Product Description

Meticulously researched, this book examines US dollar hegemony and the unsustainable macroeconomics of 'petrodollar recycling', pointing out that issues underlying the Iraq war also apply to geostrategic tensions between the US and other countries including the member states of the EU, Iran, Venezuela and Russia. The author warns that without changing course, the American Experiments will end the way all empires end -- with military over-tension and subsequent economic decline. He recommends the multilateral pursuit of both energy and monentary reforms within a United Nations framework to create a more balanced global energy and monetary system -- thereby reducing the possibility of future oil and oil-currency related warfare.

Product Details

• Amazon Sales Rank: #340509 in Books
• Published on: 2004-10-01
• Original language: English
• Number of items: 1
• Binding: Paperback
• 288 pages

Customer Reviews

Refreshing the tree of liberty with the blood of tyrants (T. Jefferson)
By analyzing the US policies behind the Iraq war, William R. Clark unveils the real reasons behind this illegal (R. Perle) invasion: maintain the US dollar as a world monopoly currency for oil and, in the era of Peak Oil, dominate the region with the world's largest remaining hydrocarbon reserves. The war in Iraq is also a currency war against the euro. S. Hussein's oil had to be paid in euros and a further momentum within OPEC for the euro had to be prevented at all costs.
A swift out of the dollar would force oil consumers to sell dollars for euros, provoking a dollar crash with as a result massive inflation, a possible run on the US banks and unserviceable budget and current account deficits. One of the 2 pillars of the US hegemony (military superiority and the dollar) would crumble.
By the way, Iran is planning a euro-based oil Bourse in Teheran.

At home, the author sees record trade gaps, record levels of financial leverage, of personal debt, of bankruptcies, of budget deficits and abysmal saving rates.
He sees a state governed by authoritarians, by a proto-fascist military-industrial-oil-Congressional complex: a circular relationship between wealth and political influence. An exploding defense budget for and `endless war' against an obscure group of non-state actors is a monumental but highly profitable aberration.

Behind the authoritarians at the helm stands the philosophy of Leo Strauss, a mixture of Carl Schmitt and Friedrich Nietzsche: 'Men can only be united against other people', and `Those who are fit to rule are those who realize that there is no morality and that there is only one natural right - the right of the superior to rule over the inferior.' In other words: war, not peace.

This end-justifies-the -means policies are gladly swallowed by the media monopolies which are divulging manipulated and filtered news and disseminating fear, the greatest ally of tyranny.
Fortunately, we have Internet, the last bastion of free speech and unfiltered news.

The (or, at least, most of the) remedies proposed by the author will be extremely hard to realize:
Nationally, restructuring of campaign financing, a viable energy strategy, massive reallocation of public funds away from military spending, revolutionary change in the political establishment.
Internationally, no pre-emptive wars, non-interference in the internal policies of foreign oil states, a balanced policy regarding Israel, repair the damaged relationship with former allies, fair trade, full participation in multilateral accords, a global monetary reform.

All in all, W. R. Clark has written a powerful, fascinating, disturbing but frank book.
A must read for all those interested in the future of mankind.

I also recommend the works of W. Engdahl, W.G. Tarpley, W. Klare and J.Dale Scott.

Finally, a credible explanation for the invasion and occupation of Iraq
According to Clark, the US Dollar became the de facto World Reserve Currency after WW2, bringing much needed stability in international trade, a role performed by the Pound Sterling in earlier times. In the early 1970s, oil producers, especially within OPEC, were keen to move away from the US Dollar to a basket of currencies in order to protect themselves against prevailing economic turmoil. The US persuaded Saudi Arabia to continue selling its oil exclusively in US Dollars, which effectively forced other OPEC producers to follow. In effect, any country wanting to buy oil had to buy US Dollars first. The oil producers then invested their Dollars back in the US, which then lent the money to poor countries in order to buy oil. Clark refers to this as `Petrodollar Recycling'. It allows the Americans to print more money and continue living well beyond their means.

Following the 1st Gulf War, in 1991, The UN imposed sanctions on Iraq in order to compel Saddam Hussein to dismantle his WMD programmes. In 2001, after years of sanctions, Saddam Hussein decided to sell Iraqi oil exclusively in Euros rather than US Dollars and to offer drilling rights to European and Chinese companies once UN sanctions were lifted. This sealed his fate. Although this was done for political reasons (why use the currency of Iraq's enemy) it proved to be an astute move economically. Iraq profited handsomely as the Euro rallied against the Dollar.

The US & UK insisted that Saddam possessed WMD, in spite of ample evidence from their own intelligence services that this was unlikely to be the case, and invaded before Hans Blix and his team of weapons inspectors could prove otherwise. Contracts for drilling were annulled and Iraqi oil is now, once again, sold in US Dollars. Had UN sanctions been lifted then Saddam would have been free to honour his contracts with European and Chinese oil companies and continue to sell oil in Euros. Other oil producers would certainly have followed. In fact, the Iranians are now planning to sell their oil in Euros.

The book is thoroughly researched and contains great insight into the minds of the neocons running the US government. Clark explains their background, motives and imperial ambitions. He explains how they have been able to hijack the government of the most powerful nation in history and bend it to their will. Truly frightening stuff. If you'd rather be blissfully ignorant then don't read this book!

Making sense of the world we live in
With economic might comes military might, they go hand in hand. This view of the world, you ain't going to see on Fox News or The BBC.

If your into this kind of reading material, you could do worse than read a copy of "Web of Deceit" by Mark Curtis. That book is basically a record of documents released under the Freedom of Information Act, and documentation kept from public view under the 30 year non disclosure rule.

Basically it is a record of what your UK government at the time, told you they were doing.While historical records have since prove they where actually doing the opposite. It would appear nothing really changes in politics, past or present. If you have to remember one thing as you travel through life, may I suggest you consider this. All governments have an agenda the truth could not support.