¿What is the next for the american dollar? We remember the OPEC MEETING from the last november, when Iran and Venezuela, try to include american dollar in OPEC talks. This time, Saudi Arabia block any kind of talk about the dollar, but the game is not over yet.

During 2007, the Bankers in Iran have complained that it was becoming increasingly difficult to receive Iranian-held money denominated in dollars from European bank accounts. They said that this was because of United States pressure on European banking giants not to allow dollar-denominated funds to be sent into, or out of, the Islamic republic government of Iran.

Iran and Venezuela, are looking to reduce its dependence on the dollar, want to reduce this kind of vulnerability. Foreign income sources and oil revenues should be calculated in euros and want to receive them in euros in order to put an end to its dependence on the dollar.

For Iran, the 60 percent of oil sales are already being carried out in dollars in another hand for Venezuela represents around 90 percent of oil sales.

This week Iran has stopped selling its oil for american dollars, the Iran’s oil minister, Gholamhossein Nozari say: “In line with a policy of selling crude oil in currencies other than the U.S. dollar, the sale of our country’s oil in U.S. dollars has been completely eliminated,” and, He also said “the dollar is no longer a reliable currency.”

If we remember the last week, Russia through Gazprom is mulling over the possibility to sell natural gas and crude oil for rubbles. Gazprom has 118,367.564 million rubbles in stock capital split into 23,673,512.9 thousand common stocks, 5 rubbles par each.

¿The Dollar has problems? The United States is the hegemony, yet. But its currency is experimenting a real globalization, because now, the dollar needs to fight with the yuan, the euro, and maybe (soon) the rubble but its main enemy is the same american dollar, the real adversary is the american currency policy. For this reason, The United States needs to improve its foreign and currency policy.

|Manuel Torres Laveaga

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After North Korea tested its first nuclear weapon, the leaders from Europe, United States, Japan and South Korea try to find mechanisms to stop  Pyongyang’s nuclear program and only just a few days Japan and North Korea met amid cautious optimism. This is a good sign.

However North Korea helped Iran to set up alternative nuclear tests. This kind of relations is dangerous, for the reason that Iran is growing ever more bellicose. Recently the Government of India expressly underlined the “right to peaceful uses of nuclear energy” of Iran for its energy security. India asked  the President Mahmud Ahmadineyad to “remove all doubts” about the nature of its nuclear program through “transparent” dialogue with the United Nations inspectors.

The Government of Manmohan Singh should act now on the concerns expressed by the World Security, and talk with Iran to stop the development of a nuclear technology only to be used for weapons and not just for energy security (the Excuse of the Day), because the next step is for the neighborhood, subsequently each country in the region to want to have its own nuclear weapons program.

|by Manuel Torres Laveaga|