Oil, Iraq and the US Dollar, page 1
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Topic started on 18-3-2006 @ 01:26 AM by ConspiracyNut23
Oil is by far the most largely traded commodity in the world with coffee dragging at a distant second.

Timeline:

1944-1945
-World War 2 ends – Europe is weak, US is strong.
-US holds 80% of world’s gold, 40% of total world production.
-US founds the World Bank
-US founds International Monetary Fund IMF.
-U.S. predominance is absolute.
-A fixed rate exchange is established. The Gold Standard, US dollar is pegged to gold ($35/once.)
-US holds about $30 billion in gold.

1967-1972
-Vietnam costs $500 billion.
-Gold reserve down to $10 billion.
-Nixon scraps the Gold Standard
-U.S. oil production peaks.
-Libya nationalizes the holdings of British Petroleum. (1971)

2002-2003
-The US imports 60% of its oil from OPEC
-US makes a deal with Saudi Arabia, the largest Oil producer to price their Oil only in US Dollar. (In return US protects the Saudi regime)
-OPEC only sells Oil in US Dollar. (Some non-oil producing countries such as Japan and many third world countries are forced to pay for their oil in US Dollar. If they don’t they have any, they have to borrow US dollars from the WB or the IMF.)
-The strength of the US dollar allows the US to “manipulate the world economy, set rules, and prevail in the international market.”*
-The US dollar is now essentially oil-backed. (The Oil Standard )

2000 - Iraq begins selling its oil in Euros.
2001 - 911
2003 - Invasion of Iraq

What has the War in Iraq accomplished?

1. Sends a clear signal to other OPEC country that switching to the Euro will not be tolerated.
2. Iraq switches back to US dollar.
3. Places a major Oil producer, Iraq directly under US control.
4. Today US currency accounts for about 2/3 of all official exchange reserve.

Supporting articles.

www.thirdworldtraveler.com...
* Most of the timeline is from here.

en.wikipedia.org...
good stats at the bottom.

en.wikipedia.org...
Other commodities. (many US dollar dominated)

en.wikipedia.org...
New York Mercantile Exchange

www.gravmag.com...
some cool oil stats

en.wikipedia.org...
Invasion of Iraq

pd.cpim.org...
The article that got me thinking about all this. Here are some good quotes from this one.

USA CONTROLS three major financial institutions, The World Bank (WB), International Monetary Fund (IMF) and the World Trade Organisations (WTO) by various means to control the world economy.


Possible repercussions of losing the US dollar domination…
If countries and businesses convert their dollar assets into Euro assets, the US property and stock market bubbles would burst without doubt. The Federal Reserve would no longer be able to print more money to rejuvenate the economy


Chavez will definitely become more of a US target in the coming years, all that bartering can’t be good.

PS. I didn’t know if I should put this in “War On Terrorism”or “Peak Oil”. I figured it would fit right in here.


[edit on 18/3/06 by ConspiracyNut23]


reply posted on 19-3-2006 @ 12:27 AM by ConspiracyNut23

-US makes a deal with Saudi Arabia, the largest Oil producer to price their Oil only in US Dollar. (In return US protects the Saudi regime)


Reduced to quoting myself

I’m really interested in this part, although the article I linked to mention this, I’d love to have a confirmation of this. (Outside of left wing media)

I’m aware that I have used the term US throughout the article, however has we have learned from the brilliant article
here. The line between nations and corporations is getting more and more blurred.

Does anyone know how much crude oil is traded yearly? (in billions, trillions?)

An interesting side note I neglected to point out earlier is that China holds around $800 billion in US Dollar reserve. The implication of this is phenomenal. No?

I believe that understanding currencies is key to understanding the middle East situation, (the world, NWO) however it is seldom discussed in the mainstream.

Chavez is seriously toying with this US currency dominance , does anyone have any opinion on this perspective?

US currency dominance is an integral part of the NWO's goals. (Although I suspect the Euro (the other international “reserve currency” is also largely NWO-controlled, just different fractions.)

EDIT:
My post deals mostly with the history of the Oil Standard. I’ve just noticed that a lot of the points I wished to address are already discussed here.

So maybe we can keep this thread to discuss the history of the US Dollar Dominance and see if such a system is indeed in place. (while maintaining the NWO angle) The repercussions of the Oil Standard are already discussed at the link above.

I welcome any discussion regarding and would like a more detailed timeline to come out of it. For instance the creation of the Euro should be mentioned.



[edit on 19/3/06 by ConspiracyNut23]


reply posted on 2-4-2006 @ 12:23 AM by Seekerof
I would have to wholehearedly disagree that the or a new world order is at hand.

A
"new world order" insinuates or implies that all governments are working cooperatively together, and that, thay are not.






seekerof

[edit on 2-4-2006 by Seekerof]
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