Dollar Hegemony Something to think about

[red42]

The End of Dollar Hegemony

A hundred years ago it was called “dollar diplomacy.” After World War II, and especially after the fall of the Soviet Union in 1989, that policy evolved into “dollar hegemony.” But after all these many years of great success, our dollar dominance is coming to an end.

It has been said, rightly, that he who holds the gold makes the rules. In earlier times it was readily accepted that fair and honest trade required an exchange for something of real value.

http://www.house.gov/paul/congrec/congrec2006/cr021506.htm

Watch it on video,

need windows media.

http://www.house.gov/paul/index.shtml

about 40 minutes.

[BIG WAVE]

By Kaleem Hussain (LLB, LLM- in International Economic Law from Warwick University, UK)
An Interview with Dr Krassimir Petrov (Teaches Macroeconomics, International Finance & Econometrics at the American University in Bulgaria).


Afghanistan, Iraq and now Iran and potentially Syria on the cards for a military intervention, I was intrigued to find out what exactly is driving the neo-conservatives in the echelons of power at the Whitehouse and the few coalition allies to the U.S. to continue their strategy of potential military strikes despite what is universally accepted has been a disastrous foreign policy in Iraq. I interviewed Dr. Krassimir Petrov who has recently wrote an article titled “The Proposed Iranian Oil Bourse” to enlighten me on this subject. The interview focused on two articles, namely the one cited above and by W.R. Clark titled “Petrodollar Warfare: Dollars, Euros & The Upcoming Iranian Oil Bourse.” The response is a combination of statements from the articles and Dr. Krassimir Petrov’s own opinions on the questions asked.

The questioned were framed as a result of what the authors have highlighted is the setting up of a proposed Iranian Oil Bourse due to become operational from March 2006. The word “bourse” refers to a stock exchange for securities trading, and is derived from the French Stock Exchange in Paris. The Tehran Government has plans to begin competing with New York’s NYMEX and London’s IPE using a Euro based international oil trading mechanism. You may ask, why is this of any significance?

Well, in the year 2000, Iraq had decided that it was no longer going to accept dollars for oil being sold under the UN’s Oil For-Food Program and decided to switch to the Euro as Iraq’s oil export currency. The result was a military strike by the U.S. and it’s allies and subsequently in ample time the dollar was restored as Iraq’s oil export currency. The authors feel that this was one of the main reasons for attacking Iraq to maintain the U.S. dollar as the monopoly currency for the critical international oil market. What this signifies is that without some sort of U.S. intervention and if the Iranian oil bourse goes ahead, the Euro is going to establish a firm foothold in the international oil trade market. Under the rubric of what is seen as the potential nuclear threat of Iran in future years, W.D. Clark states in his article that given the U.S. debt levels and taking into consideration the neo-conservative project of U.S. global domination, T!ehran’s intentions “constitute an obvious encroachment on dollar supremacy in the crucial international oil market.” With international pressure mounting on the Iranian Government, it was under these circumstances that I posed the questions to Dr. Krassimir Petrov.
http://www.aljazeerah.info/Opinion%20editorials/2006%20Opinion%20Editorials/March/11o/Global%20Economic%20Hegemony%20A%20New%20Kind%20of %20Warfare%20An%20Interview%20with%20Dr%20Krassimi r%20Petrov%20By%20Kaleem%20Hussain.htm

[tmorr37]

Liberal BS
It's funny all the lib's were quoting the same thing about Iraq when they were in power. Now it is said GW did all by himself.
If this were to happen it would be a disaster for the US on scale you can't imagine. Banks would fail, 80% of us would be unemployed and the government would be to weak to help us.
Worth going to war for? You bet

[mike sl600 canada]

you got that right, dems and republicans have the same interest when it comes to this matter, although noone mentions it ever,the us would be devastated economically by a move away from the greenback, in fairness the US uses the most oil daily compared to the rest of the world, 27 percent of all daily consumtion is by the us so they have the right to have oil exchanged in their dollar, the US drives the oil industry,WOW cant let iran or anyone else start trading oil in another currency, but the US will have to someday address this issue and start planning long term that this will one day happen, a very interesting and informative read

[Fistfull/Dollars]

Big Wave:great info. and insight. Historical and future political implications of info.is spot on. we do not get this type of info. in mainsteam media. Thanks, "fistfullof Dollars'