The Bush administration will never allow the Iranian government to open an oil exchange (bourse) that trades petroleum in euros. If that were to happen, hundreds of billions of dollars would come flooding back to the United States crushing the greenback and destroying the economy. This is why Bush and Co. are planning to lead the nation to war against Iran. It is straightforward defense of the current global system and the continuing dominance of the reserve currency, the dollar. The claim that Iran is developing nuclear weapons is a mere pretext for war. The NIE (National Intelligence Estimate) predicts that Iran will not be able to produce nukes for perhaps a decade. So too, IAEA chief Mohammed ElBaradei has said repeatedly that his watchdog agency has found “no evidence” of a nuclear weapons program. There are no nuclear weapons or nuclear weapons programs, but Iran’s economic plans do pose an existential threat to America, and not one that can be simply brushed aside as the unavoidable workings of the free market. America monopolizes the oil trade. Oil is denominated in dollars and sold on either the NYMEX or London’s International Petroleum Exchange (IPE), both owned by Americans. This forces the central banks around the world to maintain huge stockpiles of dollars even though the greenback is currently underwritten by $8 trillion of debt and even though the Bush administration has said that it will perpetuate the deficit-producing tax cuts. America’s currency monopoly is the perfect pyramid-scheme. As long as nations are forced to buy oil in dollars, the United States can continue its profligate spending with impunity. (The dollar now accounts for 68% of global currency reserves up from 51% just a decade ago) The only threat to this strategy is the prospect of competition from an independent oil exchange; forcing the faltering dollar to go nose-to-nose with a more stable (debt-free) currency such as the euro. That would compel central banks to diversify their holdings, sending billions of dollars back to America and ensuring a devastating cycle of hyper-inflation. SOURCE The real reason Iran is in our bomb sights?