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Articles on the Rise and Fall of the Petrodollar

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So what then befell Libya?

 

In this section we try to solve the great mystery of the Libyan Central Bank. In an article posted on the Market Oracle, Eric Encina observed:

 

One seldom mentioned fact by western politicians and media pundits: the Central Bank of Libya is 100% State-owned. Currently, the Libyan government creates its own money, the Libyan dinar, through the facilities of its own central bank. Few can argue that Libya is a sovereign nation with its own great resources, able to sustain its own economic destiny. One major problem for globalist banking cartels is that in order to do business with Libya, they must go through the Libyan Central Bank and its national currency, a place where they have absolutely zero dominion or power-broking ability. Hence, taking down the Central Bank of Libya (CBL) may not appear in the speeches of Obama, Cameron and Sarkozy but this is certainly at the top of the globalist agenda for absorbing Libya into its hive of compliant nations. Libya not only has oil. According to the IMF, its central bank has nearly 144 tons of gold in its vaults. With that sort of asset base, who needs the BIS [bank of International Settlements], the IMF and their rules?

 

Gaddafi’s proposal to introduce a gold dinar for Africa revives the notion of an Islamic gold dinar floated in 2003 by Malaysian Prime Minister Mahathir Mohamad, as well as by some Islamist movements. The notion, which contravenes IMF rules and is designed to bypass them, has had trouble getting started. But today the countries stocking more and more gold rather than dollars include not just Libya and Iran, but also China, Russia, and India.

 

France’s stake in terminating Gaddafi’s African Initiatives

 

France apparently had initiated the air attacks, with early support from Britain. If Gaddafi was to succeed in creating an African Union backed by Libya’s currency and gold reserves, France, still the predominant economic power in most of its former Central African colonies, would be the chief loser.

 

If the idea to attack Libya originated with France, Obama moved swiftly to support French plans to frustrate Gaddafi’s African initiative with his unilateral declaration of a national emergency in order to freeze all of the Bank of Libya’s $30 billion of funds to which America had access. Furthermore, this was misleadingly reported in the U.S. press as a freeze of the funds of “Colonel Gaddafi, his children and family, and senior members of the Libyan government.” But in fact the second section of Obama’s decree explicitly targeted “All property and interests… of the Government of Libya, its agencies, instrumentalities, and controlled entities, and the Central Bank of Libya.”

 

While the U.S. has actively used financial weapons in recent years, the $30-billion seizure, “the largest amount ever to be frozen by a U.S. sanctions order,” had one precedent, the arguably illegal and certainly conspiratorial seizure of Iranian assets in 1979 on behalf of the threatened Chase Manhattan Bank.

 

According to another report on the internet, the consequences of the $30-billion freeze for Africa, as well as for Libya, have been spelled out by an African observer:

 

The US$30 billion frozen by Mr Obama belong to the Libyan Central Bank and had been earmarked as the Libyan contribution to three key projects which would add the finishing touches to the African federation – the African Investment Bank in Syrte, Libya, the establishment in 2011 of the African Monetary Fund to be based in Yaounde with a US$42 billion capital fund and the Abuja-based African Central Bank in Nigeria which when it starts printing African money will ring the death knell for the CFA franc through which Paris has been able to maintain its hold on some African countries for the last fifty years. It is easy to understand the French wrath against Gaddafi.

 

This same observer spells out her reasons for believing that Gaddafi’s plans for Africa have been more benign than the West’s:

 

It began in 1992, when 45 African nations established RASCOM (Regional African Satellite Communication Organization) so that Africa would have its own satellite and slash communication costs in the continent. This was a time when phone calls to and from Africa were the most expensive in the world because of the annual US$500 million fee pocketed by Europe for the use of its satellites like Intelsat for phone conversations, including those within the same country.

An African satellite only cost a onetime payment of US$400 million and the continent no longer had to pay a US$500 million annual lease. Which banker wouldn’t finance such a project? But the problem remained – how can slaves, seeking to free themselves from their master’s exploitation, ask the master’s help to achieve that freedom? Not surprisingly, the World Bank, the International Monetary Fund, the USA, Europe only made vague promises for 14 years. Gaddafi put an end to these futile pleas to the western ‘benefactors’ with their exorbitant interest rates. The Libyan guide put US$300 million on the table; the African Development Bank added US$50 million more and the West African Development Bank a further US$27 million – and that’s how Africa got its first communications satellite on 26 December 2007.

 

In order that the blind might see

 

It is hoped that this article compiled from a variety of other articles on the internet acknowledges the efforts of those who are first courageous enough to read between the lines and secondly altruistic enough to sacrifice much to change the world. It is hoped that the market pawns who have no understanding of orthodox economics or financials see the light through this article – the true nature of economics and finance in the world.

 

 

http://www.phantomreport.com/the-rise-and-fall-of-the-petro-dollar

 

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