The invasion of Iraq might be remembered because the first oil foreign money warfare. faraway from being a reaction to September 11 terrorism or Iraq’s alleged guns of mass destruction, Petrodollar Warfare argues that the invasion was once brought about via converging phenomena: the approaching height in international oil construction and the ascendance of the euro currency.
Energy analysts agree that global oil provides are approximately to height, and then there'll be a gentle decline in provides of oil. Iraq, owning the world’s second-largest oil reserves, used to be as a result already a aim people geostrategic pursuits. including the truth that Iraq had switched to procuring oil in euros—rather than US dollars—the Bush administration’s unreported objective used to be to avoid extra OPEC momentum in prefer of the euro instead oil transaction foreign money standard.
Meticulously researched, Petrodollar Warfare examines US greenback hegemony and the unsustainable macroeconomics of ‘petrodollar recycling,’ mentioning that the problems underlying the Iraq struggle additionally observe to geostrategic tensions among the us and different international locations, together with the member states of the ecu Union, Iran, Venezuela and Russia. the writer warns that with out altering direction, the yank scan will finish the best way all empires end—with army overextension and next financial decline. He recommends the multilateral pursuit of either strength and fiscal reforms inside of a UN framework to create a extra balanced international strength and fiscal system—thereby decreasing the potential for destiny oil and oil currency-related warfare.
A sober demand an finish to competitive US unilateralism, Petrodollar Warfare is a special contribution to the talk concerning the destiny worldwide political economy.
William R. Clark is supervisor of functionality development at Johns Hopkins college university of medication. His examine on oil depletion, oil foreign money matters and US geostrategy obtained a 2003 venture Censored Award and used to be released in Censored 2004. He lives in Columbia, Maryland.
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