-Caveat Lector-
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To: [EMAIL PROTECTED]
From: Christopher Ruby <[EMAIL PROTECTED]>
Subject: SNET: EURO VS DOLLAR: Petrodollar Politics Behind This War
Date sent: Sat, 12 Apr 2003 10:37:11 -0700
Defending the dollar... "Put another way, the war is about world economic dominance."
http://www.witness.co.za/content/2003_04/14315.htm
Writing in the Sunday Times on March 30, Judge Richard Goldstone stated that there were
only two lawful ways in which the U.S. could use military force against Iraq. One was
if
the UN Security Council sanctioned it; the other was in the case of"dire self-defence".
The U.S. war against Iraq is in dire defence of dollar imperialism against the threat
of
the euro.
http://etherzone.com/2003/sart040403.shtml
THE PETRO-DOLLAR AND THE EURO:
MONEY IS THE ROOT OF WAR
Published in the April 4, 2003 issue of Ether Zone.
War is always about achieving a political end. Even holy wars seek to impose a secular
control over the vanquished. At the root of every political conflict, lies the MONEY
component. On the scale of greed or fear, international discords can slide up or down.
Depending on the circumstances or demands, governments rally domestic populations to
accept their foreign interventionist goals. Claims of altruistic liberation are
fictitious, when the rhetoric is stripped away and the real substance is exposed.
Notwithstanding, variances of emphasis; the motive of money underpins the movements of
all military confrontations.
The case that the conquest of Iraq is about appropriating control over oil reserves is
well known. The argument that removing Saddam Hussein for a friendly regime change will
enhance the adherence of global community policies, secure and annex a ëgreater Israelí
and project the power of the empire into the region, has been circulated widely. The
excuses of a ìWar on Terrorismî, elimination of WMD, combating radical Islamics,
fulfilling prophecy and personal grudges between feuding criminal families and former
business partners, have been known to all. But the one aspect that seems to allude the
scrutiny of most observers is that of the precarious nature of the global economy,
which
teeters on the fragile requirement that the US Dollar must remain as the world reserve
currency.
OPEC always priced oil in US Dollars. In the perceptive essay, The Real Reasons for the
Upcoming War With Iraq by W Clark, the thesis that a shift using the EURO as the
settlement currency, drives the Bush/Cheney administration hydrocarbons geo-strategy.
"The Federal Reserve's greatest nightmare is that OPEC will switch its international
transactions from a dollar standard to a euro standard. Iraq actually made this switch
in
Nov. 2000 (when the euro was worth around 82 cents), and has actually made off like a
bandit considering the dollar's steady depreciation against the euro. (Note: the dollar
declined 17% against the euro in 2002.)
"The real reason the Bush administration wants a puppet government in Iraq -- or more
importantly, the reason why the corporate-military-industrial network conglomerate
wants
a puppet government in Iraq -- is so that it will revert back to a dollar standard and
stay that way." (While also hoping to veto any wider OPEC momentum towards the euro,
especially from Iran -- the 2nd largest OPEC producer who is actively discussing a
switch
to euros for its oil exports)."
The effect of an OPEC switch to the euro would be that oil-consuming nations would have
to flush dollars out of their (central bank) reserve funds and replace these with
euros.
The dollar would crash anywhere from 20-40% in value and the consequences would be
those
one could expect from any currency collapse and massive inflation (think Argentina
currency crisis, for example). You'd have foreign funds stream out of the U.S. stock
markets and dollar denominated assets, there'd surely be a run on the banks much like
the
1930s, the current account deficit would become unserviceable, the budget deficit would
go into default, and so on. Your basic 3rd world economic crisis scenario.
A U.K. article by Hazel Henderson, is cited that outlines the likely consequences of
the
displacement of the US Dollar (translate: federal reserve counterfeit species) as the
reserve currency.
1. US global over-reach in the `war on terrorism' already leading to deficits as far as
the eye can see -- combined with historically-high US trade deficits -- lead to a
further
run on the dollar. This and the stock market doldrums make the US less attractive to
the
world's capital.
2. More developing countries follow the lead of Venezuela and China in diversifying
their
currency reserves away from dollars and balanced with euros. Such a shift in
dollar-euro
holdings in Latin America and Asia could keep the dollar and euro close to parity.
3. OPEC could act on some of its internal discussions and decide (after concerted
buying
of euros in the open market) to announce at a future meeting in Vienna that OPEC's oil
will be re-denominated in euros, or even a new oil-backed currency of their own. A US
attack on Iraq sends oil to 40 (euros) per barrel.
4. The Bush Administration's efforts to control the domestic political agenda
backfires.
Damage over the intelligence failures prior to 9/11 and warnings of imminent new
terrorist attacks precipitate a further stock market slide.
5. All efforts by Democrats and the 57% of the US public to shift energy policy toward
renewables, efficiency, standards, higher gas taxes, etc. are blocked by the Bush
Administration and its fossil fuel industry supporters. Thus, the USA remains
vulnerable
to energy supply and price shocks.
