The 20th century was the American century. The United States lead the world economy with invention and innovation. The US strengthened their hegemonic power by circulating oil dollar in the post WWII era. The onset of global Peak Oil, although having great expectation on shale gas revolution, and the appearance of European Union are changing this situation. Due to shrinking economy and increasing military expenditure to keep the hegemony, the United States has been suffering deficit financing for long time. The Iraq War, under the guise of “war on terror,” was a desperate attempt by Bush administration to maintain superpower status, which resulted in letting America continue their downward path of militarism and economic ruin. In “Petrodollar Warfare,” William R. Clark refutes the true reason of the Iraq War as it was about dollars, euros, oil and geostrategic power in the 21st century. He gives a grave warning for American democracy and their foreign policy, while making several suggestions to solve hanging challenges.
It is not clear if Saddam Hussein initiated the idea of transitioning to a petroeuro or if the EU approached him with the idea. Clark verifies the fact Iraq War was ignited by Hussein’s declaration of adopting the euro for its oil-export transactions from various aspects. He criticizes the Bush administration overplayed its hand and exposed the weakness of US hegemonic status in the aftermath of the Iraq invasion. He alleges the use of deception and manipulation in the US policy flows directly from the doctrine espoused by German political philosopher Leo Strauss. Strauss’ philosophy, deception is the normal process in politics, contradicts with American spirits of individualism, liberalism, and relativism, which founders of the United States viewed as most desirable things. The United States is standing at the crossroad of their future. Clark warns America’s belligerency will be thwarted by the international community in nonviolent economic warfare of abandoning the dollar. To maintain the unsustainable status quo means ultimate damage to the essential principles of liberty and freedom that founded the United States. Instead, he advocates, to rejoin the community of nations as an equal among allies and collectively work on future challenges.
The United States is facing difficult challenges like global monetary reform, re-organizing US fiscal policies, developing a national energy strategy, repairing damaged foreign relationship, reigning in the unwarranted power of the millitary-industrial-petroleum-intelligence branch of government. As history tells us a fleeting empire recklessly pursued global domination only to generate catastrophic warfare. Imperial pursuits abroad, the way taken by America so far, invariably lead to sacrifices democratic principles, and the diminishment of liberty and freedom. If Americans let destroy their freedom and liberty, it’ll be the only time a terrorist attack succeed in destroying the US. International terrorism is a specific crime against humanity. It should be solved within the international rules of law. Hegemonic power, as Clark says, is most effective and long-lasting when it is kept in stock, always building up the perception that it is actively restricting itself even when showing its power. A long-lived enlightened Democratic republic heeds the wisdom of the founding fathers while resisting the temptation of empire. If Americans truly practiced the values in the Declaration of Independence, Constitution, and Bill of Rights, the US would regain the world’s respect and admiration, not the world’s fear and hate.
He condemns American media for playing up to the government so far. Clark deplores free and open media in the US becomes a myth, not reality. For decades the links between the US government and the major military-industrial-petroleum conglomerates are said to have grown into a seamless unit. The US was ranked at 17th in the worldwide press freedom index. He illustrates the Internet is the last and only bridgehead of free speech and unfiltered news in the US. Until the US media conglomerates are reformed into more independent and free media organizations, the American people will continue to be at risk for extensive manipulation by political leaders. Various political subjects needs public attention and decided through widely held discussion. The concept of dissent has served to strengthen US democracy. His points sound quite natural to Japanese who have experienced severe opinion control by military in the past.
To develop a multilateral compromising approach to Peak Oil is the foremost challenge for who live in the 21st century. Conserving energy and seeking alternative energy can save not only America but also all nations from devolving into despotism. The effective adoption of a domestic energy strategy could provide a vast opportunity to revive the industry within countries. Real wealth creation comes from manufacturing and production. Energy reconfiguration requires huge amount of money for new investment and creates new jobs domestically. Also an equitable global monetary system is in the long-term national security interest of the world. Clark asserts the most appropriate US strategy is compromise with the EU and OPEC toward a dual-currency system for international oil trades. To rebalance the global economy and promote energy conservation and alternative energy success will be a great help in restoring the US international stature while reducing current “anti-American” sentiments.
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Top reviews from other countries
- W. PrescotReviewed in the United Kingdom on November 9, 2007
Finally, a credible explanation for the invasion and occupation of Iraq
- Kimmy HaynesReviewed in the United Kingdom on September 23, 2013
Good informative read
- AyeupReviewed in the United Kingdom on December 16, 2008
Making sense of the world we live in
