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Beating Around the Bush By the Bourse

Ingmar Lee

January 29, 2006

Only the uninformed believed Bush when he said it was WMD's that made him attack, invade, occupy and massacre Iraq. Most of us thought it was to steal Iraq's oil, but we were only partly right. What totally terrorized the tyrannical Texan tycoon was when Saddam played the oil bourse card in November, 2000. When Saddam started selling Iraqi oil in euro's, he jeopardized the U.S. dollar's hegemony as the world's supreme foreign exchange transaction currency. If this brilliant idea catches on, it will trigger the total collapse of the USA economy. The oil grab is a sideshow. The main feature is the oil bourse.

The Neocon global domination agenda is engendered by the denomination of global oil transactions in greenbacks. America prints out the bucks that are required for the purchase of oil, and the world has to produce stuff they can sell to get the bucks they need to buy oil. Printing Monopoly 'fiat' money only costs America the paper and green ink, so the USA dollar has been fattened on oil-enriched chicken feed since Tricky Dick delinked the buck from the bullion. The oil bourse scheme could so seriously setback US suzerainty that Saddam got stomped to smithereens. Krassimir Petrov, who teaches international finance in Bulgaria's American University, warns "should the Iranian Oil Bourse gain momentum, it will be eagerly embraced by major economic powers and will precipitate the demise of the dollar." Saddam was just the first wavelet in the coming tsunami. On March 20, 2006, Iran will start selling oil in euros.

Here's what the Bush cabal's Neocon Global Hegemony Manifesto, written in September 2000, has to say:

"At present the United States faces no global rival. America's grand strategy should be to preserve and extend this advantageous position as far into the future as possible. There are, however, potentially powerful states [read Europe, China, India] who are dissatisfied with the current situation and who wish to change it, if they can, in directions that would endanger the relatively peaceful, prosperous and free condition the world [read USA] enjoys today. Up to now, they have been deterred from doing so by the capability and global presence of American military power [read terrorist menace]. But as that power declines, [read currently being defeated in Iraq] relatively and absolutely, the happy conditions that follow from it will be inevitably undermined."

The latest Neocon ramp-up rhetoric for attacking Iran is a dreary fearmongering rerun of the same old lies that launched Bush's disastrous Iraq-attack. The same old WMD drumbeat is now rattling to attack and destroy Ahmadinejad's nascent civilian nuclear program. Bush will fail to get IAEA support to forward his Iran-sanctions feint to the UN Security Council, so there won't be any UN 'coalition of the willing.' Russia and China aren't interested, and Bush's Ambassador to India, David Mulford, has just ruined the nuclear carrot that Bush so carefully waved at India to get them to toe the US line. India has its nukes already, and hooking up the pipeline with Iran is more to their interest. This all makes a preemptive American or Israeli attack all the more likely, and the Neocon's insane desperation is such, that such an attack might just go nuclear.

Bush has stated that "All options are on the table.The use of force is the last option for any president. You know we have used force in the recent past to secure our country." Freaky Dick's office has tasked STRATCOM to draw up a plan which includes a large-scale air assault on Iran using conventional and tactical nuclear weapons. Condoleeza Rice says that "time had run out for talking to Tehran." John Bolton says that Bush "has made clear that a nuclear Iran is not acceptable." Newt Gingrich, who won't rule out a run for the presidency in '08, said, "If we don't have a very serious systematic program to replace the government of Iran, we're going to live in an unbelievably dangerous world. This is 1935 and Mahmoud Ahmadinejad is as close to Adolf Hitler as we've seen." Israel's Defense Minister Shaul Mofaz said that Israel was preparing to protect itself if international diplomatic efforts failed to convince Iran to give up its nuclear program.

When the Neocons conquered the White House in 2000, the U.S. surplus was approximately $5 trillion. That's all gone and the domestic deficit now stands at somewhere around $500 billion. The world's largest debtor nation owes $8,193,150,090,487.56 as of this morning, and the American debt is mushrooming by over a billion a day. Foreigners hold 48 percent of the U.S. Treasury bond market, 24 percent of the U.S. corporate bond market and 20 percent of all U.S. corporations. With "W" walloping US whack like that, why in the world would anyone want dollars?

