This comes from here, and I don't think he'll mind (read from bottom up, of course):
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Wise man. I don’t suppose his employer will think much of it, though.
Um. We’re in Libya because Gaddafi, as was Hussein before him, is setting up an oil-buying scheme which would wipe out the value of the dollar. There’d be no more petrodollar, to be precise, which is what’s artificially kept the dollar regarded as a value medium for decades. We’re over there trying to stop Gaddafi’ scheme. There’s already been too much money spent on schooling in this country and not enough on genuine education, which is why most people won’t have any idea at all what I’m talking about.
BB.
Yet another conspiracy theory?
Gaddafi will soon be replaced by a more unstable “government” with more “schemes” (real or imaginary) to destroy the Western economy. Before the UK can posture as an effect world policeman we must first create stablity and prosperity in this country by making judicious investment in our own society.
Only then can we engender the means to help in creating a peaceful world sciety.
At present the UK is setting a very POOR example on the world stage.
Governments controlling, and fighting over oil resources is far from “conspiracy theory”.
They thought they had control over Gaddafi, but they were wrong. Same goes for Saddam.
It will be far easier for them to control a new government. For starters, Europe and the USA have frozen substantial assets belonging to Libya, and it will be very difficult for any new government to succeed, unless they play ball.
How on earth could any new Libyan government destroy the Western economy? That sounds more like a fantasy conspiracy theory to me.
In any case, I think we’re more than capable of destroying it ourselves. Seems to be the case!
Bill
Your comment on the oil buying scheme. I also read somewhere ( I cannot remember the source) that Hussein wanted oil to be traded in euros and that would have impacted on the dollar. Most wars have economic factors as their origin and I suspect that the campaign against Gaddafi is no different. I could not really understand why he has been targeted when he had been cooperating on Al-Qaeda inspired terrorism. Your comment throws new light on the possible reason.
Suggestion for the Premier Shareholders Group- read the book ‘ War on Iraq’ (2002) by Scott Ritter , an American, former UN weapons inspector and marine who voted for Bush. He stated that Iraq’s chemical, biological and nuclear capabilities were destroyed in the years after the first Gulf War. Some conspiracy theories prove to be closer to the truth than we imagine.
I’ll flesh it out a little more. After Nixon closed the gold window in the 70s he did a deal with Bahrain and the Opecs which meant America would protect them no matter what if they in turn insisted that all oil be paid for in dollars. This made the dollar valuable (the petrodollar!) and it explains why the UK, USA etc will invade all kinds of places on ‘human rights’ grounds (as we pretend to do with Libya) but ignore what Bahrain does to its citizens. Hussein planned to sell Iraq oil for Euros which would have helped destabilise the dollar, so from the American POV that couldn’t happen. Result – war. Now think about our presence in Iraq for a moment, and again about Blair being known as Bush’s poodle. Can you make sense of the Iraq war now? Understand why Blair is so popular in America now? Why he gets the, ahem, ‘consultancy’ fees he does from American bankers JP Morgan now?
On to Libya. Gaddafi was planning to set up a new currency of gold coins, the gold dinar, and insist that all Libyan oil be paid for with them. That’s gold, not simply a gold-backed currency but a currency of gold itself. He was encouraging the other African oil-producing nations to join him in this. Well… need I say more? All of a sudden we’re very indignant about the way Gaddafi treats his people and are in there full of righteous indignation blazing away, pausing only to help the Libyan ‘rebels’ (who I imagine are about as Libyan as I am), set up a new Libyan central bank. An unusual priority for blood thirsty rebels, wouldn’t you think? You’d be right too but maybe you’ll understand it a little better now I’ve explained it.
BB
Yup, Bill, that’s the story I heard many years ago. I wonder why it never made the tabloids… I’m posting this on FaceBook, if you don’t mind. And wasn’t Iran going to do the same thing – hence its place in the Axis of Evil?
I didn’t hear about Iran. Sure, Facebook it. I’ll friend you over there.
BB
Chris Cook posted this on FB. I think this should probably put the matter to bed.
“Sorry, Carol, but this is pure gold bug propaganda which is trotted out every time the US intervenes anywhere (and in Libya it was the UK and France who led the intervention).
What matters is not the currency you trade in – you can get the FX in a microsecond when you quote a dollar price – but what happens to the proceeds.
And yes, that’s where the US has long stitched up a deal with the Saudis and other GCC countries.
The reason the US went into Iraq was simple: energy security, which has been the first, second and third foreign policy priority of the US (and the UK) for the last 100 years.
Finally, the reason I can be so confident about this is that Bill Kruse omitted the ‘Iran Oil Bourse’ meme beloved of the gold bugs, to the effect that the US is so hot on the Iranians because they have set up an oil exchange with a view to trading oil in euros.
The Iran Oil Bourse was in fact my idea – in 2001 – and the reason for it was in fact that the major oil players were (in fact they still are) manipulating the oil markets, and that a new middle eastern pricing benchmark was necessary.
But I can say quite categorically that the currency in which oil was to be traded was never a consideration, and that even today now the exchange is running (after a fashion) prices are still being quoted in dollars even though there is no way Iran can settle transactions in dollars thanks to US sanctions.
So don’t believe everything you read.”
Except I’m not a gold bug nor do I play one on TV, and the explanation I gave isn’t trotted out anywhere, hardly anyone ever hears about it. I’ve never seen a mainstream reference to it. If I’m repeating gold bug propaganda why indeed did I leave out mention of the Iran Oil Bourse, which I’ve never heard of? Who’s Chris Cook? The name does ring a bell but I can’t place it. I’ll agree with him you shouldn’t believe everything you read. Interesting.
BB