http://www.youtube.com/watch?v=PZZdpQQGMKc&feature=related In the wake of the failure of Obama to back a military attack on Iran by Israel,the EU Oligarchs have decided to put unpresidented sanctions on all trade with Iran.

As James Corbett notes,this will hurt the EU more than Iran,since China can take up the slack and buy oil from Iran at cheaper rates.India and Japan also want oil from Iran.Where will the EU get its oil from? World oil prices will be forced up making Western economies even weaker thus empowering China who will again buy up our assets at bargain prices.

The IAEA has on several occasions inspected Iranian facilities and found no evidence of the development of Nuclear Weapons.

Do these Western think tanks really know what they are doing?

About time!

After Dinner Jacket and his Imam/dictators need to understand that for actions there are consequences.

The EU will still get oil, but pay a little more, Iran will still sell its oil, but get less for it. That's the point.

Shadow Minister,the EU cannot afford any more cost increases.The Western Oligarchs (Banking Military Industrial Complex) are crashing our economies to give them more power over us.They gave themselves $ trillions in bailout money and starved the real economy of cash.

Have you not worked it out yet?

I agree with Shadow Minister! true! totally.
This dysfunctional Nation, split between an extreme version of Islam.
And a mad Tyrant leadership.
Haunted by a Citizens army/murder squad is pointing its tooth pick at the world.
Well past time it had its bluff called and if a chance exists its people set free to make their own path.
Conspiracy theorists who ignore the true nature of this country need help.

Belly listen to General Wesley Clarke.http://www.youtube.com/watch?v=6oJUnG3Z6WI 10 days after 911 General Clarke was told by Rumsfeld and his staff that they were going to attack Iraq,Syria Lebanon,Libya,Somalia Sudan and Iran within 5 yrs.General Clarke could only find reason to attack Afghanistan.You can see him here http://patriotsquestion911.com/ underneath Major General Stubblebine.
He also questions the investigation into 911.

Within a month of 911, Bush had the Patriot Act drawn up and as Congress was deliberating, an Anthrax attack on Congress was unleashed and the fear made them pass this abominable act.

A subsequent investigation traced the attack back to the military.They tried to pin the attack on two people in the Military.The first was Stephen Hatfield but they later charged Bruce Ivans.He mysteriously died of and overdose of Codine and Tylenol while preparing his case with his lawyer.No autopsy was done and the case closed.http://tv.globalresearch.ca/2012/01/mass-panic-over-bird-flu-experiments

Belly,you need to talk to good Union leader called Kevin Bracken.He has honesty and integrity that is sadly lacking in the ALP and the Union movement.

It's an interesting balancing act, that's for sure, even if you ignore the wilder conspiracy theories that seem to magically appear every time Arjay sits down at his computer.

>>...this will hurt the EU more than Iran,since China can take up the slack and buy oil from Iran at cheaper rates.India and Japan also want oil from Iran.Where will the EU get its oil from?...<<

If Iran lowers its prices, as Arjay suggests, then the sanctions will have had some small economic impact on Iran, which I guess was the intention. More to the point, though, is that if India and Japan also rush to buy from Iran, it will have the effect of reducing the aggregate demand from other countries. Which would tend to drive prices down, rather than up.

So the jury is still very much out on the impact on the various oil-dependent economies.

>>World oil prices will be forced up...<<

Possibly. Possibly not. But in any event, I suspect, not of a magnitude to suddenly hand China a massive terms-of-trade advantage...

>>...thus empowering China who will again buy up our assets at bargain prices<<

Incidentally, Arjay, how does the "Banking Military Industrial Complex" benefit from higher oil prices?

Or lower ones, come to that?