Voltaire Network

Energy economics

The Dollar Supremacy
The US’s Achilles Heel
by L.C. Trudeau
The US's Achilles Heel 4 April 2003
The establishment of a unipolar world is currently being carried out with the conflict in Iraq and the destruction of the United States. However, the war of Iraq hides another war: that of currency control. In this financial war, the United States tries to maintain the dollar as the only reference currency while part of the world is trying to use the euro as an alternative to the American hegemony. The change began late in 2000 when Iraq decided to make out their oil and trade transactions in euros and not in dollars anymore. North Korea and Iran followed the initiative. In March 2001, Venezuela, one of the most important members of the Organization of Petroleum Exporting Countries (OPEC), made a remarkable intervention regarding the use of the Euro in fixing the price of petroleum. In 2002, China and Russia began to convert their financial earnings from dollars to euros. If the Bush administration has its own reasons to attack Iraq, it is supported by the US financial (...)

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