Japanese Corporations Pay for Iranian Oil with Yen

What are our Money Masters to do? Red China & Russia are two others with solidified relationships now with Iran. Bullying smaller countries is one thing, but to wave our nuke missiles at the world's heavy hitters is national suicide (our suicide, not the bankers'). As Ron Paul has repeatedly warned, our military is in shambles, and our national security is threatened. When you look over what we have for a US Congress, it's downright frightening. When one is intellectually honest with himself, the only choice to restore sanity and security is Ron Paul.

Japanese oil refiners Cosmo Oil Co. and Japan Energy Corp. have started paying for Iranian crude oil in yen instead of dollars, announced company spokesmen on October 9. Both companies are following in the footsteps of Nippon Oil Corp.-Japan's largest oil refiner-which made the same announcement in September.

How significant is it that more and more nations are ceasing to use the dollar as a reserve currency?

Since the 1944 Bretton Woods Agreement, the US dollar has been the world's primary reserve currency. This has been especially true regarding the crude oil trade, in which the majority of nations pay for crude oil in dollars. The resulting massive demand for dollars has allowed the United States to accumulate trade deficits and fiscal debts without experiencing the negative economic impacts that such imbalances normally cause. (Fars News Agency)