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ECONWAR: U.S. may bar access to the U.S. banking system for any Indian bank processing oil payments through Iran’s central bank

U.S. May Sanction India Over Level of Iran-Oil Imports

India has failed to reduce its purchases of Iranian oil, and if it doesn’t do so, President Barack Obama may be forced to impose sanctions on one of Asia’s most important nations, Obama administration officials said yesterday.

A decision to levy penalties under a new U.S. law restricting payments for Iranian oil could come as early as June 28, according to several U.S. officials who spoke on condition of anonymity because of the sensitivity of the issue.
“Given the level of trade, and in particular oil, between Iran and India, targeting an Indian entity that facilitates Iran’s access to the international financial market should be top of mind for the U.S. Treasury,” Avi Jorisch, a former Treasury Department official who is now a Washington-based consultant on deterring illicit finance, said in an interview.

The U.S. law, which targets oil payments made through Iran’s central bank, applies to any country that doesn’t make a “significant” reduction in its Iranian crude oil purchases during the first half of this year. If India fails to cut Iranian imports sufficiently, Obama may be compelled to bar access to the U.S. banking system for any Indian bank processing oil payments through Iran’s central bank, the U.S. officials said.

http://www.bloomberg.com/news/2012-03-15/u-s-may-sanction-in...



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They have already started to restrict them

I was ordering something online and the order was sent through India. The girl informed me if I was paying with a card it could not be a debit card it had to be a credit card and I would have to call my bank and have them drop the restrictions so it would go through. That struck me as very weird so I told her that's ok I changed my mind. Just think of how many American credit cards the Indians have! Not real smart to tick off a country that handles all your credit card purchases and handles all your technical support. I guess they are learning the blowback of why you don't send our jobs over seas to nation build and build alliances. The goberment gets dumber by the second.

Reading this, I had the

Reading this, I had the feeling of being an impartial observer. It is utterly ludicrous for the US to interfere with trade between India and Iran. They have history going back thousands of years. They are neighbors. They trade with each other. And it's their business what they trade, and what currency they use to trade.
It is none of the US government's or banks' business. Seriously, the US needs to butt out, shut up, and stay in their room until they can behave like civilized people. As for now, they are living in their self imposed dark ages.
If the US doesn't wise up, they may learn a whole new kind of blowback when the rest of the civilized peaceful world sanctions the US.

This kind of BS will stop when Ron Paul is President.

RON PAUL 2012 * Restore America * Bring The Troops Home
http://www.texasuncensored.blogspot.com

I Love U.S Foreign Policy...

...making enemies faster than we can kill them. I don't see this going well. FRN's are soon to be extinct. Thank God.

This is not even real. It's

This is not even real. It's more of a scare tactic for India rather than a real threat. This would just be the U.S. sanctioning themselves.

At this point...

U.S. and the banking cartel have no choice but to engage in economic warfare with counties who do business with Iran. The logic is if Iran has rejected the Petrodollar, they must be punished not to give any incentives or backbone to any other countries to do the same.

I mean, this entire "World Reserve Currency" scheme is riding on countries to use the Petrodollar.

The problem is that India is no pushover and certainly has few friends near by that may help them out.

This will only get worse.

The Libertarian Party, irrelevant since 1971.

India will turn to Russia

That's brilliant US global "strategery" at work.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

Lets just say...

if the global doomsday prophecy of 2012 or Zimbabwe economic crash doesn't get us, a World War 3 with Russia, China and the rest of Asian countries is unavoidable within the next decade.

As to the wise Egon Spengler once said: Never cross the beams. I'm afraid the beams have crossed and there is no turning back...

The Libertarian Party, irrelevant since 1971.

These sanctions will apply to

These sanctions will apply to China, South Korea, South Africa and Turkey as well by the end of June if they do not "significantly reduce" their Iranian oil imports.

So the US government is not

So the US government is not only going to put sanctions on Iran but demand that every other nation put sanctions on Iran too whether it is in their national interst or not. This is very dangerous when one nation had that much power to force their will on every other nation. It just goes to show that the US is a proto-one world government.

Fuck Washington.

Mark Twain for President, 1880.

If the bubble reputation can be obtained only at the cannon's mouth, I am willing to go there for it, provided the cannon is empty. If it is loaded my immortal and inflexible purpose is to get over the fence and go home. My invariable practice in war has been to bring out of every fight two-thirds more men than when I went in. This seems to me Napoleonic in its grandeur.
- "Mark Twain as a Presidential Candidate," New York Evening Post, 9 June 1879

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Economic warfare.. global

Economic warfare.. global war, next.

Good for a start

Now if they'll just ban all payment processing thru all central banks we'll be getting somewhere.

Yeah...because India promised to

pay Iran in GOLD! Something the elites surely do not want. Now with Saudi Arabia promising oil for GOLD from China...that's a double whammy! Dollars' day as reserve currency is quickly fading away.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey referring to ISIS

Sanction Gold.

Go ahead freakin idiots.

It's a non-banking transaction. Just try to tell India that they can't buy oil with gold.

Total horsesh!t.

"It does not take a majority to prevail but rather an irate, tireless minority keen on setting brushfires of freedom in the minds of men."

