Earth News/ Economist Nabil Al-Marsoumi recalled the fate of both former regime president Saddam Hussein and Libyan President Muammar Gaddafi, after Iraq moved towards selling oil for prices other than the dollar.
Al-Marsoumi stated, “In 1973, King Faisal of Saudi Arabia agreed to accept the dollar as the sole currency to buy oil in exchange for America providing military protection for Saudi oil fields, and in 1975 the other OPEC countries agreed to price oil in dollars only, and America succeeded in this deal by linking the dollar to oil instead of gold.” “.
He added, “This deal forced all oil-importing countries to create a fixed supply of dollars to buy oil, and therefore these countries were forced to export goods to America, and in return, America provides them with dollars that will only cost them the cost of printing them, and from here a new system began that maintains American dominance over the financial system.” The global name is the petro-dollar. Dollars leave America and anything America needs comes to it. As a result, the United States became very rich, and this process did not lead to inflation because the countries of the world constantly need dollars to buy oil and participate in international trade. Therefore, those dollars remained outside America, after the dollar was linked. With oil, America can spend more money on its military forces, which have become the first in the world.”
Al-Marsoumi explained, “In 2000, Iraq announced the beginning of linking Iraqi oil sales to the euro instead of the dollar, which, along with other factors, prompted the United States to overthrow Saddam Hussein’s regime by military force. In 2011, Muammar Gaddafi tried to create a gold currency in Africa called the golden dinar, and he succeeded in creating A bloc of African countries, but the Americans overthrew the Libyan regime and killed Gaddafi, because selling the country, even a small one, for its oil for something other than the dollar will cause the dollar’s strength to destabilize. Currently, there is nothing that supports the dollar except oil, and America will not hesitate to use its military power to crush any threat to the dollar, even if it is linked. “Oil is in dollars, and preserving it for the longest time is an American priority.”
He stated that “oil pricing in dollars is not only related to the standard oil crude oils that are priced in dollars, namely Brent crude and West Texas Intermediate crude, but because oil trade is the largest in the world, as it is not limited to exchanging oil in commodity markets only, but there is a very large trade in paper barrels amounting to more than tens of times the real exchange rate, especially on the New York and London Stock Exchanges, through speculation in futures contracts.”
He explained, “Therefore, the calls to sell Iraqi oil in a currency other than the dollar lack realism and reflect a wrong understanding of the basics of oil pricing in the global market, and because it will expose Iraq to very violent American reactions, because abandoning the dollar is an American red line because it will threaten the global position of the dollar, which it currently represents.” 60% of global monetary reserves and will undermine the economic importance of the United States globally.”
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