Ahmadinejad Urges Establishment of New Global Financial System

TEHRAN (FNA)- Iranian President Mahmoud Ahmadinejad blasted the US and Zionists’ dominance over global financial and oil markets and flow of money in the world, and called on the international community to establish rival markets.

Addressing a ceremony to introduce the new Iranian oil minister here in Tehran on Tuesday, Ahmadinejad underlined the significance of parallel stock markets to undermine the US dominance over the global financial system.

“As along as we do not take proper measures in this regard (setting up new financial system), the money of oil will systematically find its way to the Americans’ pockets, just like what is seen with regard to the dominance of the (US) dollar (in the world markets),”

Ahmadinejad stated, adding that oil price is not determined based on supply and demand but based on political factors.

“We should create a rival (oil) bourse and market and break the dominance of the dollar,” the president underscored.

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Earlier in July, President Ahmadinejad pointed to the financial and economic crisis in the West, and warned that hegemonic states are seeking to project their economic problems on the other states.

“In the economic sector the hegemonic system is in trouble and is trying to export their problems to the other countries,”

Ahmadinejad said at the time.

He then blasted the western powers for issuing wildcat dollars and Euros to save their economies.

“The global economy can no more tolerate counterfeit dollars,” the Iranian president went on saying at the time, and added that the western policy has backfired as the wildcat currencies issued by the western powers have now turned into a major problem for the West itself.

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