Here's how the Neocons hoodwinked and swindled the world:

From the Third World Traveller website, Sohan Sharma, Sue Tracy and Surinder Kumar wrote,

"Oil can be bought from OPEC only if you have dollars. Non-oil producing countries, such as most underdeveloped countries and Japan, first have to sell their goods to earn dollars with which they can purchase oil. If they cannot earn enough dollars, then they have to borrow dollars from the WB/IMF, which have to be paid back, with interest, in dollars. This creates a great demand for dollars outside the U.S. In contrast, the U.S. only has to print dollar bills in exchange for goods. Even for its own oil imports, the U.S. can print dollar bills without exporting or selling its goods. For instance, in 2003 the current U.S. account deficit and external debt has been running at more than $500 billion. Put in simple terms, the U.S. will receive $500 billion more in goods and services from other countries than it will provide them. The imported goods are paid by printing dollar bills, i.e., "fiat" dollars."

Here's the Neocons worst nightmare:

China has more than $800 billion reserved in a giant stack of basically green, ink-smeared paper. When Iran starts selling its oil in euros, why wouldn't China just go ahead and convert that stack of paper to euros and use real money to buy oil instead? In January 2002, Canada unloaded nearly 20% of its gold stocks in exchange for euros, thereby bringing its euro holdings to the equivalent of about US$14 billion. That's about 42 percent of the total US$33 billion in foreign deposits and securities held by the government. Just 2 years previous, euros accounted for the equivalent of about US$7 billion of Canada's reserves, only 23 percent of the total. The gold sale reduced Canada's U.S. dollar share to 55 percent from 75 percent. Under Hugo Chavez, Venezuela is brokering barter deals for trading oil with 12 Latin American countries thereby cutting out the USA cut. At the OPEC summit in September 2000, Chavez delivered the report of the "International Seminar on the Future of Energy." One of its key recommendations was that "OPEC take advantage of high-tech electronic barter and bi-lateral exchanges of its oil with its developing country customers." That would be the end of dollar hegemony over OPEC oil transactions.

The War Resisters League calculates that the cost of the US military runs about $643 billion annually. This obscene military expenditure, which supercedes the total of all other combined global military expenditures, is responsible for 80% of the American debt. When the world stops propping up the debt-ridden USA dollar, that will end the Neocon global domination project and the world's worst terrorist menace. This much, "W" clearly understands, and so too, apparently, do his quisling war-mongering Democrat counterparts. The Neocon oil-mens cabal has an even clearer understanding of Peak Oil, and its equally ominous implications for the American economy. This quote from Investment Banker Matthew Simmons -a key advisor to the Bush Administration and Cheney's 2001 Energy Task Force and the Council on Foreign Relations: "What peaking does mean, in energy terms, is that once you've peaked, further growth in supply, is over. Peaking is generally, also, a relatively quick transition to a relatively serious decline at least on a basin by basin basis. And the issue then, is the world's biggest serious question."

In this horrific context, it's not too difficult to understand why the Bush Neocon cabal is preparing to risk all to go on a global oil-stealing spree, and to attack Iran, perhaps even with nukes. It's also easy to understand the cringing wimp-ass non-response of the Democrats. There's no way America can win, and America's got everything to lose. As Gavin R. Putland puts it, "If this oil-currency-war theory is a delusion, the U.S. administration can easily discredit it -- by declaring that the USA has no objection if oil exports to the Euro Zone are denominated in euros." The crash of the USA economy will wreak global economic catastrophe. Paradoxically, that crash is this world's only hope for evading global ecological catastrophe. We should support Iran's oil bourse. Bring it on!

Ingmar Lee is a Canadian freelance writer currently living in Pondicherry India. He is appalled and embarrassed that Canada has elected a Bush-lackey Neocon creep for Prime Minister. He can be reached at ingmarz@gmail.com

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