Petrodollar Warfare
289 Pages
English

Petrodollar Warfare

-

289 Pages
English

Description

The invasion of Iraq may well be remembered as the first oil currency war. Far from being a response to 9-11 terrorism or Iraq's alleged weapons of mass destruction, Petrodollar Warfare argues that the invasion was precipitated by two converging phenomena: the imminent peak in global oil production, and the ascendance of the euro currency.

Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil. Iraq, possessing the world's second largest oil reserves, was therefore already a target of U.S. geostrategic interests. Together with the fact that Iraq had switched its oil payment currency to euros -- rather than US dollars -- the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency."

Meticulously researched, Petrodollar Warfare examines U.S. dollar hegemony and the unsustainable macroeconomics of "petrodollar recycling," pointing out that the issues underlying the Iraq war also apply to geostrategic tensions between the U.S. and other countries including the member states of the European Union (EU), Iran, Venezuela, and Russia. The author warns that without changing course, the American Experiment will end the way all empires end - with military over-extension and subsequent economic decline. He recommends the multilateral pursuit of both energy and monetary reforms within a United Nations framework to create a more balanced global energy and monetary system - thereby reducing the possibility of future oil depletion and oil currency-related warfare.

A sober call for an end to aggressive U.S. unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy.

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Published by
Published 01 May 2005
Reads 0
EAN13 9781550923353
Language English
Document size 1 MB

Legal information: rental price per page €. This information is given for information only in accordance with current legislation.

