RESPONSE TO: 'INDIA TO PAY GOLD INSTEAD OF DOLLARS FOR IRANIAN OIL, OIL AND GOLD MARKETS STUNNED'
DEBKAfile / January 23, 2012
[Emphasis and comments added by Rocky Montana]India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, debkafile's intelligence and Iranian sources report exclusively. Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets.
By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran's oil exports.
[Now, watch very carefully for the retaliation which usually follows the breaking of any U.S. embargo by other nations; in this case on India for trading with Iran and especially for NOT using "U.S. Dollars" in the transaction, which will probably by dubbed "trading with the enemy" and "a terrorist act" by the U.S. government and the U.S. Dept. of Propaganda (mainstream-media). Will the U.S. Government, now, come out and call India a "terrorist nation" for NOT using Federal Reserve Notes (not U.S. dollars) to buy their oil? Make no mistake: the U.S., British, Israeli and other Zionist occupational governments are beating the war drums against Iran because the Iranian government will not go along with the present world money system -- 'the beast'. Iran is doing what American citizens should have done 100 years ago; that is to fight against 'the beast' and give them no foot-hold on our country. The Zionists are using the Iranian nuclear proliferation issue to justify this embargo and a future war with Iran. Will the American people fall for it? If war with Iran occurs, it will be triggered by the staging of a false-flag event by ZOG (Zionist occupational government), not unlike every other war the U.S. has been drawn into or engaged in since the American Civil War (1861-1865).
Remember that the U.S. government, through Congress, gave up its right to print a national currency in 1913 through the passage of the Federal Reserve Act, unlawfully passed in the middle of the night on Christmas Eve by a handful of traitorous U.S. Senators (agents and employees of the Rothschild crime family) to create the privately owned U.S. national money system called the Federal Reserve. (Read Eustace Mullin's book, THE SECRETS OF THE FEDERAL RESERVE.) Through their control of the U.S. Government and military, they have and continue to expand their turf up through today where they literally hold the world hostage to use their money (the phoney U.S. dollar) in all major transactions including oil, thus creating a virtual world monopoly. Mayer Amschel Rothschild said, "Give me control of a nation's money and I care not who make the laws." He said this because he knew he could then buy the necessary government officials that would support more and more intrusive laws and thus multiply his wealth and enslavement of the people. The Rothschild Dynasty and the other families who own the Federal Reserve criminal money system have extorted Americans for 100 years. For God's sake, isn't time that Americans throw-off this beast?!?
It is time for Americans to put what used to be their money where their mouth is! It is time for the Federal Reserve and its arm, the IRS, to be shut down and for its agents to leave this country! It is time for U.S. government to return to the original and only lawful rules for the conduct of the of this country and the protection of its citizens, the U.S. Constitution and Bill of Rights! It is time for the U.S. Government to replace the counterfeit U.S. dollar (FRN's) with the REAL U.S. dollar backed by gold/silver! But the majority of Americans must DEMAND this change for this to occur. We must speak with your votes. Ron Paul is the only Presidential candidate who has demonstrated the courage to take on the Federal Reserve and return America back to its original money system and Constitutional Law. But he cannot do this without the help and support of the majority of American citizens. Americans: Do you want true RESTORATION of America's founding principles or do you want continued socialism into permanent poverty and enslavement? Support Rep. Ron Paul in the GOP Primarys and demand that he be our next GOP Presidential candidate.]
The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets.
Iran's second largest customer after China, India purchases around $12 billion a year's worth of Iranian crude, or about 12 percent of its consumption. Delhi is to execute its transactions, according to our sources, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of Indian government and Reserve Bank of India representatives; and Halk Bankasi (Peoples Bank), Turkey's seventh largest bank which is owned by the government.
An Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept dark.
India thus joins China in opting out of the US-led European sanctions against Iran's international oil and financial business. Turkey announced publicly last week that it would not adhere to any sanctions against Iran's nuclear program unless they were imposed by the United Nations Security Council.
The EU decision of Monday banned the signing of new oil contracts with Iran at once, while phasing out existing transactions by July 1, 2012, when the European embargo, like the measure enforced by the United States, becomes total. The European foreign ministers also approved a freeze on the assets of the Central Bank of Iran which handles all the country's oil transactions.
However, the damage those sanctions cause the Iranian economy will be substantially cushioned by the oil deals to be channeled through Turkish and Indian state banks. China for its part has declared its opposition to sanctions against Iran.
debkafile's intelligence sources disclose that Tehran has set up alternative financial mechanisms with China and Russia for getting paid for its oil in currencies other than US dollars. Both Beijing and Moscow are keeping the workings of those mechanisms top secret.