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The financial imperative.

I was gratified to read your coverage of events in and pertaining to Iraq, especially after the drip-feed of Zionist propaganda in our daily press.

Might I offer an unorthodox appraisal of why the US invaded Iraq and what its ramifications are?

Reports in the world's financial press, prior to Bush's sabre-rattling against Iraq, suggested Saddam Hussein was toying with the idea of selling oil in Euros or some currency other than the US dollar. Oil is only sold in dollars.

In 1972 President Richard Nixon severed the gold-dollar link, making the dollar worthless in international circles. He did this because a glut of US dollars was circulating in Europe and elsewhere for which the US had insufficient gold backing.

In 1973 Nixon's Arab friends raised the price of oil and in so doing mopped up the excess dollars. The 1973 'oil crisis' was really a dollar crisis. The move restored value to the dollar making it an oil-backed 'petrodollar'.

Any move to sell oil in currencies other than the US dollar threatened the US economy, and with it the global balance of power. That, I suggest, is why Saddam had to go and was the reason--as opposed to the excuse--for the US invading Iraq. Notice that the countries which stood to benefit from a switch to Euros, France and Germany, opposed the invasion and have been wiped from America's Christmas card list.

Unfortunately for democracy, most people do not study economics or read the financial press. It pays to look for the economic motive in political pronouncements. As John Dewey, the American philosopher, observed, 'politics is the shadow big business casts over society'. And there is no bigger business than money and the control of it.
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Title Annotation:comment
Author:Ross, Denis
Publication:Arena Magazine
Geographic Code:1USA
Date:Jun 1, 2004
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