We invaded Iraq because of the Euro

[HeatherDawn]

I don't understand why this is not common knowledge but Saddam was nearing the end of sanctions that had been imposed on Iraq after the Gulf War, even Cheney when he headed Halliburton had asked for the sanctions to be lifted. Saddam made it clear that when the sanctions were lifted he planned to except ONLY Euros instead of U.S. dollars for Iraq's oil. That is why we invaded.

Iran has also stated they plan to except only Euros for their oil and we are about to pre-emptively attack them. Venezuela also plans to switch to the Euro and we keep trying to assasinate Chavez.

Without the supremecy of the U.S. dollar our economy will collapse because we over-inflate the dollar and just "print more" to cover our expenses.

Why is this not reported in the media????? How come nobody knows this?

[politicaholic]

1. referance please...

welcome to DU!
:hi:

[Mythsaje]

3. Thom Hartmann

was talking about this toward the end of his show today.

[Benbow]

11. There are loads of references - Google: saddam euros

and you get pages, eg

http://www.rferl.org/features/2000/11/01112000160846.asp

1 November 2000: "Iraq is going ahead with its plans to stop using the US dollar in its oil business"

from 6 November 2000: "Baghdad this week insisted on and received UN approval to sell oil through the oil-for-food program for euros only after 6 November"


http://www.ratical.org/ratville/CAH/RRiraqWar.html

The Federal Reserve's greatest nightmare is that OPEC will switch its international transactions from a dollar standard to a euro standard. Iraq actually made this switch in Nov. 2000 (when the euro was worth around 82 cents), and has actually made off like a bandit considering the dollar's steady depreciation against the euro. (Note: the dollar declined 17% against the euro in 2002.)

"Saddam sealed his fate when he decided to switch to the euro in late 2000 (and later converted his $10 billion reserve fund at the U.N. to euros) --"

etc etc

[politicaholic]

18. Thank you so much! n/t

[cantstandbush]

27. It's not common knowledge because the MSM made sure it wasn't

under orders from the RWers and neocons. They know that most Americans are too uninformed to understand the significance of this and thus there would not be enough outrage to justify invading Iraq. So the neocons went with the WMD angle...which they knew was not true but would rile up the dittoheads who vote for the Republicans lock,stock, and barrel.

[Mythsaje]

2. Everyone will soon enough, I'm afraid...

We can't invade Iran, as much as these goofballs would like to do so. We don't have the resources.

[EVDebs]

8. The Iran 'petroeuro' bourse kicks in March 20, 2006

The anniversary of the Iraq invasion. Besides, Chalabi and Iranian intelligence played these Republican/neocons like a fiddler on the roof, oops sorry, couldn't pass it up.

Patrick Lang, former director of the DIA’s Middle East branch, ... I appreciate good work. This was good work,” he said

""He described it as “one of the most sophisticated and successful intelligence operations in history.”

“I’m a spook. I appreciate good work. This was good work,” he said.""

http://schema-root.org/region/americas/north_america/usa/government/executive/departments/defense/defense_intelligence_agency/

(scroll down almost to the bottom to find article )

[Kerrytravelers]

4. NBC won't report it because GE is a major war profiteer.

That is just one example off the top of my head.

diane fienstein won't talk about it on the floor of the Senate because her husband meks $$ from this war. (If I'm wrong on this, PLEASE tell me so I won't continue say this! Provide links if you can! Thanks!)

[katty]

12. the war biz is a huge $$maker it always has been

[Che_Nuevara]

5. One problem with your post:

"Without the supremecy of the U.S. dollar our economy will collapse because we over-inflate the dollar ..."


The US dollar is no longer the top currency. It's been down on the Euro for quite some time now. It's 15% down on the Euro right now.

[tritsofme]

17. The USD is still the world's top reserve currency.

But that may change in the not too distant future.

Lots of currencies are valued higher relative to the dollar, that doesn't make them the world's "top" currency.

[Che_Nuevara]

22. The Euro is economically stronger.

It started below the dollar and has climbed above it. The dollar may have reserve value, but the Euro doesn't need reserve value. Plus, the US recession has been much harder than the German/French recession in recent years. Buying power and outwards cashflow in the US are down, which actually opens up opportunities for the Euro. Siemens, Deutsche Bank, and other German companies are sending their money to Hungary, Poland, Monaco ... even the US!

[tritsofme]

23. The eurozone economy has been terribly anemic

the past several years. There hasn't been a recession in the US for five years, but the eurozone has been teetering on the brink since then.

Little to no growth, and very high unemployment.

The fact that the euro has a value that is relatively higher than the USD does not make it "stronger" necessarily. The GBP has almost always had a value higher relative to the USD, but that does not make it a stronger currency.

I think the death of the USD has been greatly exaggerated.

