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WAS THE INVASION OF IRAQ THE FIRST OIL CURRENCY WAR? WAS IT FOR OIL, OR AGAINST THE EURO? AND WILL PEAK OIL BECOME THE DEATH KNELL FOR THE AMERICAN EXPERIMENT? Petrodollar Warfare poses these questions, and provides some surprising answers.
Description
The notion that Iraq was invaded to prevent the development of weapons of mass destruction, or to combat terrorism, has long been discredited. But a growing consensus believes that Iraq's oil was surely a prime reason for US actions. However, author William Clark argues convincingly in PETRODOLLAR WARFARE that the rationale for intervening was not just for control of the oil fields, but also for control of the means by which oil is traded in global markets. It discusses the crucial shift in US monetary policy during the 1970s away from the gold standard to becoming the monopoly currency for worldwide oil sales, effectively enabling the US to dominate world trade. It then analyses global Peak Oil as an additional driver of US foreign policy and the parallel growth of political fundamentalism in the current US administration. Tracking the emergence of the euro as an important challenger to dollar supremacy, the book pinpoints Hussein's November 2000 switch to selling oil for euros as the defining moment for Iraq.
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