--Samuel Adams

Obama is begging for the rest

Obama is begging for the rest of the world to stop using the dollar. It won't be long now.

RON PAUL 2012 * Restore America * Bring The Troops Home
http://www.texasuncensored.blogspot.com

Nixon to Obama

All guilty as well as their respective cabinets and congresses.

Presidents Bush & Obama are the one's who have been piloting the death spiral with zero pilot in command training.

Reach for your seat cushion, its going to be a landing at sea.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

meekandmild's picture

Isn't India withdrawing all its gold from the United States?

I read a post on that here on the DP didn't I? India and I think Germany was withdrawing its gold from the US?

Bundesbank & Swiss National Bank, others

The Bundesbank & SNB are getting nervous. Is their gold actually at the NYC Fed anymore? Problem - the Fed does not seem to be too interested in letting them account for it. They would do all they could to keep them from repatriating it. Germany has thousands of tons of gold, #2 in the world. But I would say that Germany and Switz would be wise to bring it home.

India is setting up direct oil trades with Iran through commodity exchanges and direct currency exchange. The way it is done: Iran opens accounts in India. When the oil arrives India deposits Rupees & the Iranians can buy products or commodities they need in India and ship it home. Iran is feeling serious pain but alternative market solutions always arise. The more it happens, the less relevant the USD becomes. Big problem.

China & Australia announced today that they will be doing direct currency conversions, circumnavigating the USD... China also signed a similar agreement with Japan & S. Korea.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

Imagine having to go through the US just to purchase from abroad

China & Australia announced today that they will make direct currency conversions. Thus ends ridiculous circumnavigating the globe for US Dollars... China also signed a similar agreement with Japan & S. Korea.

These direct international currency transactions circuvent the US Banking system & its use of US Fed Reserve Notes.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

"China & Australia announced

"China & Australia announced today that they will make direct currency conversions. Thus ends ridiculous circumnavigating the globe for US Dollars... China also signed a similar agreement with Japan & S. Korea."

Could you please explain further what this means, And do you have a source I could go to for that? Thanks.

Happy to. Here are resources & info. Not comforting.

BBC.com - China signs $31bn currency exchange deal with Australia
http://www.bbc.co.uk/news/business-17471095

"In a further move toward reserve status, on March 29th the China Development Bank (CDB), which lends mainly in dollars overseas, will now make Renminbi loans available to India, Russia, South Africa and Brazil, while the other BRICs nations’ development banks will also extend loans denominated in their respective currencies.
This is significant because it continues a move away from the US dollar as “The world’s reserve currency”. This means that fewer dollars will be used globally, therefore the need to hold dollar and dollar denominated bonds declines. This increases the probability of additional QE and weakens the dollar’s purchasing power so everything you need to buy takes more and more dollars.
The advantage that we still have is that our bond market is the largest and most liquid. But we are fast loosing that advantage as both the IMF and China rapidly develop those bond markets."

BBC.com - India & Iran
http://www.bbc.co.uk/news/17470695

Nasdaq: "Bundesbank Gold"
http://community.nasdaq.com/News/2012-03/germany-to-review-b...

Google "Swiss National Bank Gold Repatriation". I read it in German in the Neue Zurcher Zeitung (business news: http://www.nzz.ch/). They said this, translated:
"Recently launched debate for bill by members of the Swiss parliament, the repatriation is focused on three things: 1) physically locating national gold reserves in Switzerland; 2) Forbidding the Swiss National Bank (SNB) from selling any more of its gold reserves; 3) The SNB has must hold at least 20% of its assets in gold to protect the Swiss Franc and the Swiss Banking System." No question they are Austrian Economists.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

The news you cite is indeed what I referred to. Thanks.

I do not believe in nations trading goods in Monopoly-Money. Nor do I believe in the Immaculate Money Fountain (IMF). I do believe in other adventures. Thank you for your reply.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Thank you! I have some

Thank you! I have some friends who need to see these.

Be prepared

They may soil themselves.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

They're Santorum supporters

They're Santorum supporters so they're already...well, you know.

No beating around the Mr Bush. Nor Mr O. Go directly to Go!

Monopoly-money need not include international 3 Card Monte.

Nations are free to trade with each other. They may settle score as that see fit.

No need for geometric triangle financing in Monopoly-Money. Yuan to Dollar to Rial? Chinese Yuan and Iranian Rial convertor is up to date with exchange rates from March 23, 2012. Go directly to Go! Collect Local Monopoly-Money.

If faith & confidence is lost in Monopoly-Money... gold, silver & such may be used a a store of value.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Thank you Mr. Twain!

Thank you Mr. Twain!

I blush at your exclaimation point.

I'll get over it. Thank you as well. Regards,

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Try as they might, where is their gold?

Where was Venezuela's gold? How many months did it take to transport it to Venezuela?

Where is our US gold? How many years did it take to disappear? Where did it go? Who got it?

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Venezuelan gold

How many months did it take to transport it to Venezuela?

Two months. Looks like a dozen or so flights. Why?
http://www.bloomberg.com/news/2012-01-31/venezuela-receives-...