From Google Books
"David Spiro has followed the money trail, and the story he tells, based
on interviews and a painstaking accumulation of fragmentary evidence,
contradicts the accepted beliefs both in the particulars and in broad
outline. Most of the sudden flush of new oil wealth did not go to poor
oil-importing countries around the globe. Instead the United States made
a deal with Saudi Arabia to sell it U.S. securities in secret, a deal
resulting in a substantial portion of Saudi assets being held by the
U.S. government. With this arrangement, the U.S. government violated its
agreements with allies in the developed world. Spiro argues that
American policy makers took this action to prop up otherwise intolerable
levels of U.S. public debt. In effect, recycled OPEC wealth subsidized
the debt-happy policies of the U.S. government as well as the debt-happy
consumerism of its citizenry."
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