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The history of petrodollar recycling…
According to research outlined in Dr. David Spiro’s book, The Hidden Hand of American Hegemony (1999), it was during this time OPEC began discussions on the viability of pricing oil trades in several currencies. This unpublished proposal involved a “basket of currencies” from the Group of Ten nations, or “G-10.” These 10 members of the Bank of International Settlements (plus Austria and Switzerland) included the major European countries and their currencies such as Germany (Mark), France (Franc), and the U.K. (Sterling), as well other industrialized nations such as Japan (yen), Canada (Canadian dollar), and of course the Unites States (U.S. dollar). 35 It should be noted the powerful G-10/BIS Group of Ten also has one unofficial member, the governor of the Saudi Arabian Monetary Authority, or SAMA.
In order to prevent this monetary transition to a basket of currencies, the Nixon administration began high-level talks with Saudi Arabia to unilaterally price international oil sales in dollars only – despite U.S. assurances to its European and Japanese allies that such a unique monetary/geopolitical arrangement would not transpire. In 1974 an agreement was reached with New York and London banking interests which established what became known as “petrodollar recycling.”
That year the Saudi government secretly purchased $2.5 billion in U.S. Treasury bills with their oil surplus funds, and a few years later Treasury Secretary Michael Blumenthal cut a secret deal with the Saudis to ensure that OPEC would continue to price oil in dollars only. 36
In typical understatement Dr. Spiro noted, “…clearly something more than the laws of supply and demand…resulted in 70 percent of all Saudi assets in the United States being held in a New York Fed account.” 37 Naturally, this arrangement with the Saudi government prevented a market-based adjustment, and was the basis for the second phase of the American Century, the Petrodollar phase. What follows is the extraordinary history in which petrodollar recycling was vigorously implemented during the 1970s.
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Thrive – What On Earth Will It Take
THRIVE is an unconventional documentary that lifts the veil on what’s REALLY going on in our world by following the money upstream — uncovering the global consolidation of power in nearly every aspect of our lives. Weaving together breakthroughs in science, consciousness and activism, THRIVE offers real solutions, empowering us with unprecedented and bold strategies for reclaiming our lives and our future.
INTERVIEWS in THRIVE
Duane Elgin, Nassim Haramein, Steven Greer, Jack Kasher, Daniel Sheehan, Adam Trombly, Brian O’Leary, Vandana Shiva, John Gatto, John Robbins, Deepak Chopra, David Icke, Catherine Austin Fitts, G. Edward Griffin, Bill Still, John Perkins, Paul Hawken, Aqeela Sherrills, Evon Peter, Angel Kyodo Williams, Elisabet Sahtouris, Amy Goodman, and Barbara Marx Hubbard.
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Federal judge weighs whether to let regulators rein in oil speculators
WASHINGTON — A federal judge on Monday refused to halt efforts by a key regulator to limit excessive speculation in the trading of oil contracts — which is driving up oil and gasoline prices — but hinted that he might soon rule in favor of Wall Street and let speculation go unchecked.
Robert Wilkins, a judge on the U.S. District Court for the District of Columbia, declined a request for a preliminary injunction to halt the Commodity Futures Trading Commission from implementing a congressional mandate to limit how many oil contracts any single financial speculator or company can control.
However, Wilkins told both the CFTC and lawyers for the Securities Industry and Financial Markets Association and the International Swap and Derivatives Association that he expected to make a ruling soon on whether to hear the case. His line of questioning left both sides with the impression that he was concerned about how the regulatory agency has proceeded.
The two influential lobbies for Wall Street sought the injunction hoping to thwart what are called “position limits,” which were ordered by Congress as part of the landmark Dodd-Frank Act in 2010. The act was the broadest revamp of financial regulation since the Great Depression. The limits sought to prevent excessive speculation not just in oil but across the broad range of commodities, including farm products and metals.
Judge Wilkins expressed concern that Congress would direct the agency to impose market-wide limits without detailed study beforehand. President Barack Obama nominated Wilkins to the bench and the Senate confirmed him in 2010.
“That seems to me an astonishing position to take,” the judge told CFTC deputy general counsel Jonathan Marcus, who had said that Congress ordered the agency to first impose limits on oil trading, then other commodities.
Blame oil speculation by big banks for rising gas prices
The cost of gas is expected to rise this spring and summer — but no matter how hard conservative pundits try to blame a potential threat of an oil cutoff from Iran, it’s just not the whole story.
Speculation on oil futures — by big banks such as Goldman Sachs, JPMorgan Chase and others — contributes to the rising cost. “They make money if the price zooms up,” Cenk says. In 2011, the average American household paid $600 more out of pocket as a result of that speculation. “It isn’t supply and demand. It isn’t the free market. It’s because these guys are playing with the market — so that they can make more money. They have got to love what is happening with Iran.”
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Radioactive tritium leaks found at 48 US nuke sites
‘You got pipes that have been buried underground for 30 or 40 years, and they’ve never been inspected,’ whistleblower says
Radioactive tritium has leaked from three-quarters of U.S. commercial nuclear power sites, often into groundwater from corroded, buried piping, an Associated Press investigation shows.
The number and severity of the leaks has been escalating, even as federal regulators extend the licenses of more and more reactors across the nation.
Tritium, which is a radioactive form of hydrogen, has leaked from at least 48 of 65 sites, according to U.S. Nuclear Regulatory Commission records reviewed as part of the AP’s yearlong examination of safety issues at aging nuclear power plants.
Leaks from at least 37 of those facilities contained concentrations exceeding the federal drinking water standard — sometimes at hundreds of times the limit.
While most leaks have been found within plant boundaries, some have migrated offsite. But none is known to have reached public water supplies.
At three sites — two in Illinois and one in Minnesota — leaks have contaminated drinking wells of nearby homes, the records show, but not at levels violating the drinking water standard.
At a fourth site, in New Jersey, tritium has leaked into an aquifer and a discharge canal feeding picturesque Barnegat Bay off the Atlantic Ocean.
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Errant Email to Congressional ‘Allies’ on Keystone Pipeline Exposes Media Matters’ ‘Non-Partisan, Tax-Exempt’ Fraud
Media Matters for America (MMfA) sent an email yesterday, likely in error, to the office of Sen. James Inhofe (R-OK)–hardly a regular recipient of MMfA spam–attempting to coordinate Democratic opposition to the Keystone XL pipeline that was recently blocked by the Obama administration.
The email apparently targeted staff from the Senate’s Committee on Environment and Public Works, and recipients included staff working for Sen. Inhofe as Ranking Member, apparently in error. (Sen. Inhofe is an ardent supporter of the Keystone pipeline and has objected vehemently to President Barack Obama’s decision to prevent it from moving forward.)
The fact that MMfA’s email was, atypically, sent to Republican staffers might suggest a gesture at bipartisan outreach–except that the email was explicitly addressed to congressional “allies” on an issue where Republicans have shown unusually strong unity, and the opposition, such as it is, has come from Democrats and the White House. (Last year, the House of Representatives passed a bill supporting the Keystone pipeline with Republicans favoring the project 232-3, and Democrats opposing it 144-47.)
