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Petrodollar Warfare: Oil, Iraq and the Future of the Dollar Paperback – May 1, 2005
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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.
See review from Hopedance(2004-11-30)
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Top Customer Reviews
The "warfare" comes from the fact that Saddam Hussein switched his oil sales from dollars to euros in 2000, also that Iran is planning to open an energy market (Bourse) in euros in the spring of 2006. Clark makes a compelling case that "maintaining the dollar as the World Reserve Currency was a major component of the Bush administration's push for the Iraq War". Because of this the US enjoys almost unlimited credit compared to other countries, way beyond its actual economic productivity. Loss of this credit would entail dramatic belt-tightening in the US combined with major inflation, rivaling the Great Depression.
So far Bush's strategy has worked. But there is widespread fear, even by some financial authorities, that this is about to end as US debt spirals into the stratosphere to finance militarization and consumption, not productive investments. Clark points out that China, which recently signed a $70 billion oil and gas deal with Iran, could decide to dump its dollars if the US attacks Iran to head off the new Bourse.Read more ›
There are other options and William Clarks's book adds considerably to the necessary public debate by which we, the American people, must first understand what is happening, and secondly, assert our values which choose life and freedom. The path is clear and it entails a shift to renewable fuels on a massive scale, huge conservation efforts, and vastly improved energy efficiencies. Its the option to "powerdown." Unfortunately, the time is quickly running out for choosing that path. War with Iran, by Israel, with considerable US backing, may now be inevitable, because of Iran's necessary choice for economic self preservation in the face of US hegemony to preserve the petrodollar. And when the bombs start dropping, we'll be irrevocably locked into World War III. Its time for all of us to become strident, with ourselves in our inanity, each other, and most importantly, with our representatives in Congress.
A few notable quotes from the book:
"Only in the United States and Britain did the majority of people indicate that the campaign against terror was a sincere effort to reduce international terrorism.Read more ›
First off, this is one of those rare books where in addition to carefully studying the table of contents, which is superbly devised, almost an executive summary on its own, you should also *first* read the End Notes and also the Afterword by LtCol Karen Kwiatkowski, now retired, who earned lasting recognition for resigning and challenging the lies coming out of the politically-appointed Pentagon officials.
Although this book is labeled by some (who would have us ignore it) as part of the "conspiracy" literature, I find myself reading more and more books in this vein, spanning 9-11, peak oil, corporate personality, and Wall Street-Washington corruption. I have to say, with all humility, if there is one privilege I would claim as the #1 Amazon reviewer of non-fiction, it is the privilege of stating clearly and on the record that this book, and other books in this vein, are NOT conspiracy literature, but rather the survivors, the vanguard that has avoided censorship.Read more ›
Most Recent Customer Reviews
First of all, I need to say that I'm a Republican Conservative...It is because of this that I wanted to read this book, NO, NEEDED to read it! Read morePublished 19 months ago by M. Rodriguez
The 20th century was the American century. The United States lead the world economy with invention and innovation. Read morePublished on April 2, 2014 by Mikio Miyaki
Petrodollar operates from an unsettling thesis, that America's hegemony is based on an unstable reliance on dollar-denominated oil transactions, and that America uses military... Read morePublished on March 9, 2013 by M. Fender
Couldn't get past the first chapter before I had literally through the book away. I'm an avid reader of books on the reserve currency and or petro dollar, however this book has... Read morePublished on February 7, 2013 by Amazon Customer
While a bit One sided, I found the information quite illuminating. It would be nice if more people informed themselves on this subject, as well as how and why currency is valued. Read morePublished on February 3, 2010 by Brian
It is today considered no longer surprizing that fossil fuel has been used so much that the entire Industrial Revolution will be referred to as a period which was represented by a... Read morePublished on November 18, 2008 by Darth Vindex (A.V.S)