Turkey Skirts Iran Sanctions with Gold
November 26th, 2012
We’ve said this over and over again but it keeps coming up. Any nation that tries to conduct trade without the US dollar becomes an enemy of the State. As we’ve discussed, Gaddafi’s Pan-African gold currency was one factor behind him losing favor with the US. Any analyst worth half his salt will tell you that Saddam Hussein lost favor with the US when he threatened to trade oil on a euro standard instead of the dollar. And now as China shows some signs of using gold for trade, you can rest assured that attention will be diverted there in the coming administration. But of course before the Sauron’s Eye of the State is pointed East, there is the small matter of Turkey, ostensibly a near and dear ally of the US, buying oil from Iran with gold.
See, this is why the State hates gold, and silver for that matter. Because unlike paper money, whether domestically or internationally, trade in alternative currencies is just too difficult to track, which makes it impossible to stop.
The Wall Street Journal report calls the Turkish gold payments a “loophole in Western sanctions” which ban Iran from receiving payments in US dollars, but it’s far more than that. A “loophole” at least operates within the framework of the policy, as when a Silicon Valley tycoon buys his yacht in Oregon and sails it South to San Francisco to avoid California taxes. Abandoning the US dollar to circumvent the entire policy is a thumb in the eye to US legitimacy, and the global banking system. Good for them!
Turkey’s Deputy Prime Minister and top economic policy maker Ali Babacan confirmed the trade deal with Iran to the parliamentary budget committee today. In the last nine months Turkey has exchanged $6.4 billion of gold for several million tons of Iranian crude oil, tripling Turkey’s pre-sanctions exports to Iran.
This less than a week after Turkey’s prime minister Tayyip Erdogan called Israel’s recent Gaza offensive “terrorism” and an “attempt at ethnic cleansing,” which creates a difficult diplomatic conundrum considering both Israel and Turkey are supposedly strong US allies. As Michael Rubin, a former Pentagon adviser on Iran and Iraq said, “Turkey is playing Obama for a fool.”
One Iran policy expert on Capitol Hill said “The good news is that sanctions are now so powerful that Iran has been forced to follow Ron Paul’s advice and move back to the gold standard from the dollar.” The question is… is the good news that the sanctions are strong, or is the good news that someone in the world is following Ron Paul’s advice? The source goes on, “The bad news is that Iran is rapidly accumulating large amounts gold and other minerals with which to barter for goods and services.” Wouldn’t it be nice if we were in such a dire predicament?
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