Iran-US Economic War Phase II

In a previous post, we mentioned that the Iranian decision to coming off of the Petro-Dollar might start a trend of other countries doing the same thing. This recent bit of news is not doing much to help put away these fears.

Middle Eastern countries have been scaling back its once near full reliance on U.S. assets in recent years to minimize risks and enhance returns as they diversify the massive windfall from oil and gas revenues.

"Regionally there is less evidence of enthusiasm to be the major owner of U.S. assets. It doesn't mean U.S. investments will go away but you will find governments and agencies looking at a wider range of opportunities," Phillip Thorpe, chairman and chief executive officer of Qatar Financial Center Regulatory Authority, told Reuters in an interview this week.