OK say it with me now . . . Petro-Euro.

Iran's nuclear projects, alleged WMD's, or its supposed support of "terrorist organisations" as the Bush administration claims does not pose a threat to Washington. What does pose as a threat is Iran's attempt to re-shape the global economical system by converting it from a petro-dollar to a petro-euro system. Such a conversion is looked upon as a flagrant declaration of economical war against the U.S. which would flatten the revenues of the American corporations and could eventually cause an economic collapse.

In June 2004, Iran declared its intention in setting up an international oil exchange (a bourse) denominated in the Euro currency. Many oil-producing as well as oil-consuming countries had expressed their welcome to such petro-euro bourse.

According to Iranian reports this bourse is due to start trading in early 2006. Naturally such an oil exchange would compete against London's International Petroleum Exchange (IPE), as well as against the New York Mercantile Exchange (NYMEX), both owned by American corporations.

Oil consuming countries have no choice but to use the American Dollar in order to purchase their oil, since the dollar has so far been the global standard monetary fund for oil exchange. This in turn requires these countries to keep the dollar in their central banks as their reserve fund, therefore 'helping' in strengthening the American economy.

However, if Iran, followed by other oil-producing countries, begins to accept the Euro as another choice for oil exchange the American economy would suffer greatly, what many would call 'a real crisis'.