Iraq And The Dollar-euro Connection

[Anonymouse]

William Engdahl argues that the real motivation for the war on Iraq was the defense of the worldwide fiat dollar standard. Saddam had reached an agreement with several European countries to start selling oil for Euros. If a sufficient fraction of the oil trade were conducted in Euros, the need for every non-oil-producing nation in the world to accumulate dollars to buy oil would be shifted to Euros. They would sell dollars and buy Euros, which would result in a dramatic decline in the dollar and probably a crisis. However, the Euro is deceptive and cannot in anyway be a stabilizing force in a post-dollar world, as the author ends

 

"It is becoming increasingly clear to many that the war in Iraq is about preserving a bankrupt American Century model of global dominance. It is also clear that Iraq is not the end. What is not yet clear and must be openly debated around the world, is how to replace the failed Petro-dollar order with a just new system for global economic prosperity and security.

 

Now, as Iraq threatens to explode in internal chaos, it is important to rethink the entire postwar monetary order anew. The present French-German-Russian alliance to create a counterweight to the United States requires not merely a French-led version of the Petro-dollar system, some Petro-euro system, that continues the bankrupt American Century, only with a French accent, and euros replacing dollars. That would only continue to destroy living standards across the world, adding to human waste and soaring unemployment in industrial as well as developing nations. We must entirely rethink what began briefly with some economists during the 1998 Asia crisis, the basis of a new monetary system which supports human development, and does not destroy it. "

 

http://www.currentconcerns.ch/archive/2003/04/20030409.php

[gamavor]

[Anonymouse]

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[Armen]

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[Sasun]

Gentlemen, you are very eloquent

[Anonymouse]

I knew the article was missing something. Aside from the dollar-euro connection to Iraq, the author forgot the hidden power of the " " which had been the guiding light deceiving Saddam, Bush and Tony Blair.