U.S. blinks and allows Iran backdoor access to SWIFT following their move to sell oil in Euros

For much of the tenure in Barack Obama's administration, the U.S. has suffered a bout of Meige's syndrome, which stems from excessive blinking taking place during normal activities.  And whether it was the U.S. blinking in 2013 in Syria when Vladimir Putin stepped in to aid Bashir Assad, or when Washington backed down to China in allowing them to join the IMF's SDR basket of currencies, the fact of the matter is that the reputation and strength of Washington's power has essentially been waning steadily over the past four years.

So perhaps it should come as no surprise when Washington is once again forced to 'blink', and back down from their long-standing doctrine of government overthrow in any country that dares to affect the petrodollar policy when on April 1, the Obama administration announced that they would be allowing the backdoor use of SWIFT to Iran so they could sell oil in dollars following their announcement last month that they intend to sell their commodity primarily in Euros.

Washington plans to ease the limits imposed on Tehran in using US dollars in business transactions; the Wall Street Journal quotes unnamed congressional members. The move could happen within weeks, though no final decision has been made.

The proposal comes in response to Iran’s growing criticism that the nuclear agreement reached last year with the global powers hasn’t brought the country sufficient economic benefits.

According to the WSJ, the US Treasury is considering issuing licenses to offshore clearing houses allowing legitimate Iranian transactions in dollars. The step would avoid using the US banking system, which is currently illegal.

Due to its status as the world’s dominant currency, the dollar is used in major international trade, particularly in oil and gas, as well as in money conversions. So, if Iran needs to sell oil to India and get euro instead of rupees to be able to purchase European goods, the process commonly starts with the rupees being converted into dollars.

Asian and European banks stay away from such transactions due to the risk of huge fines that might be imposed by US regulators as well as possibly being cut out of the lucrative American market.

— Russia Today

Since the end of World War II, the United States has attempted to portray itself as the 'defender of Democracy' in global affairs and has used a combination of overt and covert methods to ensure its domination over geo-political events.  But as greed and corruption suffused the Federal government in Washington following the end of the Cold War, the tables have now turned and the U.S. is no longer seen as a savior for downtrodden or bullied nations, but as the instigator of such environments.

The pendulum is shifting away from American and even dollar hegemony, and back towards the East where trade and economic cooperation is quickly replacing forced indebtedness and corporate cronyism.  And while the U.S. continues to enact a combination of military and economic warfare on anyone who dares to question this era's incursion of 'American United Fruit Company's', the realization that the U.S. is no longer the sole superpower in the global landscape has led to a number of 'blinks' occurring out of the Obama administration, and a growing change in foreign policy where it is not the rest of the world that must cede to Washington, but rather, Washington is now forced to cede to them.