The mother of all secrets

A momentous event occured on September 24, 2000. The threat to the United States was greater than all the world's terrorists put together. Our corporate mass media didn't inform the American public. Neither did Presidents Clinton or Bush. They were afraid to tell the truth. So they didn't.

That's why the first priority of Bush administration officials after the Al Queda attack of 9-11 was to connect that attack to Iraq in the public mind. They needed a fig leaf for the naked aggression that was already a given in their minds and plans. The big secret was what Saddam Hussein had done on September 24, 2000. He had announced Iraq would no longer accept U.S. dollars for oil but only euros. And then he converted all of Iraq's $10 billion Reserve Fund into euros. The new currency of united Europe, the euro, could not be allowed to threaten the dollar's monopoly of world oil payments.

If other oil producers followed his lead, the dollar would tank. All those petrodollars would no longer be needed to buy oil and the supply of dollars would outstrip demand. The standard of living in the U.S. would plummet. This was the trigger that led to the US capture of Iraq and its huge oil reserves.

Saddam had to go. Other oil producers had to be convinced not to convert their oil payments to euros, or else. War to save the petrodollar was inevitable. But you can't tell the world you are starting a war so a corporation called the Federal Reserve can keep on printing money. So, first the cry was WMD. Then Saddam is brutal. Finally, it was democracy .

But the critics of the Iraq war are wrong. Invading with too few troops against the Joint Chiefs of Staff's advice wasn't a mistake. Allowing chaos and looting (except at the Iraqi Oil Ministry) wasn't a lapse in oversight. Disbanding the Iraqi Army and putting hundreds of thousands of angry, unpaid young men on the streets wasn't poor judgement. All were more likely part of a plan known only at the highest levels of the administration. This plan required reasons for permanent U.S. control of Iraqi oil, priced in dollars and sold for dollars. Post-invasion chaos and turmoil were absolutely necessary to provide public reasons for the U.S. military to remain in Iraq after our invasion toppled Saddam.

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Saddam's sin wasn't the gassing of the Kurds. Rumsfeld and Cheney didn't mind that. Saddam wasn't wrong in building WMD's. Rumsfeld and Cheney actually helped him year's ago. Saddam made the fatal error of refusing to take corporate IOU's called Federal Reserve notes because he, like the rest of the world, knew this paper keeps on losing value, year after year after year.

Look in your wallet. Guess what you are holding.

Spengler forum post, Terry Stone

The Petro-Dolar and Petro-Euro conflict

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Going back to the pre-ear period, until November 2000, no OPEC country dared breaking the petro-dollar system. Driven by the spirit of defying the United States and the long term oil supply agreements with France and Germany, on Sept. 24, 2000, Saddam Hussein’s government announced that it would no longer accept dollars for oil being sold under the UN Oil for Food program. All oil sales were to be paid for in euro. Taking into consideration that Iraq, has the world's second largest proven reserves - some 112 billion barrels, and at least another 100bn of unproven reserves, according to the US Department of Energy. US buys up Iraqi oil to stave off crisis we can see the magnitude of the serious threat looming over the Petro-Dollar system. Hence we can understand why the U S invaded Iraq.

Similarly Iran announced switching the oil sales from Petro-dollar to Petro-Euro. Starting from 20.3.2006

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