Exrait

Advance Praise for Petrodollar Warfare
William R. Clark’sPetrodollar Warfareis an oracle of our times, exposing the hidden geopolitical strategies of the power elite and the interlocking agendas of big oil and the neoconservatives in power today. Clark is a winner of two Project Censored awards for publishing important news stories ignored by the corporate media in the US.
— Peter Phillips, Professor of Sociology, Sonoma State University, and Director of Project Censored
Petrodollar Warfareby William R. Clark is an important contribution to the question of what the Iraq war was and is all about. Clark links the emerging Euro currency to Iraq’s pricing of its oil as one significant factor leading to Washington’s decision to topple Saddam Hussein. It might be open for argument whether a “petroeuro” as a replacement for the “petrodollar” is likely or not, given the many divisions within the European Union. But Clark’s thorough documentation of the discussion, notably plans for an Iranian Oil Bourse to counter NYMEX and the London IPE, provides a useful basis for further thinking about one of the vital strategic issues of today. Clark also extensively treats the issue of Peak Oil, or global depletion, as a major unspoken factor in the US oil agenda. This book is definitely worth careful reading.
— F. William Engdahl, author of A Century of War: AngloAmerican Oil Politics and the New World Order’
If you think you understand the headlines, think again: current events can only be understood when we follow the money. InPetrodollar Warfare, William Clark guides us through the hidden history of the petrodollar era and deftly uncovers the basis of current US strategy in the Middle East. This sobering book not only elucidates our past and present, but shows the way toward global monetary reform. As Clark makes clear, America’s founding ideals can only be fulfilled if the people of the US are willing to confront the twin demons of protofascism and kleptocracy. — Richard Heinberg, author of The Party’s Over: Oil , War and the Fate of Industrial Societies, andPowerdown: Options and Actions for a PostCarbon World
Not only doesPetrodollar Warfaregive you the big picture of the intertwined world of war, oil, and money, but William Clark also provides ideas for change. This book helps to fuel the grassroots engine for progress in America.
— Jim Hightower, author ofLet’s Stop Beating Around the Bush andThieves in High Places: They’ve Stolen Our Country and it’s Time to Take it Back
Back in 1997, when I wrote about M. King Hubbert and Peak Oil in the first edition ofThe Last Hours of Ancient Sunlight,not many people were aware that we were fast approaching a worldwide energy crisis. Now we’re in the middle of two wars over it, as William Clark so brilliantly documents inPetrodollar Warfare.Oil in euros, deceptions from the White House, wars for profits and political power; it reads like a Ludlum novel. Unfortunately, it may well be altogether too true.
— Thom Hartmann, author ofThe Last Hours of Ancient Sunlight
WithPetrodollar Warfare, William Clark provides a badly needed, carefully researched explanation of the deep and dark mechanisms underlying international movements of money and military forces. Clark tells the fascinating and distressing story of how America achieved world dominance and looks with tough honesty and realism at what the future might hold. IfPetrodollar Warfare’sbold analysis can help more Americans to understand the current pathology of their own extraodinary country, then it will assist both the world and America to find a better path into a less violent and energyaddicted future.
— Julian Darley, author ofHigh Noon for Natural Gas: The New Energy Crisisand coauthor ofRelocalize Now! Getting Ready for Climate Change and the End of Cheap Oil,and cofounder of the Post Carbon Institute
I first became aware of William Clark’s writings in the latter part of 2004. I was amazed by his clarity and almost intuitive grasp of economic issues as well as his ability to relate those to everyday life across several disciplines. Watch what this man says. InPetrodollar Warfare,he may be telling us things that we will need to hear for our own survival.
— Michael C. Ruppert, author ofCrossing the Rubicon: The Decline of the American Empire at the End of the Age of Oil and publisher ofFrom the Wilderness
NEWSOCIETYPUBLISHERS
Cataloging in Publication Data:
A catalog record for this publication is available from the National Library of Canada.
Copyright © 2005 William R. Clark. All rights reserved.
Cover design and composite illustration by Diane McIntosh. Comstock Images / Alamy Image.
Printed in Canada. First printing June 2005.
Paperback ISBN: 0865715149.
Inquiries regarding requests to reprint all or part ofPetrodollar Warfare should be addressed to New Society Publishers at the address below.
To order directly from the publishers, please call tollfree (North America) 18005676772, or order online at www.newsociety.com
Any other inquiries can be directed by mail to: New Society Publishers P.O. Box 189, Gabriola Island, BC V0R 1X0, Canada 18005676772
New Society Publishers’ mission is to publish books that contribute in funda mental ways to building an ecologically sustainable and just society, and to do so with the least possible impact on the environment, in a manner that mod els this vision. We are committed to doing this not just through education, but through action. We are acting on our commitment to the world’s remain ing ancient forests by phasing out our paper supply from ancient forests worldwide. This book is one step toward ending global deforestation and cli mate change. It is printed on acidfree paper that is100% old growth forestfree(100% postconsumer recycled), processed chlorine free, and printed with vegetablebased, lowVOC inks. For further information, or to browse our full list of books and purchase securely, visit our website at: www.newsociety.com
NEWSOCIETYPUBLISHERS
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This study is dedicated to the citizens of the United States, our soldiers, and to the Iraqi people, all of whom have suffered under grave injustice.
“We owe respect to the living; to the dead we owe only truth.”
— Voltaire, 1785
Contents
Acknowledgments...................................................................................XIII
Foreword by Jeff Wright .........................................................................XV
Introduction ..............................................................................................1
CHAPTER1: THEAMERICANCENTURY: POSTWORLDWARII PERIOD....7 The American Century: Three Phases ...............................................17 Recycling Petrodollars ......................................................................21 Neoconservatives and the “Petroeuro” Challenge .............................23 Third Stage of the American Century: Petrodollar Warfare ...............26 US Dollar: Fiat Currency or OilBacked Currency? ..........................28 US Structural Imbalances: Twin Deficits ...........................................36 Euro Challenges US Dollar Hegemony ............................................37 Eurasia versus the AngloAmerican Alliance ......................................39
CHAPTER2: US GEOSTRATEGY AND THEPERSIANGULF: 19452005..43 Covert Hegemony to Neoconservative Domination..........................45 Cold War Geostrategy: Domestic Peak Oil in the Former Soviet Union...................................................................47 World Oil Consumption 2000 to 2020.............................................49 Project for a New American Century (PNAC) Neoconservative Policies: 19922002.....................................................................52 The New Great Game: Geopolitical Tensions over Diminishing Hydrocarbon Reserves.................................................................58 West Africa: Expanding the War on Terror, or War on Global Oil Control? ....................................................66 th Oil and War in the 20 Century: st The Emerging Role of the US Military in the 21 Century..........68
CHAPTER3: GLOBALPEAKOIL: THEMILLENNIUMSGREATESTCHALLENGE..........................................75 Global Peak Oil: The Greatest Story Never Told ..............................76 The Paradigm Shift: Energy Return on Energy Invested (EROEI)....79