Petrodollar Warfare: Oil, Iraq and the Future of the Dollar

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Together with the fact that Iraq had switched to paying for oil in euros--rather than US dollars--the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency standard.

Petrodollar Warfare: Oil, Iraq and the Future of the Dollar

Meticulously researched, Petrodollar Warfare examines US dollar hegemony and the unsustainable macroeconomics of 'petrodollar recycling,' pointing out that the issues underlying the Iraq war also apply to geostrategic tensions between the United States and other countries, including the member states of the European Union, Iran, Venezuela and Russia. The author warns that without changing course, the American experiment will end the way all empires end--with military overextension and subsequent economic decline.

He recommends the multilateral pursuit of both energy and monetary reforms within a UN framework to create a more balanced global energy and monetary system--thereby reducing the possibility of future oil and oil currency-related warfare. A sober call for an end to aggressive US unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy. William R.

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They agreed to use U. The U.


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Since then, oil-exporting countries have become more sophisticated. They use these funds to invest in non-oil related businesses. The profits from these businesses make them less dependent on oil prices.

Here are the world's largest petrodollar recyclers ranked by assets :. A U.

Petrodollar Warfare: Oil, Iraq and the Future of the Dollar - Semantic Scholar

The oil-producing countries used these funds to provide a cushion to fall back on. An unknown amount of funds could have been invested in U.


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These hidden petrodollars increase global volatility. The United States uses the power of petrodollars to enforce its foreign policy. They are afraid it would mean the collapse of the petrodollar. Critically, it is not priced in dollars, and it includes the sale of Iran's oil.

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China called for a replacement of the U. Ironically, it is one of the largest foreign holders of the dollar. China influences the U. Will these rogue attacks cause a dollar collapse?

Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse

No, at least not for the near future. That is because there is no good alternative. But there is a threat to the petrodollar as the world shifts from oil to renewable energy. Nations are limiting greenhouse gas emissions to fight global warmin g.

As they shift to electric vehicles and solar or wind power generation, it threatens the profitability of oil-producing nations.