Artículos con la etiqueta ‘assessment of Washington’s maneuvers’

On the True Aims of the War against Syria

Por • 20 sep, 2013 • Category: Internacionales

third strategic goal – preserving the petrodollar system. It is well known that forty years ago the gold standard was replaced by the oil standard. In 1971 the U.S. announced the end of the convertibility of the dollar to gold. Two years later, in order to support world demand for the U.S. dollar, which was no longer backed by anything, a new system was created: the petrodollar. In 1973 an agreement was reached between Saudi Arabia and the U.S. according to which each barrel of oil bought from Saudi Arabia would be priced in U.S. dollars. In accordance with this new agreement, any country wishing to buy oil from Saudi Arabia must first exchange its own national currency for American dollars. In exchange for Saudi Arabia’s willingness to conduct oil deals exclusively in U.S. dollars, America offered it arms and protection of oil fields from the encroachment of neighboring countries, including Israel.In 1975 all the OPEC countries agreed to price their oil resources exclusively in American dollars and receive dollars for oil. In exchange they were promised arms shipments and military protection.