Petrodollar Scam
William R. Clark is manager of performance improvement at Johns Hopkins University School of Medicine. According to Clark’s book “Petrodollar Warfare,” Americans don’t realize that the primary reason for the Iraq War and the current war threat against Iran is not the threat of nukes, it’s not terrorism and it’s not the oil. It’s all about the protection and propping up of the US petrodollar.
Back in 1971, our treasury printed and spent far more paper than it could cover by gold. A few years later, the French demanded redemption of its paper-dollar holdings in gold. Our government rejected that demand, because it didn’t have enough gold for the dollars it had already printed and spent all over the world, thereby committing an act of bankruptcy. However, our government cut a deal with the Saudis, which resulted in OPEC designating all sales in US dollars.
From that point on, every nation that needed to buy oil had to first hold our dollars, which meant that they exchanged their goods and services for dollars, which our treasury just printed.
Thus, we bought our oil literally for free by printing those dollars. It appeared to be the ultimate free lunch for Americans at the expense of the rest of the world. This scam began to unravel in 2000, when Saddam Hussein began selling Iraq’s oil directly for the Euro, which negated the cozy arrangement our government had with OPEC. Consequently, Saddam had to be overthrown.
Our leadership in the White House concocted a pretext to wage war and invade Iraq and the first thing they did in 2003 was revert sales of oil back to dollars. Thus, for a short time our currency crises was averted.
In 2006, Hugo Chavez the President of Venezuela started selling his country’s oil for currencies other than dollars and a number of attempts on his life and regime change were attempted, which were traceable to our CIA.
Next, the Iranian President Ahmadinejad decided to start selling oil for every currency except US dollars. The petrodollar scam is coming to an end. As the nations of the world find that they can buy oil with their own currencies instead of holding our dollars, and more OPEC nation will abandon the dollar.
The worst thing for the American people is that eventually, we’ll also have to buy oil with Euro or Rubles instead of just printing money to get it. That will not only be the end of the American Empire, but the end of massive funding for our extensive military and the destruction of our economy.
The scam is about to end and there’s not a lot we can do about it, except start another war, which could be just months away.
Let’s hope that William R. Clark is completely wrong.
Back in 1971, our treasury printed and spent far more paper than it could cover by gold. A few years later, the French demanded redemption of its paper-dollar holdings in gold. Our government rejected that demand, because it didn’t have enough gold for the dollars it had already printed and spent all over the world, thereby committing an act of bankruptcy. However, our government cut a deal with the Saudis, which resulted in OPEC designating all sales in US dollars.
From that point on, every nation that needed to buy oil had to first hold our dollars, which meant that they exchanged their goods and services for dollars, which our treasury just printed.
Thus, we bought our oil literally for free by printing those dollars. It appeared to be the ultimate free lunch for Americans at the expense of the rest of the world. This scam began to unravel in 2000, when Saddam Hussein began selling Iraq’s oil directly for the Euro, which negated the cozy arrangement our government had with OPEC. Consequently, Saddam had to be overthrown.
Our leadership in the White House concocted a pretext to wage war and invade Iraq and the first thing they did in 2003 was revert sales of oil back to dollars. Thus, for a short time our currency crises was averted.
In 2006, Hugo Chavez the President of Venezuela started selling his country’s oil for currencies other than dollars and a number of attempts on his life and regime change were attempted, which were traceable to our CIA.
Next, the Iranian President Ahmadinejad decided to start selling oil for every currency except US dollars. The petrodollar scam is coming to an end. As the nations of the world find that they can buy oil with their own currencies instead of holding our dollars, and more OPEC nation will abandon the dollar.
The worst thing for the American people is that eventually, we’ll also have to buy oil with Euro or Rubles instead of just printing money to get it. That will not only be the end of the American Empire, but the end of massive funding for our extensive military and the destruction of our economy.
The scam is about to end and there’s not a lot we can do about it, except start another war, which could be just months away.
Let’s hope that William R. Clark is completely wrong.
posted by Jim O'Leary | 12:00 AM
1 Comments:
I agree with you. Good article.
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