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Petrodollar Warfare
Interview With William R. Clark, Author
"Petrodollar Warfare: Oil, Iraq and the Future of the Dollar"
The
notion that Iraq was invaded to prevent the development of
weapons of mass destruction, or to combat terrorism, has long
been discredited. But a growing consensus believes that Iraq's
oil was surely a prime reason for US actions. However, author
William Clark argues convincingly in Petrodollar Warfare that
the rationale for intervening was not just for control of the
oil fields, but also for control of the means by which oil is
traded in global markets.
Petrodollar Warfare discusses the crucial shift in US monetary
policy during the 1970s away from the gold standard to becoming
the monopoly currency for worldwide oil sales, effectively
enabling the US to dominate world trade. It then analyses global
Peak Oil as an additional driver of US foreign policy and the
parallel growth of political fundamentalism in the current US
administration. Tracking the emergence of the euro as an
important challenger to dollar supremacy, the book pinpoints
Hussein's November 2000 switch to selling oil for euros as the
defining moment for Iraq and, perhaps - without an immediate
change in governance - for the noble American experiment.
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William R. Clark is manager of performance improvement
at Johns Hopkins University School of Medicine. His research
on oil depletion, oil currency issues and US geostrategy
received a 2003 Project Censored Award and was published in
Censored 2004. He lives in Columbia, Maryland.
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