With the breathing space created by last year's US National Intelligence Estimate [PDF] that broke the Bush administration's stream of unsupported accusations about a secret nuclear weapons program, Iran has finally launched its long-planned but much-delayed oil bourse.
As the petrodollar system slowly unravels, the US finds itself increasingly unable to continue living beyond its means by forcing the rest of the world to buy devalued greenbacks to cover its current accunts deficits.
With unstable global finance markets and a significant recession looming, the Iranian Oil Bourse may just be the aggravation that pushes the Bush administration over the edge. It's too early to tell, but this is definitely a story to watch over the next few months.
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