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Bullets, Beans


Tuesday, 24 January 2012

Europe at war with Iran

No one ever lost money betting on the foolishness of European Union (EU) politicos. And if you are an oil trader, rejoice - all the way to the bank; as expected, EU foreign ministers - meekly following the Barack Obama administration - have given a green light for a full Iranian oil embargo.

The embargo applies not only to new contracts but also existing contracts - to be voided by July 1, and includes extra sanctions targeting Iran's central bank and petrochemical exports to the EU.

It's always crucial to remember the embargo - a de facto European declaration of economic war - was forcefully proposed in the first place by the neo-Napoleonic "liberator" of Libya, France's President Nicolas Sarkozy. The official EU excuse for the economic war is "serious and deepening concerns over the Iranian nuclear program"....more

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