their mistake.

    • I would simply draft the bill anyway, not as a diplomatic solution, but as an economic solution.

    • SlammoFandango on

      The WMD excuse is BS. The WMD excuse was BS in Iraq and it was used for the very same reason it is now: It is in the interest of the banksters that contol our government to see to it that the proprietary currency they issue is held in large volume by all the purchasers of the world’s oil. Any country which allows for the sale of oil in any other form releases other countries from the need to hold on to dollars in reserve. If large volumes of dollars are not held in vast supply, the supply of dollars can not be manipulated by issuing banks without immediate effect on the strength of the currency. This prevents issuing banks from using newly created dollars as if they were more scarce and thus more valuable than they acually are.

      The WMD thing is just an excuse even if it is this time there are in fact WMDs. Wars are ALWAYS fought over economics yet we are usually given different excuses.

  52. Pingback: EU bereitet mit Ölboykott gegen Iran von Israel verlangten Krieg vor « Mein Parteibuch Zweitblog

  53. Obama will neverr put India’s feet to the fire; Big Business has bpought his soul and he is bound to dance to their tune. The American people will, before all is said and done, be freezing in their homes due to lack of fuel. Jobd will be lost because folks can’t afford gasoline to get to work…and Obama’s wish/dream/desire tom have the entire population of the USA dependent upon government largesse will have reached fruition. While all of the politicians are raking in the bribes, consultation fees, etc. you and your family will slowly starve to death or die from exposure.

    • Vote for a socialist, get socialism. People don’t really understand that such types of governments are bad though. It’s all the rage in college campuses. *sigh* I hope Obama enjoys his taxpayer trip to Disneyland

  54. This is the resason the US got rid of Gadaffi becasue he wanted to be paid in gold and said no to the dollar. Therefore, unless Paul gets in, we are headed for war with Iran and it will be WWIII and the beginning of the end for the US. Good job sitting on your fat asses watching a bunch of ex-cons throw around a pig-skin ball while not giving a damn whom you elected into office.

  55. Time will tell whom the ignorants are, and I assure you it is not me.

  56. 7.2 million oz of gold is about 200 tons
    Indian fed reserve will be out of gold quick. They have only 500 tons.
    Will never happen. Stupid idea.

  57. Too funny…….

    Its about oil, any conflict in the middle east is ALWAYS about oil.

    Iraq could not be controlled, so it was “occupied” until the US had infrastructor around those wells, as well as corporate ties.

    Iran cannot just be “invaded”. They share a border with the Soviet Union. Any attempt at “occupation” will involve a showdown with Russia. The US is NOT perpared for that.

    So since you cannot “occupy and take” the next step would be to restrict there ability to export. This is being done….

    In order to continue to have an economy, Iran MUST trade heavily with the countries they currently border. Turkey, Russia, India, Afghanistan all are on the list. The US is on friendly terms with all but Russia. What Iran will probably try next is to drop there prices SO low that it would be worth the risk for these other countries to purchase oil while avoiding there sanctions. The real question is, How much infrastructor does the US have in these bordering countries? If US companies, say in INDIA, want oil, and India is freely trading with Iran, does that mean that the US could be “Laundering” Oil through these corporations?

    • O and threatening India is Just as pointless since China is right there and would NOT tolerate an occupation of India that was not co-ordantated by themselves.

    • SlammoFandango on

      Well, yeah…Except the banksters aren’t laundering oil, they’re laundering the currency. They’ve been doing it since the early 1970’s. Just look at the commodity price index versus dollars and this will come as no surprise.

      The west has been protecting the generational sovereignty of monarchies with horrific human rights records because it is they sell oil on the cheap and only for petrodollars, which have not been based on a fix commodity value since 1971.

      Since they only sell for dollars, all the world’s nations need to hold on to reserve holding of proprietarily issued Federal Reserve Dollars in large volume. Since large volumes of Dollars are held out of circulation, new dollars can be added to the supply of dollars which spend as if they were more scarce than they really are. Inflation does of course occur but not until well after the wealth represented by the new dollars is laundered.

      On the flip-side, the banksters make a mint from loaning our government money to pay for the military machine that keeps everybody either happy or in compliance. The monarchies might make more by not allowing for the laundering but then they wouldn’t get the protection for their monarchies like we saw when Iraq invaded Kuwait. Countries like Egypt got bribed to play along and countries like Iraq and Libya got their regimes changed when they sold oil for anything but dollars.

      Iran is now a threat to the banking dynamic because it is allowing countries the freedom to not hold on to large dollar reserves which threatens the dynamic for all countries involved in the scheme which is why in the case of Libya our friends from Qatar got so involved in getting rid of Gaddafi.

  58. rex fortunatus on

    Who knew, Indians had that much gold after all?
    The Conquistadors were looking for it all over the place. But they managed to hide it till this day.

    • Of all the morons who are blabbering on this site REX do take the cake. Your stupidity must be an asset

  59. rex fortunatus on

    Maybe those casinos in reservations are doing better than we knew for the Indians. Where else did they get all that gold to now buy oil with it..

