[Marxism] (Spa) Putin substitutes petro-Euros for petro-dollars:imminent ...

Octob1917 at aol.com Octob1917 at aol.com
Sat Aug 28 00:49:24 MDT 2004


In a message dated 8/27/2004 9:26:08 PM Pacific Daylight Time, 
jlevich at earthlink.net writes:
"To date, the oil-dollar link has given the United States a huge advantage
in international trade. Corporations and countries carry out trade in U.S.
dollars, making the U.S. Treasury and the U.S. Federal Reserve Board the
ultimate arbiters of global monetary policy. However, the stability of the
U.S. dollar, and by extension the global monetary system, partially depends
on the financial policies of Persian Gulf countries that control nearly
two-thirds of the world's reserve of `black gold.'" (quoting Arjun
Makhijani,  Saddam's Last Laugh: The Dollar Could Be Headed for Hard Times

This is potentially a monumental development. Many, myself included, believe 
that Saddam's switching of Iraq's reserve currency to the euro in 2000 was one 
of the main, if not the main, reasons for the US invasion. By doing so he set 
a dangerous precedent, especially among OPEC countries, which placed US 
economic hegemony at risk. The euro, which was the brain child of Germany and 
France, was introduced as a bulwark against the same US economic hegemony around 
the world. Just as the development of a European Defense Force is a bulwark 
against US military hegemony. Ultimately, in my opinion, this battle for currency 
domination could lead to another imperialist war. 

Joe



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