Tuesday 10 May 2011
Iraq, Iran, Libya - Oil and The Dollar
One of the main debates about the real basis of the US and NATO attack on Libya has focused on the most obvious reasons, that being Libyan oil, but specualtion is now focusing on the even more interesting issue of Colonel Gadaffi's attempt to create a new gold currency for Arab and African states to trade with instead of the dollar.
" Some believe it [the NATO/US-led Libyan invasion] is about protecting civilians, others say it is about oil, but some are convinced intervention in Libya is all about Gaddafi’s plan to introduce the gold dinar, a single African currency made from gold, a true sharing of the wealth.
Gaddafi did not give up. In the months leading up to the military intervention, he called on African and Muslim nations to join together to create this new currency that would rival the dollar and euro. They would sell oil and other resources around the world only for gold dinars.
It is an idea that would shift the economic balance of the world.
“If Gaddafi had an intent to try to re-price his oil or whatever else the country was selling on the global market and accept something else as a currency or maybe launch a gold dinar currency, any move such as that would certainly not be welcomed by the power elite today, who are responsible for controlling the world’s central banks,” says Anthony Wile, founder and Chief Editor of the Daily Bell. " (1) (2)
The attempt by Libya to create a new gold currency was backed with the vast amount of gold that Libya has collected over the years. At current conservative estimates Libya has 6.5 billion dollars woth of gold bullion stored. (3)
This proves that the Libyan plan to create a new gold currency to replace the dollar, and for Arab oil producing states to demand gold in payment for oil sales instead of the US dollar, was not some pit in the sky scheme - it was a well planned and well funded threat to the US control of the worlds oil sales via the dollar being the primary currency in such sales.
The invasion of Iraq was also based on two primary factors - Iraqi oil and the fact that Saddam Hussein planned to stop selling Iraqi oil in dollars and switch to the Euro. (4)
This is also the reason many suspect behind the threat to attack Iran, as Iran has also claimed it wishes to replace the dollar as the primary trading currency in its oil sales. (4)
The fact is that the Dollar as a currency is worthless. Its value is based solely on the fact that the United States controls the sale of oil through th dollar being the primary currency in which oil is traded around the world.
" The economic essence of this [post Bretton Woods] arrangement was that the dollar was now backed by oil. As long as that was the case, the world had to accumulate increasing amounts of dollars, because they needed those dollars to buy oil. As long as the dollar was the only acceptable payment for oil, its dominance in the world was assured, and the American Empire could continue to tax the rest of the world. If, for any reason, the dollar lost its oil backing, the American Empire would cease to exist. Thus, Imperial survival dictated that oil be sold only for dollars. " (4)
If the Dollar were to be replaced by a new currency in relation to oil sales then this would result in the total collapse of the dollar as a global currency and destroy the American economy.
Therefore any nation state that threatens to undermine the dominance of the dollar and its control over global oil sales, will suffer what Iraq and Libya have suffered.
Iran is also in danger as well if its oil bourse progresses from the small trading mechanism at the moment to an large scale trading mechanism that is supported by other oil producing states. (5)
The fact is that the corporate media in Britain, Europe and America is not a free press, it is the Corporate Press and they are two entirely different things. The corporate media are as much dependent on the supremacy of the dollar as the American government, for a collapsed dollar would wipe out the value of the global media corporations. Fox News, CNN, Sky News and all those other media groups are all as dependent on the dollar as the rest of the US economy.
A free press prints the truth whilst the corporate media print only lies and corporate propaganda.
This is why the propaganda we see about the Iraq War was based on lies, eg that the war was about searching for WMD and stopping Saddam's missiles that could hit London in 45 minutes, all of which was revealed to be lies.
This also why we see the Libyan attack is peddled to the masses as a 'humanitarian mission' when in reality it is Oil Imperialism and a war for the protection of the Dollar.