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Topic: Petrodollar

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	Petrodollar warfare - Wikipedia, the free encyclopedia
		Petrodollar warfare is a hypothesis that many international manœuvres in recent decades are taken to support the current fiat money system where the U.S. dollar international value is determined by the fact than many key commodities (like energy in the form of oil and gas) are denominated in dollars.
		The validity of this argument generally rest on whether one accepts that currency conversion fees are a significant expense, and are the reason international banks tend to keep their reserves in dollars.
		Petrodollar Warfare Interview with William R. Clark and Jim Puplava of the Financial Sense Newshour
	en.wikipedia.org /wiki/Petrodollar_warfare (1603 words)

	» The Truth Behind The Iraq Invasion And A Possible US Conflict With Iran - RINF Alternative News (Site not responding. Last check: 2007-10-08)
		Petrodollar recycling was introduced by the US in the early 70’s, when Middle Eastern countries were beginning to produce oil of their own under the OPEC group of nations.
		One of the first post-War actions was to revert the country’s oil trading currency back to the US dollar, even though this meant that approximately 13% of Iraqs trading value was instantly lost (because the Euro was worth more than the dollar at the time).
		And you have to make diplomacy work.” The problem is, as was highlighted in the Iraq invasion and post-War years, that the neo-cons in the Bush administration are prone to acting illogically and against advice provided by people who know far better than themselves.
	www.rinf.com /columnists/news/the-truth-behind-the-iraq-invasion-and-a-possible-us-conflict-with-iran (1376 words)

	Petrodollar Recycling And Global Imbalances -- Presentation by Saleh M. Nsouli, Director, Offices in Europe, ...
		Petrodollar "recycling" refers to the reflows to the rest of the world that result from the use oil-exporting countries make of their oil receipts.
		To the extent that government petrodollars have to be converted into domestic currency for local investment purposes the dollars will end up in the central bank without directly affecting current account imbalances.
		It is likely, then, that these countries would mostly recycle their petrodollars through capital outflows to the rest of the world, contributing to dampening interest rates in the oil-importing world.
	www.imf.org /external/np/speeches/2006/032306a.htm (3475 words)

	HopeDance Magazine ~ Radical Solutions Inspiring Hope
		And though the subject of how neo-conservatives mapped out and implemented their strategy for oil and empire may seem dark and depressing, the book points out the obvious fact that we have the option of pursuing a different course to secure our energy needs.
		Clark suggests that our heavy reliance on the petrodollar system means that a sudden shift to the euro by oil producers could cause massive inflation in the U.S. Clark’s story of oil and empire would not be complete without mentioning the neo-conservatives who now make U.S policy.
		While no one will accuse Petrodollar Warfare of being an overly optimistic book, it’s obvious throughout that there is a flip-side to the neo-conservative strategy.
	www.hopedance.org /new/book_reviews/r160.html (648 words)

	Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse (by William R. Clark) - Media Monitors Network ... (Site not responding. Last check: 2007-10-08)
		In 2003 the global community witnessed a combination of petrodollar warfare and oil depletion warfare.
		In essence, petrodollar hegemony is eroding, which will ultimately force the U.S. to significantly change its current tax, debt, trade, and energy policies, all of which are severely unbalanced.
		Regardless of the potential U.S. response to an Iranian petroeuro system, the emergence of an oil exchange market in the Middle East is not entirely surprising given the domestic peaking and decline of oil exports in the U.S. and U.K, in comparison to the remaining oil reserves in Iran, Iraq and Saudi Arabia.
	usa.mediamonitors.net /content/view/full/17450 (3768 words)

	Politics Canada Forum - Petrodollar Warfare (Site not responding. Last check: 2007-10-08)
		In essence, petrodollar hegemoy is eroding, which will ultimately force the U.S. to significantly change its current tax, debt, trade, and energy policies, all of which are severely unbalanced.
		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.
		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 geopolitical tensions between the U.S. and other countries including the member states of the European Union (EU), Iran, Venezuela, and Russia.
	www.canadawebpages.com /pc-forum/topic.asp?TOPIC_ID=3464 (3996 words)

