From Market Oracle
By Jim Willie
"The history of the PetroDollar could be described as a syndicate contract between the United States and Saudi Arabia to subsidize the USDollar, to prop up the Western banking system, to enable the Arab royals (sheiks & emirs) to continue to claim their national treasures as their private property. Without the contract, the United States would not be able to perpetuate the privilege abused by the USGovt and Wall Street, whereby money is printed at will, private entities benefit routinely, trillion dollar budgets are hammered out, and no process exists either for foreign participation or approval.
The Saudis must honor oil sales only in US$ transactions from their vast production fields across the kingdom. • They must recycle their vast ill-gotten wealth (due to its private nature) in New York and London banks, so as to support the US $-based banking system, and thus enable the funding of vast loan portfolios for Western usage. • They must purchase vast military weaponry in order to secure their grip of power and to keep stability in the hostile Persian Gulf region."
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as you read this, keep in mind it was written in 2007
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