| From the Department of Bwaa-Ha-Ha:
The September 12 edict was issued following a decision by the trustees of the country’s foreign reserves, Mehr News Agency reported. Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country’s oil transactions. Iran has called on other OPEC members to ditch the sinking dollar in favor of the more credible euro. |
The situation in Europe is taking a turn for the worse as the Prime Minister of Hungary says Hungarian economy is in a "very grave situation and talk of a default is not an exaggeration".
The euro hit a four-year low of $1.21 today, and the currency is headed toward parity with the dollar, many experts say.
CNN marks the end of the euro party by noting that less than three years ago, model Giselle Bundchen was requesting payment in euros and rapper Jay-Z featured a stock of euros in his video for "Blue Magic." He also preferred to do business in the euro, which is now losing value by the hour.
Maybe maybe Goldman Sachs can arrange a currency swap for Jay.
September 22, 2009 — Iran’s President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in the country’s foreign exchange accounts.