[sinkingfeeling]

6. Yes, that was one of the big reasons. Plus to test PNAC ideology.

[HeatherDawn]

7. The link

This link is from TEXAS REPUBLICAN Ron Paul

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

Realizing the world was embarking on something new and mind boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence “backed” the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.

There was no public talk of removing Saddam Hussein because of his attack on the integrity of the dollar as a reserve currency by selling oil in Euros. Many believe this was the real reason for our obsession with Iraq. I doubt it was the only reason, but it may well have played a significant role in our motivation to wage war. Within a very short period after the military victory, all Iraqi oil sales were carried out in dollars. The Euro was abandoned.

In 2001, Venezuela’s ambassador to Russia spoke of Venezuela switching to the Euro for all their oil sales. Within a year there was a coup attempt against Chavez, reportedly with assistance from our CIA.

After these attempts to nudge the Euro toward replacing the dollar as the world’s reserve currency were met with resistance, the sharp fall of the dollar against the Euro was reversed. These events may well have played a significant role in maintaining dollar dominance.

It’s become clear the U.S. administration was sympathetic to those who plotted the overthrow of Chavez, and was embarrassed by its failure. The fact that Chavez was democratically elected had little influence on which side we supported.

Now, a new attempt is being made against the petrodollar system. Iran, another member of the “axis of evil,” has announced her plans to initiate an oil bourse in March of this year. Guess what, the oil sales will be priced Euros, not dollars.

Most Americans forget how our policies have systematically and needlessly antagonized the Iranians over the years. In 1953 the CIA helped overthrow a democratically elected president, Mohammed Mossadeqh, and install the authoritarian Shah, who was friendly to the U.S. The Iranians were still fuming over this when the hostages were seized in 1979. Our alliance with Saddam Hussein in his invasion of Iran in the early 1980s did not help matters, and obviously did not do much for our relationship with Saddam Hussein. The administration announcement in 2001 that Iran was part of the axis of evil didn’t do much to improve the diplomatic relationship between our two countries. Recent threats over nuclear power, while ignoring the fact that they are surrounded by countries with nuclear weapons, doesn’t seem to register with those who continue to provoke Iran. With what most Muslims perceive as our war against Islam, and this recent history, there’s little wonder why Iran might choose to harm America by undermining the dollar. Iran, like Iraq, has zero capability to attack us. But that didn’t stop us from turning Saddam Hussein into a modern day Hitler ready to take over the world. Now Iran, especially since she’s made plans for pricing oil in Euros, has been on the receiving end of a propaganda war not unlike that waged against Iraq before our invasion.

It’s not likely that maintaining dollar supremacy was the only motivating factor for the war against Iraq, nor for agitating against Iran. Though the real reasons for going to war are complex, we now know the reasons given before the war started, like the presence of weapons of mass destruction and Saddam Hussein’s connection to 9/11, were false. The dollar’s importance is obvious, but this does not diminish the influence of the distinct plans laid out years ago by the neo-conservatives to remake the Middle East. Israel’s influence, as well as that of the Christian Zionists, likewise played a role in prosecuting this war. Protecting “our” oil supplies has influenced our Middle East policy for decades.



It's really long but you get the point.

[EVDebs]

14. A tanked dollar will bring all those jobs in China/India right back home

The blowback will be quite ironic and trigger a worldwide depression. Lovely.

With a world GDP of around $36 trillion annually, and the US GDP at $12 trillion (and US 'consumption being around 2/3rds of that $12 trillion) you have a huge hit of around one quarter of world consumption shrinking.

Talk about shooting yourself in the foot.

But the US also holds what was called the 'Food Bomb' vs. the Middle East's 'Oil Weapon'. The food bomb being withheld takes a little while longer to 'go off', however.

All in all, a very depressing situation and we have a less than honest administration in power. Lovely.

I prefer Amory Lovin's OilEndGame www.oilendgame.com (downloads book for free). Also, metal air fuel cells, see http://www.evionyx.com/vision.htm#products_and_applications

[katty]

15. Ron Paul has been getting this info out-WHY would

the presstitutes of MSM ever put this out in print or on air?! They pull headlines and stories when their corporate masters crack the whip and threaten to fire them.
Many Americans don't even know the term: Petrodollar (let alone what it means)

[stillcool]

21. hey....thanks for the link....

I missed that one!..:hi:

[katty]

9. agree-I've read numerous articles/commentary on this for 3 yrs

[katty]

10. globalresearch.ca has extensive research on this

[JuniperLea]

13. We've discussed this here before...

But there have been so many other issues lately... This story is two or three years old now... it's one issue in a long line of things the Bush regime has done that will ultimately cause the fall of our nation if we don't do something now.

Follow the money.