6. The EU recognizes its own economic and political power as the euro rises further and
becomes the world's other reserve currency. The G-8 pegs the euro and dollar into a
trading band -- removing these two powerful currencies from speculators trading screens
(a "win-win" for everyone!). Tony Blair persuades Brits of this larger reason for the
UK
to join the euro.
7. Developing countries lacking dollars or "hard" currencies follow Venezuela's lead
and
begin bartering their undervalued commodities directly with each other in computerized
swaps and counter trade deals. President Chavez has inked 13 such country barter deals
on
its oil, e.g., with Cuba in exchange for Cuban health paramedics who are setting up
clinics in rural Venezuelan villages.
What is missing in this excellent analysis is that the nature of fractional reserve
debt
created money, requires ever growing liability and increasing deficits. There is a
limit
when higher taxes become unsustainable. However, the clock never stops on the interest
payments needed to retire previous bond obligations and service ever higher levels of
future obligations. And just wait when interest rates rise to reflect real market
risks!
Remember all those projections of imaginary surpluses? This is not a partisan issue
between party factions. It is a systemic quandary, created by design.
The box that the world economy has been placed into requires a repudiation of this sham
cycle founded upon the viscous and unforgiving disposition of compound interest. The
consequences for disciplining rogue countries who dare stray from the dictates of the
IMF, World Bank and the WTO, are visible with each explosion of every JDAM bomb. Even
in
victory, the pyrrhic character of temporary relief, offers but a fleeting reprieve to
acquire that villa in Tuscany.
The Clark essay is significant and should not be ignored. Currency speculation and
exchange rate conversions, carry with them such huge transactional volume. Entire
economies rise or fall on pegging their relative value, against the surreal and
contrived
evaluations for the US Dollar. Oil paid in the EURO is more of a serious threat to the
reign of the dollar than all those mythical WMD that Saddam will use. Nevertheless,
donít
be naive and conclude that it is in our own personal best interest to protect the
reserve
currency status of the dollar. Quite to the contrary, as more Western Hemisphere
countries adopt the US Dollar, the adverse impact upon our own net worth, is magnified.
The inevitable fall of the US Dollar is unavoidable, when the charade can no longer be
cloaked with smoke and mirrors or tolerable foreign adventures. At that point the calls
for a single world currency, administered through a solitary clearing house and
autarchic
central bank, will be offered as the answer for economic stability. Thus, the ultimate
transfer and expropriation of individual wealth will be achieved. The world runs on
money, not oil. Those who control it and require legal tender laws, rule the economic
and
political order. You will come to learn this lesson, no matter what currency you use
...
###
WWIII AGENDA? CONNECT THE DOTS:War with the world?"Good!"
From today's New York Times:"Shortly after Defense Secretary Donald H. Rumsfeld
issued a
stark warning to Iran and Syria last week, declaring that any 'hostile acts' they
committed on behalf of Iraq might prompt severe consequences, one of President
Bush's
closest aides stepped into the Oval Office to warn him that his unpredictable
defense
secretary had just raised the specter of a broader confrontation. Mr. Bush smiled a
moment at the latest example of Mr. Rumsfeld's brazenness, recalled the aide. Then
he
said one word, 'Good' and went back to work." Posted on April 6, 2003 @ 11:47AM.
"Among the records were the handwritten notes of the key official of the Internal
Affairs
investigation unit, of the U.S. Treasury, detailing the Bush Crime Family's
treasonous 25
worldwide accounts, used to launder the partnership loot of Bush/Saddam." - Sherman
Skolnick, The Overthrow Of The American Republic, Part 30
"If the American people ever allow private banks to control the issue of their
money,
first by inflation and then by deflation, the banks and corporations that will
grow up
around them, will deprive the people of their property
until their children will wake up homeless on the continent their fathers
conquered."
-Thomas Jefferson
"The average age of the world's great civilizations has been 200 years. These
nations
have progressed through the following sequence from bondage to spiritual faith,
from
spiritual faith to great courage, from great courage to liberty, from liberty to
abundance, from abundance to selfishness, from selfishness to complacency, from
complacency to apathy, from apathy to dependence, from dependence back to bondage."
- Professor Alexander Tyler, early 1700's
"The warfare, at cause and core, is spiritual and psychological. It's time to
"lock and
load" the thoughtforms and organizational processes that will catalyze,
crystallize and
otherwise "geometrize" the God Flame in our hearts, DNA, cultural institutions and
the
Morphegenic Grid of the planet... the genesis effect. The mysteries of God are not
a
mystery when known; like computers, it's hard until you know how and then it's
easy. The
universal laws of divine order and language of divine love is the heart of
SOVEREIGNTY; a
Vision of wholeness for healing of Self and Civilization." - Christos Lightweaver
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don't care. We are going to do what we have to do to stay alive and
keep ourselves safe."
-- US Army Private Nick Boggs
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