regular readers of this blog know that we love pepe and his writing.........this is a long one, but well worth the read........
read more from global research..........
"Do you think there could be some sort a connection in the pricing of oil with gold in the future going ahead?
Pepe Escobar: I don’t know, Lars, honest answer. I don’t know. You know why? I would say it depends on a move connected to bypassing the petrodollar. And this move already started a few years ago. Iran wants to do it badly like yesterday. Russia already said: Yes, we want it. Venezuela already said in South America: Yes, we want it as well. But I think this is the nuclear option. Can you imagine the day when you have major oil producers inside OPEC saying: It’s not going to be the petrodollar anymore, it’s going to be our own currencies or it’s going to be a basket of currencies. That’s basically the end of the American hegemony for good.
The whole country will burn, basically.
Pepe Escobar: Exactly. The whole globe will burn. I see this as the nuclear option. A few years ago when Iran was establishing an energy bourse, in fact, they did, it’s already there.
Since 2008. [Oil Bourse Opens in Kish, published at Fars News Agency on Feb. 18, 2008]
Pepe Escobar: I remember in 2005, I interviewed the guy in charge of establishing this bourse in Tehran. We had a fantastic conversation, and then I got into a big fight with the editor at that time of Asia Times, because he said: If we publish this, the Americans will bomb our site tomorrow.
The Iranians said: This is our first step to entice people to start buying oil contracts with us at our bourse and not in New York or in London. And then I told this guy: You know what you’re doing when this thing goes ahead. You are going to be bombed by the U.S. tomorrow. They said: Yes, we know the risks. But the guy who was implementing this mechanism for us was a former trader in London actually. It was a very complicated messy affair."
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