Word: moneys
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Dates: during 1970-1979
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...political situation deteriorated markedly as the week passed. The rumors about Khomeini's health started after a Thursday meeting in Qum. "I'm not feeling well," confessed the Ayatullah to his followers. He then launched into a feverish attack on the U.S. Said he: "The U.S. has grabbed our money just like thieves. We should not fall for their propaganda." An aide reported that Khomeini was suffering from a flu virus communicated to him by "various visitors who have come to Qum in that condition." Said one observer: "The Imam has never sounded this bad before...
...Shah has broken the law of the U.S. as well. In broad daylight he had Iranian students followed and even killed in the U.S. and Europe. He threatened them, took away their money and passports, arranged to have them kicked out of universities and did everything, often with success, to deprive them of the protection of U.S. law. Can the Americans afford not to look into this...
Tremors of foreboding spread through money markets from Tokyo to Bahrain. The dollar plunged steeply on initial reports that Iran would withdraw its deposits from U.S. banks, then rebounded in nervous surprise at the news that Washington was freezing the assets before they could be withdrawn. When rumors circulated in Europe and New York that Iran would counteract the move by refusing to accept dollars as payment for its oil delivered to any nation, the U.S. currency began to gyrate all over again. Brokers and traders passed the week wearing looks of astonishment at what might come next...
...scant 4% of total U.S. consumption. In theory, at least, those purchases could be easily replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other every day. Withdrawing the Iranian funds would, by itself, hardly cause much more...
...worst peril is the damage that the Iranian crisis can do to the international financial system that is the lifeblood of the world economy. Nearly all the currency printed or minted by the U.S. remains physically inside the U.S., but an estimated $750 billion in legal claims on that money are held by foreign governments, corporations and individuals as so-called Eurodollar accounts overseas. Many of those accounts, including the bulk of the frozen Iranian assets, are located in the foreign branches and subsidiaries of U.S. banks. The funds are not under the jurisdiction of Washington...