“In his book, Petrodollar Warfare, (William R.) Clark claims that the 2003 U.S.-led invasion of Iraq was not based upon ‘violence or terrorism, but something very different, yet not altogether surprising, declining economic power and depleting hydrocarbons’…That’s why Iraq was invaded, ladies and gentlemen. That, Israel’s security and the US/Israeli desire for control of the Middle East. WMD was always a smokescreen.
According to page 28 of Clark’s book: ‘On September 24, 2000, Saddam Hussein allegedly ‘emerged from a meeting of his government and proclaimed that Iraq would soon transition its oil export transactions to the euro currency’.’ Not long after this meeting, Saddam Hussein began preparing to make the switch from pricing his country’s oil exports in greenbacks to euros.
As renegade and newsworthy this action was on the part of Iraq, it was sparsely reported in the corporate-controlled media. Clark comments on the limited media coverage on page 31 of his book: ‘CNN ran a very short article on its website on October 30, 2000, but after this one-day news cycle, the issue of Iraq’s switch to a petroeuro essentially disappeared from all five of the corporate-owned media outlets.’
By 2002, Saddam had fully converted to a petroeuro, in essence, dumping the dollar.
On March 19, 2003, George W. Bush announced the commencement of a full scale invasion of Iraq… Saddam’s bold threat to the petrodollar system had invited the full force and fury of the U.S. military onto his front lawn…
Allow me to briefly explain the impact that a sudden loss of the petrodollar system would have upon the United States of America. Foreign nations would begin sending a flood of U.S. dollars back to the United States in exchange for the new currency needed for oil.
The Federal Reserve would lose their ability to print more dollars to solve America’s economic problems. The Treasury Secretary and the Federal Reserve Chairman would meet to determine the best course of action. That action would involve an immediate and dramatic increase in interest rates to reduce America’s money supply.
Hyperinflation would ensue temporarily while the interest rates took time to take full effect. All oil-related prices, including gas prices, would reach outrageous levels. Washington would soon realize that the total amount of money in the system would have to be dramatically slashed even further, leading to an even higher increase in interest rates…
Massive layoffs would occur as businesses would be suffering from the high interest rates. Asset prices across the board would plummet in value.”
Our sons and daughters and theirs lost their lives for the restoration of the Iraqi petrodollar. So that the trough-gobbling psychopaths that have ruled the earth since Napoleonic times could hog for a few decades more.
Or, if we allow it, forever.