BLACK EYE NEWS
June 3, 2012
Such a simple world, but “they” present it as complicated. Iran is an oil-exporting country and a member of OPEC. In the early 1970s, OPEC as an organization agreed to only trade oil in U.S. dollars. This happened at the same time President Richard Nixon and then-Federal Reserve chair Arthur Burns ended the proverbial “gold standard” for the U.S. dollar…and started the de-facto “oil standard.” The only thing that gives paper Federal Reserve notes value is the fact OPEC member countries all agreed to trade oil in said dollars. When Saddam Hussein and Iraq (OPEC country) threatened to stop trading in dollars (because he realized they are worthless), the country was invaded and he was killed. You can substitute the name Muammar Gaddafi in the previous sentence for the story of Libya (OPEC country). Now Iran no longer wants the useless U.S. dollar either…and you hear war drums (“sanctions”). But just like this government deems certain banks “too big to fail,” certain countries, such as oil-producer Iran and big buyers in Russia and China, might be too big to invade to save the “petrodollar.”
With Bilderberg winding down their meeting today in Virginia, I suspect a lot of “action” is forthcoming around the world.