The point was that the reserve status of the dollar, now a paper currency, was bolstered by the 400% increase in world demand for dollars to buy oil.
Why Iran's oil bourse can't break the buck
By F William Engdahl
A number of writings have recently appeared with the thesis that the announced plans of the Iranian government to institute a Tehran oil bourse, perhaps as early as this month, is the real hidden reason behind the evident march to war on Iran by the Anglo-American powers. The thesis is simply wrong for many reasons, not least that war on Iran has been in planning since the 1990s as an integral part of the United States' Greater Middle East strategy.
F William Engdahl is author of A Century of War: Anglo-American Oil Politics and the New World Order (Pluto Press). He can be reached through his website, www.engdahl.oilgeopolitics.net.
By F William Engdahl
A number of writings have recently appeared with the thesis that the announced plans of the Iranian government to institute a Tehran oil bourse, perhaps as early as this month, is the real hidden reason behind the evident march to war on Iran by the Anglo-American powers. The thesis is simply wrong for many reasons, not least that war on Iran has been in planning since the 1990s as an integral part of the United States' Greater Middle East strategy.
F William Engdahl is author of A Century of War: Anglo-American Oil Politics and the New World Order (Pluto Press). He can be reached through his website, www.engdahl.oilgeopolitics.net.
