The invasion of Iraq may well be remembered as the first oil currency
war. Far from being a response to 9-11 terrorism or Iraq's alleged weapons
of mass destruction, Petrodollar Warfare argues
that the invasion was precipitated by two converging phenomena: the imminent
peak in global oil production, and the ascendance of the euro currency.
Energy analysts agree that world oil supplies are about to peak, after
which there will be a steady decline in supplies of oil. Iraq, possessing
the world's second largest oil reserves, was therefore already a target
of U.S. geostrategic interests. Together with the fact that Iraq had switched
its oil export currency to euros -- rather than U.S. dollars -- the Bush
administration's unreported aim was to prevent further OPEC momentum in
favor of the euro as an alternative oil transaction currency standard.
Meticulously researched, Petrodollar Warfare examines
U.S. dollar hegemony and the unsustainable macroeconomics of 'petrodollar
recycling,' pointing out that the issues underlying the Iraq war also apply
to geopolitical tensions between the U.S. and other countries including
the European Union (E.U.), Iran, Venezuela, and Russia. The author warns
that without changing course, the American Experiment will end the way
all empires end with military over-extension and subsequent economic decline.
He recommends the multilateral pursuit of both energy and monetary reforms
within a United Nations framework to create a more balanced global energy
and monetary system thereby reducing the possibility of future oil-depletion
and oil currency-related warfare.
A sober call for an end to aggressive U.S. unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy.
About the author:
William Clark has received two Project Censored awards, first in 2003 for his ground-breaking research on the Iraq War, oil currency conflict, and U.S. geostrategy and again in 2005 for his research on Iran's upcoming euro-denominated oil bourse. He is an Information Security Analyst, and holds a Master of Business Administration and Master of Science in Information and Telecommunication Systems from Johns Hopkins University. He lives in Rockville, Maryland.
Download the press release for Petrodollar Warfare
Download the advance praise for Petrodollar Warfare
Oil, Dollars, Euros, and the Upcoming Iranian Oil Bourse (August 2005)
Book review of Petrodollar Warfare (HopeDance)
Book review of Petrodollar Warfare (Enviroment News Service)
Hysteria Over Iran and a New Cold War with Russia (December 2006)
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