Edited to say I've even seen this issue used as a RW talking point on why it was good to invade Iraq and why we should invade Iran. Go figure.

[EVDebs]

16. Since pre Iraq war Feb 2003, Richard Heinberg has mentioned this

Museletter-132
February 2003
by Richard Heinberg
The US and Eurasia: End Game for the Industrial Era?
http://www.museletter.com/archive/132.html

""One seemingly inoffensive response to US global hegemony was the effort of eleven European nations to establish a common currency - the euro. When the euro debuted at the turn of the millennium, many predicted that it would be unable to compete with the dollar. Indeed, for months the euro's comparative value languished. However, it soon stabilized and began to rise.

A more worrying development, from Washington's perspective, was the increasing tendency of second- and third-tier nations to overtly abandon the neoliberal economic policies at the heart of the project of globalization, as new governments in Venezuela, Brazil, and Ecuador publicly broke with the World Bank and declared their desire for independence from American financial control.

Meanwhile, in Russia political theorist Alexander Dugin was gaining increasing influence with anti-American geostrategic writings. In 1997, the same year Brzezinski's The Grand Chessboard appeared, Dugin published his own manifesto, The Basics of Geopolitics, advocating a reconstituted Russian Empire composed of a continental bloc of states allied to cleanse the Eurasian land-mass of US influence. At the center of this bloc Dugin posited a "Eurasian axis" of Russia, Germany, Iran, and Japan.""

Museletter #149 also mentions this:

A New American Century?
Iraq and the hidden euro-dollar wars
http://www.currentconcerns.ch/archive/2003/04/20030409.php

[Disturbed]

19. Bush Regime Iraq Successes (Phase 1)

"The terrorists want to control the oil. Our way of life will be at risk". George W. Bush (Nov. 2005)



Bush Regime Iraq Successes (Phase 1)

1. Saddam will no longer sell Iraqi oil via the Euro.

2, A military foothold in the ME. Other than Saudi Arabia.

3, No countries will be able to buy Iraqi oil that the U.S. disapproves of.

4. The Multi-Intl. Oil Corps are reaping great profits.

5.The Military Industrial Complex is a booming Industry.


Phase 2?

[EVDebs]

28. 12 Step Program. First, admit your addiction. It's taken 30 years

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=2432151

They've tried the 30 yr old Nixon era plans to 'seize' oil fields...now they've got to think about the future instead of following dusty old plans designed to keep oil companies in the black...

[ThomCat]

20. Now Iran is going to the Euro too, and so will others.

How long until the Dollar isn't proped up because it's the currency of the world? What then?

Then we start feeling the real effects of our deficit.

[Minnesota Libra]

24. You think Bush wants rethugs knowing the TRUTH?? There's more.....

.....the public will never be told. Take a look at a map of the Middle East and more specifically where the UAE is and it will all come together.

(Sorry: This is not turning up as a link yet and I don't know how to make one.)

http://images.google.com/imgres?imgurl=&imgrefurl=http://www.alternative-learning.org/international/middleast.html&h=650&w=650&sz=29&tbnid=6guq2KLNyaoJ:&tbnh=135&tbnw=135&prev=/images%3Fq%3Dmiddle%2Beast%2Bmap%26hl%3Den%26lr%3D&oi=imagesr&start=3

The UAE has direct access to shipping lanes for all that there "Texas Tea" Bush and Co is so interested in. To get to that oil Bush & Co has to figure out a way of diverting everyone's attention for a while and also make sure this issue of oil never surfaces again. What better way to keep everyone's head down than to embroil everyone in a region wide civil war while setting up military bases in the UAE? Bush is not nearly as stupid as he looks and acts. He may not be the smartest cookie in the jar but thats what "advisor's" otherwise known as "handlers" (Cheney and Rumsfeld) are for.

They first had to prevent Iraq from going to the euro and next on their list is convincing Iran from doing the euro switch. Sometime between now and the end of March Bush will be going into Iran and spreading the civil war thing there. That is unless it is already under way, which wouldn't surprise me in the least.

To get this deal with the UAE through they must have absolutely insisted or the US ports were offered as return payment for the oil and military bases.

Why now of all times?? Wasn't there a story about Russia or China attempting to make a deal with Iran (I think) for oil?? I don't have a link but I do remember reading something about that.

OK, flame away everyone, if you must.

[louis c]

25. Ron Paul (R-TX) said this on Wed. night

Ron Paul hit the nail right on the head on C-Span on Wednesday night, during special orders.

He was fantastic. Don't let the party designation or the state he comes from fool you. He is amazing in telling the truth, the whole truth and nothing but the truth.

[blue cat]

26. My wingnut sisters have always said that

it doesn't matter if the rest of the world doesn't like us. They just don't get that we needed a serious diplomat like Kerry instead of a dumb cowboy like Bush.