India is determined to ensure steady crude oil supplies from Iran and is even considering settling payments with gold in the short term before the two countries agree on a mutually accepted currency and a bank to clear the transactions.

"We have written a letter to NIOC ( National Iranian Oil Company )) asking it to suggest a bank where US sanctions are not applicable," a government official involved in the matter said requesting anonymity.

Another official said India could settle crude oil import transaction using gold in the short term, while efforts to resolve the deadlock continue. An Indian delegation, including officials from ministries of external affairs, finance and petroleum, will visit Tehran next week to thrash out the payment issue, officials said.

Oil industry officials are keenly awaiting a solution as India imports 80% of the 184 million tonne of crude oil it refines every year, and Iran accounts for 16% of these purchases, making it the second-biggest supplier, after Saudi Arabia.

India's crude oil imports from Iran faced an impasse after the Reserve Bank of India declared that a regional clearinghouse that involved the Iranian central bank could no longer be used to settle oil and gas transactions between the two countries.

Several analysts believe India had acted under the pressure of the United States, which has lauded the RBI's action. Last year, India had protested Iran's remarks on Kashmir, and earlier, India had voted against the country's nuclear programme in a resolution of the International Atomic Energy Agency. 

Domestic oil companies faced the crisis after the Reserve Bank of India (RBI) discontinued a settlement through the Asian Clearing Union (ACU) for crude oil payments to Iran. ACU, an initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), was established in 1974 at Tehran for promoting regional co-operation. It facilitates payments among member countries for eligible transactions on a multilateral basis. The model helps in economising the use of foreign exchange reserves and transfer costs.

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ORIGINAL: Termyn8or

Sure they will, if they can turn a buck. I've come to the realization that the US depends on dependence. Take our foot out of the door and BOOM BOOM BOOM. Out go the lights. Perhaps an oversimplification, but true. Everyone pretty much knows what China is like, so why the MFN status ? It doesn't matter, it's a matter of control, control which is exercised for profit. I sure hope these motherfuckers who do this shit have most of their loot in the USD which they are destroying as we speak.

How dare a country pay it's debts in gold ? We don't. Look at us, we are on top of the world. Best country in the world.

For "them".

Do we have a trade surplus with India ? We better, because they might just like the idea of being a sovereign nation, go figure. Paying debts in gold - that makes us look bad. Yes, can you imagine paying all those telemarketers, sifters of our personal information and tech support people with gold ? We would be lost. No 800 number to call if your ipod doesn't work. No unintelligible voice to comfort you through your Compaq attack. Nobody to help you program your new universal remote. What shall we do ?

Bombs. Bombs are the answer to everything. What else have we ever done except start regular wars and drop bombs ? Yes kids, the US government has truly found the philosopher's stone, in that we print our own gold. However the stone grows weary and worn out. The cracks are showing. Do we care that bumfukt India has to abandon currency to meet it's people's needs ? Fuck no as long as my brother in law gets a job with that law firm that is going to challenge the next ridiculous thing we are about to do. Make our army of agents, sent to harrass the people earn their scrip.

I doubt many people realize just how good this news is for the world in general. Show people a bit of reality. Then all of the sudden I am not as insane as some think. The axis must be broken, the power must evaporate. Then and only then will we find the truth. I know this is a bit cryptic, but I just don't have a month to sit here writing about why I believe what I believe. The bully must be knocked down. the tyranny must end. And nobody will see the tyranny for what it is until it ends because the tyrants control all that you see and hear.

There re three countries that literally think they own the world, it has been stated the "we" have the power to shape the world in our own image.

Image.

The fact is we do not own the world, and we do not even own enough gold to keep the government running for more than a couple months if that. It is all image. The mirror crackd'. Whisper words of wisdom, let it be.

Enough clicheism. Get on with it.

Think of it. It's all bullshit. We have nothing. Like the guy in Florida who pretended to win the lottery and bilked companies out of all kinds of incentives to buy from them. That's us. This is just one step in the inevitable revelation of the truth. We are nothing without bombs.
T

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It appears that gold isn't really a currency...