Why the World Can’t Rest: The Petrodollar

Why the World Can’t Rest The Petrodollar Aiming to follow his own personal agenda, Gaddafi ended up losing his life. With the plan to make use of the country’s gold dinar in exchange for trading oil, Gaddafi attempted to get rid of the U.S’s petrodollar.

It’s no wonder that India, Russia, China and many other are now in big trouble. All this just because they planned to trade their own currencies.

Nowadays, we are surrounded by enemies. War has become by far, one of the most used words.

ISIS, Al-Qaeda, are only a few of such threats within the world.

More or less, all the attacks and these grim ways of terrorizing each other are due to one thing. Why have there been so many invasions of Iraq and Afghanistan?

And following the 9/11 attacks, is there a reason for Saudi Arabia not invading us yet?

Oil Is More Valuable Than We May Think

In this case, oil is the answer. Could this be the reason behind everything?

Only by understanding  the petrodollar system, would we be able to discover the motives behind all U.S. military bases in the Middle East.

Rich countries did always rule over the weak. And what better way to rule than by their currency. The petrodollar is mainly the reason behind wrong accusations, wars, and much more.

The Iraq wars also started because of this and could have been the reason why Russia and Iran have received so many sanctions. This could also give us an explanation for Syria being seen as a “sponsor of terrorism”. Since 1979, its always been this way.

Losing the U.S. dollar would break the economy down. The United States would face another depression like in the 1930’s, and all the countries and markets based on the dollar would follow. So, it is logic to think that maybe someone is trying to protect the U.S. dollar from losing dominance.

Why the World Can’t Rest The Petrodollar 3

Providing Us With Evidence

Although we are familiarized with the term and its implications, not much information has been revealed about it by the media. First of all, it is difficult to understand.

The mainstream media (MSM) only prevents us from finding out more information on the topic. It appears their aim is for us to remain ignorant. Understanding the petrodollar system appears to not be that easy.

This continual exchange of oil for U.S dollars has a deeper root.

It all started with the Bretton Woods Conference in 1944 when a number of 44 allied nations meet to debate the issues surrounding the economy of the world.

This is how the U.S dollar became so strong. During that meeting, the nations decided to set it as the global currency and to back it up through gold.

Also, that meeting lead to the creation of the World Bank, The International Monetary Fund (IMF), and the World Trade Organization (WTO).

For a few years, everything worked out. But in the end, all crumbled to the ground.

Monetary System Starts to Fail- Petrodollar Comes to Life

During the 1960’s the backing up of the monetary system with gold began to destroy the American economy. But, this exchange of dollar-to-gold in time only created a false demand. Unfortunately, they could no longer back it up in gold.

Slowly, suspicion started to overwhelm the countries. By 1971 when the Vietnam War U.S war deficit reached 200 billions, gold was already becoming an issue. One by one, the nations started to ask for it.

Where was the problem then? It was simple. U.S. no longer had any gold. If once it held almost 80% of the world’s gold, now, all of it was gone. As president back then, Nixon had to do something to fix the situation.

And then it happened. Nixon gave his famous speech where he made the final decision: U.S. currency would no longer be backed up by gold. This is how the Bretton Wood System came to and.

Nixon’s Secretary of State Henry Kissinger also commented on the issue. The video below shows more insight.

Then a deal was signed with Saudi Arabia. In 1973, after this deal, the “Oil for Dollars” system originates a new program, the Petrodollar System.

The deal stands even today in the Middle East. It states:

For every barrel of oil purchased from Saudi Arabia – from ANY nation – the oil would be purchased in U.S. dollars only.

For those who have ‘foreign’ currency, they would first have to convert to USD before being able to purchase oil.

Nonetheless, no deal comes without sacrifices. This is one mistake for which the U.S. continues to pay even nowadays.

Saudi Arabia Involvement

In order for Saudi Arabia to agree to these terms, in exchange, the U.S promised to offer them not only military protection but also weapons. With the extra profit from the oil, Saudi Arabia would increase the U.S. debt towards them. Therefore, U.S. had one job and one job only: protect the oil borders of Saudi Arabia.

In 1975 The Organization of the Petroleum Exporting Countries (OPEC) arrives. More countries begin to agree on the “oil for dollars” deal as long as America agrees to provide weapons and protection.

But, as years passed some of the nations did begin to question the entire process. Syria, North Korea, Iran did not even wish to be a part of the deal. About the same time, China and Russia entirely rejected the petrodollar system.

Strangely enough, the new term “axis of evil” was coined.

In order to maintain the Gulf region’s oil stability, the U.S. established the Rapid Deployment Joint Task Force in 1980.

Later on, in 1983, the RDJTF becomes the CENTCOM, the United States Central Command. Its job? Keep the Middle East and Central Asian Regions safe.

War on Terror

In 1991 the Gulf War begins.  In April 2000 a very expensive base was built in Qatar in case any event took place against Iraq. Then, on September 24th, Hussein makes an important announcement. He said that from then on oil exports in Iraq would only be exchanged through euro. The USD no longer was an option.

2001, a new document revealing information about the fields of oil in Iraq was released.

Why the World Can’t Rest The Petrodollar 6
“Carving up Iraq” in March 2001 was discussed. Source: IraqOilFrgnSuitors.pdf, FT.

Not long after, something even worse happens. The 9/11 attacks begin. It’s not long before the media starts to point fingers to Iraq and Afghanistan. But we already knew that the attackers had Arabic origins.

This is where Bush comes in. What he did most was to ignore all signs that tied Saudi to the incident. Instead, he kept on pressing to invade Iraq.

The Bush administration kept stating that Hussein was guilty of attacks by association. The “War on Terror” has begun in the name of democracy, but did it have a secret purpose? After all, the oil that America gets from those countries does help boost the U.S. economy, so maybe Bush wasn’t lying about it.

Not much later, the petrodollar seems to find an enemy. Saddam Hussein has introduced his petroeuro, which was wreaking havoc over the petrol market. If Europe would have decided to participate, then the U.S.-Saudi Arabia deal would’ve been in danger. This was in 2002.

In March 2003, Bush announces a war against Iraq, and some months after, the U.S. was suddenly trading Iraq’s oil using the petrodollar. What a weird coincidence.

Why the World Can’t Rest The Petrodollar 2

What Can We Do Now?

So, what is there more to say about the path of the petrodollar system throughout time?

Basically, we can assume that if the petrodollar would stop working from tomorrow, the U.S. would more than sure economically collapse. Those not interested in U.S. dollars could only make it by. Here, of course, we can name Russia.

If all of this turns into a war, the petrodollar issue would most likely become even bigger than the Syrian war we are facing today. Right now, Iran and Syria are the only countries who refuse to receive American dollars for their oil.

After seeing all this, one might think that maybe a big country like the U.S. is doing what it can in order to maintain dominance over its most profitable market. But is profit and oil worth starting wars?

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The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

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