	Iran - a threat to the petrodollar? \| TPMCafe
		A move away from the dollar and a strengthening of the euro would further benefit Iran as according to a member of Iran's Parliament Development Commission, Mohammad Abasspour, more than half of the country's assets in the Forex Reserve Fund are now euros.
		It is primarily the US which stands to lose out from any move away from the petrodollar status quo, it is the world's largest importer of oil and a move away from invoicing oil in dollars to euros will undoubtedly have a negative effect on its economy.
		Fewer nations would be willing to hold the dollar in reserve which would cause a significant devaluation and result in the loss seigniorage revenues.
	www.tpmcafe.com /node/26669 (388 words)

	Iran Oil Bourse: a Threat to the Petrodollar? (Site not responding. Last check: 2007-10-08)
		Needless to say, the current petrodollar system greatly benefits the US; it enables it to effectively control the world oil market as the dollar has become the fiat currency for international trade.
		In light of such sentiments and the US's current insistence that Iran be referred to the UN Security Council Iran must consider and weigh carefully the economic benefits against the potential political costs.
		Although a matter of conjecture, some observers consider Iran's threat to the petrodollar system so great that it could provoke a US military attack on Iran, most likely under the cover of a preemptive attack on its nuclear facilities, much like the cover of WMD America used against Iraq.
	www.ocnus.net /cgi-bin/exec/view.cgi?archive=81&num=21360 (1112 words)

	Dodosville: Petrodollar Warfare
		Furthermore, "US and UK banks...then took these OPEC petrodollars and re-lent them as Eurodollar bonds or loans, to governments of developing countries desperate to borrow dollars to finance their oil imports...[which] facilitated the basis for the developing world's debt crisis of the early 1980s" (22).
		These countries were then forced to pay back the US for its loans, most of the time at the cost of ignoring social and economic development in their own countries.
		Clark argues that "if invoicing oil in euros were to spread, especially against an already weak dollar, it could create a panic sell-off of dollars by foreign central banks and OPEC oil producers" (32).
	dodosville.blogspot.com /2006/04/petrodollar-warfare.html (935 words)

	Financial Sense Newshour's Ask The Expert ~ William R. Clark, 01.28.2006
		The notion that Iraq was invaded to prevent the development of weapons of mass destruction, or to combat terrorism, has long been discredited.
		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.
		Petrodollar Warfare 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.
	www.financialsense.com /Experts/2006/Clark.html (272 words)

	'Petrodollar Warfare', William R. Clark \| Participate.net
		What follows is the extraordinary history in which petrodollar recycling was vigorously implemented during the 1970s...
		Petrodollar recycling works quite simply because oil is an essential commodity for every nation, and the petrodollar system demands the buildup of huge trade surpluses in order to accumulate dollar surpluses.
		These billions of surplus petrodollars are recycled from OPEC and invested back into the US via Treasury bills or other dollar-denominated assets, such as US stocks, bonds, and real estate.
	www.participate.net /node/1011 (2839 words)

	PETRODOLLAR WARFARE OIL, IRAQ AND THE FUTURE OF THE DOLLAR (Site not responding. Last check: 2007-10-08)
		U.S. unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy.
		Petrodollar Warfare is therefore to be greatly welcomed, since William Clark's book provides a badly needed, carefully researched explanation of the deep and dark mechanisms underlying international movements of money and military forces.
		If Petrodollar Warfare's bold analysis can help more Americans to understand the current pathology of their own extraordinary country, then it will assist both the world and America to find a better path into a less violent and energy-addicted future.
	home.earthlink.net /~cevent/12-16-05_iraq_really_petrodollar_warfare.html (866 words)

