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US, EU Warmongers Wage Economic War on Iran

Politics / Iran Jan 05, 2012 - 06:17 AM GMT

By: Mike_Shedlock


One might think the US and EU would have enough economic problems already to risk oil soaring to stratospheric heights by an embargo of Iranian oil.

Unfortunately, common sense never gets in the way of bureaucrats and fools or their foolish missions.

Bloomberg reports EU Governments Moving Closer to Iran Oil Embargo as Greece Lifts Objection

European Union governments moved closer to halting oil purchases from Iran, stepping up the confrontation over the Islamic republic’s nuclear program.

EU foreign ministers are aiming to announce harsher sanctions on Iran’s energy and banking industries at their next meeting on Jan. 30 after Greece lifted its objections to an oil embargo.

“We want to tighten sanctions on Iran -- the things that have been mentioned are the oil sector and the financial sector,” EU spokesman Michael Mann said by telephone in Brussels today.

French Foreign Minister Alain Juppe said in Lisbon today that he hopes a decision about an embargo on Iranian oil exports may be adopted at the Jan. 30 meeting of foreign ministers.

The U.S. today welcomed the push toward an embargo.

“This is consistent with tightening the noose around Iran economically,” State Department spokeswoman Victoria Nuland said at a briefing in Washington. “The place to get Iran’s attention is in the oil sector.”

US, EU Wage Economic War on Iran

By some misguided thinking it is OK for the the US to block Iranian oil but not OK for Iran to defend itself or retaliate.

As far as I am concerned, an embargo is an act of war, and only Congress can declare war.

Thus, one seriously has to wonder if the the US is purposely attempting to goad Iran into blocking the Strait of Hormuz, just so the US can flatten Iran.

Warmongers United

Flushed with the "success" of wasting trillions of dollars in Iraq, fighting weapons of mass destruction that did not exist, the US now wants to do the same to Iran.

Oil is Fungible

The best news out of this mess is that oil is fungible, and perhaps embargo disruptions are already priced in. Regardless, as long as Iranian oil gets through, anywhere, prices will not get out of hand.

With that in mind, it would not surprise me one bit to see China send ships to the Gulf, stating flat out that China will defend its right to not have the US interfere with China's oil needs. 

Will Cooler Heads Prevail?

I would love to see someone cram this illegal action so far down Obama's throat it makes him puke. The only problem I see with China asserting Iran's right to ship oil (and it's quite a major problem), is that such actions by China could lead to WW III, just what neocon nutcases want.

By the way, the only candidate from either party against these illegal military and economic actions is Ron Paul.

In an addendum to my  Predictions for 2012, under the category of Energy, I stated  "My prediction is cooler heads prevail."

Perhaps I will be quite wrong on that particular call, quite soon.

By Mike "Mish" Shedlock Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at .

© 2011 Mike Shedlock, All Rights Reserved.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Eric C
06 Jan 12, 03:14

It will take a WW III to clean out the toxic shit accumulated in the world since WW II.

Even if there is a nuclear war, people will have babies; societies will rebuild, and many corrupt, backward, regimes will end up in the garbage.

I hope, no, I wish there will be a nuclear war. This will be the best lesson for the future human race.

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