  60. Pingback: Gold for Oil: India and Iran Ditch Dollar – Report | Forex Crunch | Daily Finance News - Forex Stock Market

  61. OK India, You do not want to be on the side of the USA? Fine, We Americans will take American Dollars back and the 200,000 jobs you now hold in Information Technology, customer service, IRS Social security data management,ect…. and backrupt your country overnight! Shoot yourself in the food, I dare you!

  62. Reeves' Army on

    So Iran’s gonna con India and China into giving them all their gold in exchange for a consumable resource. Smooth. What happens when Iran then has all their gold?

  63. Pingback: The China Money Report » Gold for Oil: India and Iran Ditch Dollar – Report

  64. John Sheridan on

    1. Return to treasury backed and printed currency.
    2. Renounce debts claimed by the ‘Robber Barons'(The FED)
    3. If India wants to align with Iran, fine, but no VISAs

  65. Pingback: Gold for Oil: India and Iran Ditch Dollar – Report | Forex Crunch - forex

  66. Nobody has ever occupied Russia, since my ancestor Great Khan of the Stepe, and even he could not occupy the whole Russia, so he was satisfied with settling there for a few centuries to improve the breed.

  67. Kadaffi wanted to switch to a gold standard too.Enough said hello war.

  68. Pingback: Currency Wars - CycloneFanatic

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  70. Bill of Rights on

    WOW imagine that!!! A barter system based on trading goods for goods . . . crap, why didn’t we think of that?

    Lets’s trade food for oil, noble concept!

  71. Iambic PentaMaster on

    It’s now a global expression,
    Economies in recession,
    Bush isn’t to blame,
    (The attempt is lame),
    It’s called “Obama Depression”.

  72. Pingback: Two More countries opt out of using dollar «

  73. Pingback: India and Iran Ditch Dollar – China To Follow? | Texas Oil & Gas

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  75. Arjuna Fan on

    The western power elite (globalists) WANT the dollar to go under. India is doing the right thing. Anyone who understands REAL economics is going to drop the dollar. I don’t believe I’ve ever seen such moronic comments before. “All cruelty springs from weakness”. It’s the americans who are so weak. Not Indians.

    • SlammoFandango on

      Anyone who CAN drop the dollar will because the dollar is still being treated as if it were redeemable for a transferable commodity of positive wealth rather than a promise to repay a debt, which is what it is.

      A gun has been held to the heads of all the oil producing nations for the past 40 years in order to hide this dynamic. As soon as the US loses its abiltiy to intimidate all countries into exclusively selling oil for dollars, the rest will follow. They got away with destroying the economies of Iraq and Libya rather than allow them to sell oil for someting other than dollars and this has bought the banksters a few more years. If it is they can not prevent Iran from breaking away for dollars the hole ponzi scheme will fall. Everybody knows this. The US and NATO do in fact have the strength to bring Iran down and save thier world banking dynamic but they can’t if Russia wants to stop them. It looks like Russia wants to stop them. Still, these guys are madmen who simply do not care what happens to humanity so we just don’t know.

    • What moron said Cruelty springs from weakness? Cruelty springs from intelligence! The smarter the animal the more they will play with their prey. The smarter the animal the more it is likely to intentionally wound another for amusement! Weakness allows cruelty to spread but never did i see a timid wife go out and start beating on people and thieving.

  76. Malik Al Spaghetti on

    Yes, the globalists WANT the dollar to disappear so they can introduce a NEW currency. This will cause a panic on gold selling (like in the early 80s) and other commodities that will plunge people who bought these into poverty. ANY currency will be instantly devalued (1,000 dollars to 1.)

    While many celebrate the dollar’s demise, they are like the clueless people on a beach collecting shells staring at a wall of water called a Tsunami.

    • Are you kidding? Fiat currency worldwide is going to be completely discredited. Gold whether or not if used on official business will be used in the black market. Even Your globalists are no match for the black market. Globalism is dying as this growth and debt based system needs infinite growth to survive. The problem for this paradigm is that the Earth is finite. Your globalists are going down with this paradigm that is increasingly becoming irrelevant and not possible any longer. Real things like gold will be needed to import real things like oil. Fiat printed out of thin air crap no longer cuts it.

  77. Pingback: The Woes of 2012 « Kee Wakefield

  78. Asian and M.E. nations do not want the dollar to fall. They will lose a fortune. Oh well, it was only paper anyway.

  79. Carlo Marino on

    I would envision India, the worlds biggest democracy, siding with the Western world in posturing towards Iran. But now that India is nuclear, maybe they think they can do whatever they please???

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  81. Pingback: Gold for Oil? India and Iran Ditch the Dollar?

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  83. If this is to be true,then it could start real vs. fake trading mentality across the world.Would you like didgital dollars or gold for your product?The crash and burn effect of all things fake could send a skyrocketing wave to gold,silver,oil,farmland or anything that has real value.Even the herd might realize that valuable products that you can actually touch and use for something is the way to go.The imaginary world of the wizard of oz and disneyland people will find themselves at the edge of the cliff with no parachute being told by the talking heads to jump,there is no bottom.Get real now.

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  91. Qaddafi demanded gold for his oil, and look where it got him. The U.S. dollar is going to be history, so everybody better be demanding gold for their products and labors.

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  100. Pingback: India Opts Out Of Participating In Iran Oil Embargo | Sago

  101. Pingback: Gold for Oil: India and Iran Ditch Dollar