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Petro-Currency War 2

Petro-Currency War 2

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Published by David Chibo

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Published by: David Chibo on Mar 28, 2012
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03/28/2012

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Petro-currency War II
After World (Empire) War 1 Halford John Mackinder eloquently summarised hisHeartland Theory in which the Geographical pivot of the world was described as:"Who rules East Europe commands the Heartland;who rules the Heartland commands the World-Island;who rules the World-Island controls the world."The world today is currently ruled culturally, militarily, geographically and, moreimportantly, financially by the American empire. This fact is masked by a compliant mediawho instead portray it as a benevolent, albeit misguided, superpower, labouring at its ownexpense to export democracy and free markets to the furthest reaches of the globe.To debunk this myth we must return to the height of the Vietnam War when the cost of thewar – paid for in gold-backed US dollars - depleted the US gold supply at Fort Knox andcaused theUS to technically default on it debts and stop the gold-backing of its dollar. In hindsight this marked the turning point when the US Government fully transitioned from acivilian-led, but corporate influenced Government to a corporate-led, but civilianinfluenced, Government. From 1971 onwards the gap dividing public opinion andGovernment policy – known as the democratic deficit - steadily grew into a chasm and ledto the “grass roots” Occupy Wall Street movement, whose main aim today is theconstitutional ‘Separation of Corporation and State. The US Government’s economic sovereignty, and subsequently,foreign policy wereeffectively handed over to the privately owned Federal Reserveand its corporate banks.They through Henry Kissinger were able maintain a strong US economy and a strong USdollar - while extracting stupendous profits for themselves - through an ingenious petro-dollar recyclingplan that required the world to purchase oil denominated in US dollars.TheUS’s grand strategythen became to maintain its economic supremacy which dependsentirely on a strong dollar and relies on its ability to force nations to make their energyacquisitions in US dollars and invest their petrodollars in US Treasuries and ultimately US banks. The US banks then use fractional reserve banking to earns around half a trilliondollars yearlywhile allowing the US to run up trillions in debt. If the dollar were not backed by black-gold, then central banks throughout the world would dump it overnight.With the majority of the black-gold reserves that it needs to back its dollar sourced fromthe Middle East, the region’s wealth can only be recycled back into the US economy bycontrolling the entire Middle Eastern oil production to transaction chain. Thus, with USsupport, Anglo-Saxon oil conglomerates extract, refine, distribute and sell the world’s oil,strictly in US dollars on the two dollar denominated oil exchanges - New York's NYMEXand London's IPE -  before depositing (recycling) the petro-dollars with the Federal Reserve  who then distributes them to its members - the major US banks.
 
