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Original Essays | September 30, 2014

Benjamin Parzybok: IMG A Brief History of Video Games Played by Mayors, Presidents, and Emperors



Brandon Bartlett, the fictional mayor of Portland in my novel Sherwood Nation, is addicted to playing video games. In a city he's all but lost... Continue »
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1 Burnside International Studies- Oil Politics

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

by

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

 

Synopses & Reviews

Publisher Comments:

The invasion of Iraq may well be remembered as the first oil currency war. Far from being a response to 9/11 terrorism or Iraq’s alleged weapons of mass destruction, Petrodollar Warfare argues that the invasion was precipitated by two converging phenomena: the imminent peak in global oil production and the ascendance of the euro currency.

Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil. Iraq, possessing the world’s second-largest oil reserves, was therefore already a target of US geostrategic interests. 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.

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. Clark is manager of performance improvement at Johns Hopkins University School of Medicine. His research on oil depletion, oil currency issues and US geostrategy received a 2003 Project Censored Award and was published in Censored 2004. He lives in Columbia, Maryland.

Book News Annotation:

One by one the various rationales given for the US invasion of Iraq evaporate into thin air, and the real reasons remain in question. The author of this book sees the rationale as oil and, perhaps more importantly, oil currency. He first describes the 2003 Iraq War as an effort to establish permanent military bases in the oil rich Gulf region before the onset of peak oil, the point in time when the world's production of oil is outstripped by demand. He then proceeds to discuss the role of petrodollar recycling in the spurring the Iraq invasion. Petrodollar recycling, to put it succinctly, refers to the idea that having the dollar as the default currency for global oil trading serves to artificially prop up the US economy and, in turn, US global hegemony. In this formulation, the Iraq war started as an effort to reverse Saddam Hussein's switch to the euro for Iraq's oil. In the end, the book suggests, this militarism is self-defeating, and Clark advocates more enlightened policies. Distributed in the US by Consortium Books Sales and Distribution.
Annotation 2006 Book News, Inc., Portland, OR (booknews.com)

Book News Annotation:

One by one the various rationales given for the US invasion of Iraq evaporate into thin air, and the real reasons remain in question. The author of this book sees the rationale as oil and, perhaps more importantly, oil currency. He first describes the 2003 Iraq War as an effort to establish permanent military bases in the oil rich Gulf region before the onset of peak oil, the point in time when the world's production of oil is outstripped by demand. He then proceeds to discuss the role of petrodollar recycling in the spurring the Iraq invasion. Petrodollar recycling, to put it succinctly, refers to the idea that having the dollar as the default currency for global oil trading serves to artificially prop up the US economy and, in turn, US global hegemony. In this formulation, the Iraq war started as an effort to reverse Saddam Hussein's switch to the euro for Iraq's oil. In the end, the book suggests, this militarism is self-defeating, and Clark advocates more enlightened policies. Distributed in the US by Consortium Books Sales and Distribution. Annotation ©2006 Book News, Inc., Portland, OR (booknews.com)

Synopsis:

Reveals the background — and blowback from — the first oil currency war.

About the Author

William Clark is Manager of Performance Improvement at Johns Hopkins University School of Medicine. His research on oil depletion, oil currency issues and U.S. geostrategy received a 2003 Project Censored award, published in Censored 2004. He lives in Columbia, Maryland.

Product Details

ISBN:
9780865715141
Author:
Clark, William
Publisher:
New Society Publishers
Author:
Clark, William R.
Subject:
General
Subject:
International finance
Subject:
United States - 20th Century
Subject:
Petroleum industry and trade
Subject:
Dollar, American
Subject:
Industries - Energy Industries
Subject:
Government - U.S. Government
Subject:
Public Policy - Economic Policy
Subject:
United States Politics and government.
Subject:
Politics-United States Politics
Subject:
Politics - General
Copyright:
Edition Description:
Trade Paper
Publication Date:
20050531
Binding:
TRADE PAPER
Grade Level:
General/trade
Language:
English
Illustrations:
BandW illustrations and photographs
Pages:
288
Dimensions:
9 x 6 x 1 in 15.36 oz

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Related Subjects

Business » Accounting and Finance
Business » General
History and Social Science » Politics » General
History and Social Science » Politics » Politics of Oil
History and Social Science » US History » 20th Century » General

Petrodollar Warfare: Oil, Iraq and the Future of the Dollar Used Trade Paper
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Product details 288 pages New Society Publishers - English 9780865715141 Reviews:
"Synopsis" by ,
Reveals the background — and blowback from — the first oil currency war.
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