Petrodollar

What are petrodollars?

Petrodollar is a United States dollar earned by a country through the sale of petroleum Coined by Ibrahim Oweiss , a professor of economics at Georgetown University, in 1973.

OPEC
Formed at a meeting held on September 14, 1960 in Baghdad, Iraq, by five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Algeria,Angola,Ecuador ,Iran ,Iraq ,Kuwait ,Libya ,Nigeria,Qatar, Saudi Arabia ,United Arab Emirates,Venezuela OPEC is the biggest and the most successful cartel in the world.

Reserves

Saudi oil reserves are the largest in the world, estimated to be around 264 billion barrels, 25% of world oil reserves.

Venezuela is second with total oil reserves at 172 billion barrels at the end of 2009

Irans total oil reserves are estimated of 138 billion barrels and production amounts to 2.4 million barrels per day.

IMPORTANCE OF PETRODOLLARS FOR USA Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world. Henry A. Kissinger

So the USA went to the Saudis and cut a deal OPEC denominate all sales of oil in US dollars. dollars.

 From that point, every nation that needed to buy oil had to firstly hold US dollars, which dollars meant that they exchanged their goods and services for dollars, which the Americans just printed. printed.

 The Americans brought their oil literally for free by printing those dollars. The ultimate free lunch for the Americans at the expense of the rest of the world. world.

Petro dollar Tsunami

 However, the scam began to unravel when Saddam Hussein started selling Iraq's oil directly for Euro abrogating the cozy Euro, arrangement the Americans had with OPEC. Thus Saddam had to be stopped. How?

 USA concocted up a pretext to wage war (drama of twin tower blast) and invade Iraq and the first thing the Americans did was to revert sales of oil back to dollars dollars. The currency crisis was averted for the moment.

Unrest in Libya
Colonel Gaddafi was planning to introduce the gold dinar, a single African currency that would serve as an alternative to the U.S. dollar to buy oil

Under the guise of protecting civilians, the United States led NATO into Libya and is attempting to assassinate the Libyan leader. Libya happens to be the largest oil producer in Africa.

 But Hugo Chavez (Venezuela President) also started selling Venezuelan oil for currencies other than dollars, dollars so there were a number of attempts on his life and "regime change", traceable right back to the CIA. The petrodollar cat was out of the bag.

 Iran President (Ahmedinejad), watching all of this, decided to kick The Great Satan in the goolies and do the same thing - sell oil for every currency EXCEPT US dollars. dollars.

 The shell game is coming to an end for the Americans. As the nations of the world find that they can buy oil for their own currencies instead of holding paper US dollars, more OPEC nations will abandon dollars the dollar.

 The worst thing for the Americans is that eventually, they will also have to buy their oil with Euro or Rubles instead of just printing paper money to get it.

Indo-Iran Gas/Oil Trade-Recent Development

India, the world's fourth-largest oil consumer. relies on Iran for about 12 percent of its imports and is Tehran's second-biggest oil client after China. Washington has snapped tighter financial sanctions on Iran and wants Asia, Tehran's biggest oil market, to cut imports in a bid to pressure the Islamic nation to rein in its nuclear ambitions. India and Iran have agreed to settle some of their $12 billion annual oil trade in rupees.

Indo-Iran Gas/Oil Trade-Recent Development

India has reportedly agreed to pay Tehran in gold for the oil it buys, in a move aimed at avoiding US sanctions that target countries who trade with Iran. China, the number one buyer of Iranian oil, may follow India s lead. This is only going to accelerate the decline of the dollar and its role as world reserve currency.

WHAT THE FUTURE LOOKS LIKE!

With the Chinese and Russians striking bilateral trade agreement to trade directly in Yuan and Ruble without Using dollar (including oil) is possibly the beginning of the petrodollar collapse! THE QUESTION IS NO MORE WILL IT .. IT IS JUST A QUESTION OF WHEN WILL IT !!!