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Maybe Iran wants a bomb. Maybe not.
But blocking it out of the SWIFT system, in other words cutting it off from using the US dollar for its oil trades (among other things) because we suspect it does, simply meant that countries that still want to trade with Iran and which are not beholden to our political whim, have found ways of doing business without a dollar in sight.
That was a reckless decision at best. It opens the door to alternatives... alternatives that Russia, China and India – all major dollar holders – may just like better.
As Doug explains, it may be a step toward a return to a gold-based monetary system, something we've discussed many times in the past.
Watch Doug's illuminating interview with Border Gold's Michael Levy.