	The Black Gold Standard
		The choice of the petrodollar as an object of study is not entirely arbitrary.
		The upshot of all of this is that however fictitious the commodities of the US dollar, finance capital, and petrodollars, they all still continue to dominate world markets.
		Having addressed, to a fair extent in the space allowed, the question of the place of petrodollars and oil within the global political economy, I will now move to the question of how reasonable it is to argue that either of these things had anything to do with the war in Iraq.
	mason.gmu.edu /~sandrew3/works/petrodollars.htm (5299 words)

	The art of deception: Is it war for oil or war to save the dollar? (Site not responding. Last check: 2007-10-08)
		The petrodollar is simply the U.S. dollar being used as the sole medium of exchange by all countries to buy or trade oil.
		Haas implied, was to maintain dominance of the petrodollar as the medium of exchange.
		The report then notes that two months after the invasion of Iraq, approximately May 2003, the Oil for Food Program ended; the petrodollar was restored as the means for countries to buy Iraqi oil; and the universal global dollar supremacy was restored.
	www.finalcall.com /artman/publish/printer_2408.shtml (1376 words)

	Petrodollar Warfare: Oil, Iraq And The Future Of The Dollar :: AK Press (Site not responding. Last check: 2007-10-08)
		Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil.
		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.
	www.akpress.org /2005/items/petrodollarwarfare (313 words)

	Petrodollar Warfare: Exposing a Meta Narrative.
		Current geopolitical tensions between the United States and Iran extend beyond the publicly stated concerns regarding Iran’s nuclear intentions, and likely include a proposed Iranian “petroeuro”; system for oil trade.
		Similar to the Iraq war, military operations against Iran relate to the macroeconomics of ‘petrodollar recycling’ and the unpublicized but real challenge to U.S. dollar supremacy from the euro as an alternative oil transaction currency.
		While the publicly stated reasons for any such overt action will be premised as a consequence of Iran’s nuclear ambitions, there are again unspoken macroeconomic drivers underlying the second stage of petrodollar warfare — Iran’s upcoming oil bourse.
	www.guerrillanews.com /forum/thread.php?id=7573 (1167 words)

	Gold, Blood and Petrodollar Defectors
		Conspicuously underlying all of this jockeying is the question of the petrodollar.
		But tucked amid the highly publicized WMD worries and the several War on Terror issues was this little story left entirely alone by the media: Two months after the start of the war, on June 5th of 2003, Iraqi oil was switched back to being dollar-denominated (after Hussein had switched to petroeuros in 2001).
		Further evidence of petrodollar defection is found in the Middle East.
	www.gold-eagle.com /editorials_05/demeritt060605.html (1080 words)

	United for Peace of Pierce County, WA - We nonviolently oppose the reliance on unilateral military actions rather than ... (Site not responding. Last check: 2007-10-08)
		While the publicly stated reasons for any such overt action will be premised as a consequence of Iran's nuclear ambitions, there are again unspoken macroeconomic drivers underlying the second stage of petrodollar warfare -- Iran's upcoming oil bourse.
		This assumes the euro maintains its current 20-25% appreciated value relative to the dollar -- and assumes that some sort of US "intervention" is not launched against Iran.
		The upcoming bourse will introduce petrodollar versus petroeuro currency hedging, and fundamentally new dynamics to the biggest market in the world -- global oil and gas trades.
	www.ufppc.org /content/view/3261 (3547 words)

	Petrodollar Warfare: Oil, Iraq and the Future of the Dollar - Raise the Hammer
		Iran's plan to launch an energy trading exchange supports its desire to establish a geopolitical bloc with a Eurasian epicentre, anchored by Iran, China, Russia, and Europe, preferably including India (which is why America is bribing India with nuclear technology).
		Clark's thesis is that America's military and diplomatic activities over the past five years are best understood as means of preserving what Clark calls "petrodollar hegemony," or the global system whereby countries must buy oil with US dollars, negotiated with OPEC in the 1970s.
		He builds his case carefully, starting with the postwar economic order defined by the Bretton Woods agreement, its unraveling in 1971 when President Nixon reneged on America's promise to redeem US dollars for gold and found a new mechanism in oil pricing to maintain global demand for the dollar.
	www.raisethehammer.org /index.asp?id=235 (1554 words)

