America’s economic stranglehold over the world is unravelling. Because things are getting out of hand, they go on their fallback, good old military might, to save the day. But pulling out the guns will not solve what Iraq has set a precedent for.
The War To Save the Dollar: Back in the days when currencies were pegged to gold reserves, leading to a fixed exchange rate, the dollar was like any other currency. Then the gold backing was abandoned, and when OPEC raised the price for oil in 1973 and accepted payments only in dollars, the dollar then became the global currency (everybody needed to buy oil).
The US turned a blind eye on the murderous ways of Saddam Hussein ever since he came to power in 1979 (he was protecting American and British interests in the country; Iraq being the second largest oil producer in the world). But in October 2000, their eyes popped wide open when Hussein announced that Iraq’s oil will have to be paid in euros and not in dollars. Iraq initiated a precedent that would result in a decline in the demand for the dollar. No longer useful to the Americans and the British, Hussein had to go.
OPEC plans to convert its currency reserves to euros in 2004. Iran has already converted its currency reserves to euro. China has done the same. Venezuela asked OPEC for a barter system for purchasing oil by paying for it in terms of goods or services, without having to rely on the dollar. These countries are being attacked through covert operations by the CIA (their usual modus operandi: coup d’etats, warmongering, bombings is their favourite tactic, and provoking social unrest). Pretty soon, the entire world will be on the axis of evil list.
Why is the Western media raising such a ruckus over the infamous Weapons of Mass Destruction? The Americans and the British had to find an excuse to rid themselves of Saddam Hussein; but they have also distracted the public’s attention from the real reason behind their panic and alarm. Both economies are coming to a historic turning point. The British may have to adopt the euro, and the dollar will become like the currency of any other country, a currency to be used domestically. Their warranted fear is that the European Union will rule the world economy.