petrodollar

There's some speculation that one reason the US invaded Iraq was to defend the petrodollar from the advent of the petroeuro.

strength in numbers 2005

Their decades-old promise to use only the petrodollar translates into them being an appendage of Pentagon power projection across the Middle East.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

Their decades-old promise to use only the petrodollar translates into them being an appendage of Pentagon power projection across the Middle East.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

Their decades-old promise to use only the petrodollar translates into them being an appendage of Pentagon power projection across the Middle East.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

Their decades-old promise to use only the petrodollar translates into them being an appendage of Pentagon power projection across the Middle East.

The Full Feed from HuffingtonPost.com Pepe Escobar 2012

Leading expert in G. C.C economies, he coined the definition of "petrodollar" in 1973, in order to describe the US dollar-denominated incomes of many oil-rich countries, particularly the Opec States of the Persian Gulf region.

Gates of Vienna 2009

Leave aside, for the moment, the new sanctions on Iran’s Central Bank that will go into effect months from now, ignore Iranian threats to close the Strait of Hormuz especially unlikely given that it’s the main way Iran gets its own oil to market, and perhaps one key reason the crisis in the Persian Gulf is mounting involves this move to torpedo the petrodollar as the all-purpose currency of exchange.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

Leave aside, for the moment, the new sanctions on Iran’s Central Bank that will go into effect months from now, ignore Iranian threats to close the Strait of Hormuz especially unlikely given that it’s the main way Iran gets its own oil to market, and perhaps one key reason the crisis in the Persian Gulf is mounting involves this move to torpedo the petrodollar as the all-purpose currency of exchange.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

In this context, it’s worth remembering that in September 2000 Saddam Hussein abandoned the petrodollar as the currency of payment for Iraq’s oil, and moved to the euro.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012

Leave aside, for the moment, the new sanctions on Iran’s Central Bank that will go into effect months from now, ignore Iranian threats to close the Strait of Hormuz especially unlikely given that it’s the main way Iran gets its own oil to market, and perhaps one key reason the crisis in the Persian Gulf is mounting involves this move to torpedo the petrodollar as the all-purpose currency of exchange.

Pepe Escobar: The Myth of “Isolated” Iran Pepe Escobar 2012