Petrodollar Pumping US Policy on Iran, Backfire Looms
By Michael T. Winter - First Published
(Re-posted on TCW)
Note: The phrase petrodollar warfare refers to a hypothesis that one of the driving forces of United States foreign policy has been the status of the United States dollar as the world's
dominant reserve currency and as the currency in which oil is priced. The term was coined by William R. Clark, who has written a book with the same title. The phrase oil currency war
is sometimes used with the same meaning. -ED
Economic sanctions, spearheaded by the
US and, less willingly, the EU could have a disastrous effect on both of their respective economies. If Iran cannot sell their oil to Europe, there are plenty of customers waiting in the wings, and if they come bearing not petrodollars, but gold and
sovereign currencies, then all the better for Iran. These sanctions, if enforced, will in effect place a serious dent in the power of the petrodollar.
Any rhetoric regarding
Iran’s *nuclear program and the insistence on crippling it is nothing more than a US attempt to force regime change for one more receptive to maintaining the hegemony of the petrodollar.
*The consensus view of the United States’ 16 intelligence agencies is that Iran abandoned its nuclear weapons program years ago. Director of US intelligence James Clapper “said there was no evidence that (Iran) had made a
decision on making a concerted push to build a weapon. David H. Petraeus, the C.I.A. director, concurred with that view…. Other senior United States officials, including Defense Secretary Leon E. Panetta and Gen. Martin E. Dempsey, the chairman of the
Joint Chiefs of Staff, have made similar statements.” Source: "When will the Killing War in Iran Begin? It Already Has" (Article on war waged on Iranian citizen's public health from US, Israel, EU sanctions) by
Stephen Gowans, published in Global Research, November 06, 2012.