The Federal Reserve also shares these capital flows between the US “world banker,” andits mostly West European allies and Japan, the G7 “franchisees,” in return for their fulldiplomatic and at times military support in the petro-dollar recycling plan.Meanwhile the “mercenary” Israel always on call to do the US’s bidding, and acting as aconvenient scapegoat with the “Jewish Lobby” conspiracy theory, is kept perpetually atwar with its Arab neighbours, who are intent on liberating themselves from USimperialism. In return it is rewarded with $3 billion in foreign “aid” – 75% of which flows back into the US military industrial complex’s coffersand eventually US banks.The first real threat to the US world banker’s petro-dollar recycling plan came in the formof the euro, which floated in 1999. At the time the leaders of “Old Europe” split the G7“franchisees” by attempting to wrest control of the world’s capital flows for themselves.Theyconvinced Saddam Hussein to dump the petro-dollar , which he foolishly did in November 2000, and adopt the petro-euro, in exchange for “Old Europe’s” diplomaticsupport at the UN Security Council. When the US realised that “Old Europe,” France andGermany, along with Russia and China, would veto its second resolutionit bypassed theUNSC and illegally invaded Iraqanyway.The so called “War on Terror” could be termed
 Petro-currency War I 
. It was effectively anoffensive campaign launched tomaintain the petro-dollar recycling plan, by blocking the petro-euro competitor,and securing US military bases, not only in the heart of MiddleEastern (energy reserves in Iraq, but along the proposed oil pipeline in Afghanistan thatlinks Central Asia and the Caspian Sea to world markets.The US however didn’t count on the valiant Iraqi resistance, which succeeded in militarilyand politically resisting the US and its Western occupiers and strategically defeating themand forcing most of them toleave at the end of 2011, without securing their coveted long-term military bases. Meanwhile the Afghanis are also bravely resisting their occupation andare similarly on the verge of driving out the US earlier than was expected without havingsecured the path for a future oil pipeline.In Africa, Muammar Gaddafi tried to find a middle path by giving up his WMDs andadopting the petro-dollar and even allowing the West’s rendition and torture of the “War onTerror” POWs to be outsourced to Libya’s intelligence services. But when he foolishlydecided to quit selling Libyan oil in US dollars— demanding payment instead in gold- backed “dinars” – and sought to establish an African bank, he had inadvertently crossedWashington's "red line." Riding on the coat-tails of the Arab Spring a Western supportedcivil war was manufactured and the friendless leader was murdered by US drone strike andUS supported mercenaries after China and Russia abstained at the UN Security Council.However, rather than having toppled Iran, the US has instead strengthened the nation thathas come to economically defy it by opening its own oil bourse - trading in non dollar  currencies - in 2008. And with the US now being forced to strategically retreat from theMiddle East, many regional analysts believe, it was Tehran, not Washington, that "won"the war in Iraq.
 
Iran is regionally allied with Syria, Hezbollah and Hamas who all openly, and proudly,continue to resist Israeli illegal colonisation and the US imperial petro-dollar recycling plan. They have strategicallyallied with Russia and China, members of the group of nations designated the BRICS – Brazil, Russia, India, China and South Africa – who after the 2008 financial crisis have emerged as regional powers eager to assert their independence from Washington. Regional autonomy is also becoming contagious for Washington and in addition to Russia,India and China other nations such as Turkey and Japan has joined together to  buy oil fromIran with their own domestic currencies— but not with the petro-dollar.Brazil does not recognize unilateral sanctions imposed on Iran,whether by the US or EUand one May 17, 2010, Brazil, Iran and Turkey issued the "Tehran Nuclear Declaration", a joint declaration "in which Iran agreed to send low-enriched uranium to Turkey in returnfor enriched fuel for a research reactor." With its nuclear charade fully exposed the US andits proxy, Israel, were of course quick to scuttle the proposal.A low level war has however already begun. In Iran numerous scientists - some not connected to nuclear or military work - have been assassinated by Mossad, with US blessing. Multiple bombings in Khorramabad, Isfahan, close to sensitive nuclear facilitiesand at a military base killed the architect of the Iran's missile programme along with 16more of its elite revolutionary guards. Stuxnet, a computer worm believed to have beendesigned to sabotage Iran's enrichment of uranium was used by the US to damage many of the country's centrifuges last year. In addition repeated and illegal violations of Iranian air space culminated in the Iranian capture of an advanced US stealth drone.The US is becoming desperate in Syria, as it did in Libya, it has hijacked the peaceful ArabSpring revolution that swept the country andarmed former Al Qaeda members along withWestern mercenaries and spies that lead covert attacks against Syrian security forces – 2,000 of which have died at the hands of the US insurgents.Russia however has taken the firmest stand against any military attack on Iran and Syria. Ithasupgraded its radar station at Tartus to aid Iran against a possible Israeli attack. It did this while boosting its arm sales to Syria and sending a small Russian flotilla led by theMoscow's only aircraft-carrying cruiser - the Admiral Kuznetsov -to its Mediterraneannaval base to monitor the Israeli and US preparations for a possible attack. Syria’srefusal – under instructions from Moscow – to allow a gas pipelinethrough Syrian territory fromQatar to supply Europe is another move designed to scuttle the petro-dollar and reaffirmtheir alliance.Russia and China also teamed up at the UN Security Council toveto a resolution - mirroring the one that was used to replace the Gaddafi regime – that would’ve effectivelyauthorised regime change in Syria.

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