Oriental Daily reported on today (22 December 2005) that Mr William R. Clark. One of the speaker on Global Peace Forum held at PWTC Kuala Lumpur, Malaysia on 15-17 December 2005 said:
On November 2000, Iraq had change the currency of petroleum trade from US Dollars to Euro. Later, Iraq change all USD 10 billion UN reserves from USD to Euro.The Bush administration's unreported aim was to prevent other OPEC countries to follow Iraq to change currency of petroleum trade from USD to Euro. Iraq fate has been decided at that point of time.
USD has dominant the petroleum trade since 1845 and has become a currency of international trade than. In 1990, 70% of foreign currency reserve in the respective country in the world was in US Dollar.
However, with the widening of Euro zone and the fact that 45% of OPEC import was from Euro zone. Petrodollar face a lot of pressure.
"If you understand history of petroleum. You understand 90% of war history" He said.
First world war was cause very much by controlling petroleum and consumption of petroleum.
During second world war. Russian attack by German was because of petroleum. Japan attack US because of petroleum embargo by US.
Mr William R. Clark. Author of “PetroDollar Warfare: Oil, Iraq and the Future of the Dollar”, has received two Project Censored awards for excellent in journalism, 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. (Censored 2004: The Top 25 Censored Stories, Seven Stories Press). He is an Information Security Analyst at Argosy Omnimedia, 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.
Link: Petrodollar Warfare Oil, Iraq and the Future of the Dollar
TechnoratiTag:Asia Business Commentary competitive Economics Economy finance Malaysia News and politics Opinion Politik World
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