	Petrodollar Warfare - Home (Site not responding. Last check: 2007-10-08)
		Together with the fact that Iraq had switched its oil export currency to euros -- rather than U.S. dollars -- the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency standard.
		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 geopolitical tensions between the U.S. and other countries including the European Union (E.U.), Iran, Venezuela, and Russia.
		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.
	www.petrodollarwarfare.com (372 words)

	The Real Reasons Why Iran is the Next Target: The Emerging Euro-denominated International Oil Marker \| ...
		Similar to the Iraq war, upcoming operations against Iran relate to the macroeconomics of the `petrodollar recycling’ and the unpublicized but real challenge to U.S. dollar supremacy from the euro as an alternative oil transaction currency.
		Candidly stated, ‘Operation Iraqi Freedom’ was a war designed to install a pro-U.S. puppet in Iraq, establish multiple U.S military bases before the onset of Peak Oil, and to reconvert Iraq back to petrodollars while hoping to thwart further OPEC momentum towards the euro as an alternative oil transaction currency.
		Together with the fact that Iraq had switched its oil transaction currency to euros -- rather than U.S. dollars -- the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency standard.
	www.energybulletin.net /2913.html (4252 words)

	Personality: Ibrahim M. Oweiss
		He acknowledges that the Arab "oil weapon" no longer exists under present circumstances, but believes a "petrodollar weapon" is still viable, if used carefully and gradually.
		But he warns that any sudden and massive shift of Arab government funds out of U.S. securities could trigger the International Emergency Economic Powers Act and end in a counterproductive freeze of the funds—as happened during 1980 in the case of Iran.
		In fact it was Dr. Oweiss who in the early seventies followed up his "petrodollar" creation by being the first to refer to such Middle East investments in the U.S. as "hostage capital."
	www.washington-report.org /backissues/122683/831226008.html (803 words)

	Oil Currency Geopolitics
		Once the petrodollar recycling system begins to erode via the emergence of a broad-based petroeuro transaction exchange, the Federal Reserve will no longer be able to effortlessly expand its debt-financing via issuance of Treasury bills, and the dollar’s international demand/liquidity value will begin to fall.
		U.S. to significantly change its current tax, debt, trade, and energy policies, all of which are severely unbalanced.
		Petrodollar Warfare: Oil, Iraq and the Future of the Dollar (New Society Publishers, 2005).
	peakoil.com /static/editorial/Oil_Currency_Geopolitics.htm (2003 words)

	Petrodollar Warfare- With Updated Comments \| The Wall Street Examiner
		After 3 years of research, 1.5 years of writing, and with references to more than 640 footnotes, Clark has found a curious and disconcerting relationship between oil, Iraq and the future of the US dollar.
		Petrodollar Warfare argues that the invasion of Iraq was precipitated by two converging phenomena: the imminent peak in global oil production, and the ascendance of the euro currency.
		The upcoming Iranian bourse will introduce petrodollar versus petroeuro currency hedging, and fundamentally new dynamics to the biggest market in the world - global oil and gas trades.
	wallstreetexaminer.com /?itemid=1267 (5033 words)

	Petrodollars Behind the Chechen Tragedy - Global Policy Forum - UN Security Council (Site not responding. Last check: 2007-10-08)
		Petrodollars Behind the Chechen Tragedy - Global Policy Forum - UN Security Council
		As the Russian army tightens its grip around the Chechen capital of Grozny and Moscow becomes increasingly assertive, analysts stress that manoeuvring over huge oil-transit deals is the real issue of the Chechen war.
		If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
	www.globalpolicy.org /security/natres/oil/centralasia/1999/1207groz.htm (1139 words)

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