The occurrence of the sub prime crisis and oil price hike at the same time defies conventional theory and logic
While Mr.Bush might browbeat the world into believing that it is the insatiable appetite of India and China for food and fuel that is to be blamed for the exponential rise in the price of both, a closer scrutiny of the chain of events as well as a glance back at US history of instigating global turmoil would reveal that things are actually far more intriguing than what they actually seem.
The US modus operandi has always been to instigate a political crisis in a land obviously rich in mineral resources – act as a ‘saviour’ in that ‘crisis’, spend tens of billions during the course of the event, unleash an economic or military blitzkrieg, reduce the mineral rich state to rubble, call a UN General Assembly meeting, make the world pay for the reconstruction of the destroyed places, the contracts of which would go to US backed companies, increasing demand for construction material to be supplied by US, in turn reviving the US economy. Simple!
The world knew for long that ‘Saddam Hussein’ and ‘Weapons of Mass Destruction’ were just lame excuses. The real reason was to take control of one of the largest global oil reserves and thwart further attempts to trade oil in euro, as that would have been the death knell for the biggest brand US has created, i.e. the dollar. Presently, while Bush would like us to believe that the US too is suffering much due to the oil price hike, what is not told is the way the US is profiting through windfall profits from Iraqi oil and from huge refining margins its companies are earning.
While Mr.Bush might browbeat the world into believing that it is the insatiable appetite of India and China for food and fuel that is to be blamed for the exponential rise in the price of both, a closer scrutiny of the chain of events as well as a glance back at US history of instigating global turmoil would reveal that things are actually far more intriguing than what they actually seem.
The US modus operandi has always been to instigate a political crisis in a land obviously rich in mineral resources – act as a ‘saviour’ in that ‘crisis’, spend tens of billions during the course of the event, unleash an economic or military blitzkrieg, reduce the mineral rich state to rubble, call a UN General Assembly meeting, make the world pay for the reconstruction of the destroyed places, the contracts of which would go to US backed companies, increasing demand for construction material to be supplied by US, in turn reviving the US economy. Simple!
The world knew for long that ‘Saddam Hussein’ and ‘Weapons of Mass Destruction’ were just lame excuses. The real reason was to take control of one of the largest global oil reserves and thwart further attempts to trade oil in euro, as that would have been the death knell for the biggest brand US has created, i.e. the dollar. Presently, while Bush would like us to believe that the US too is suffering much due to the oil price hike, what is not told is the way the US is profiting through windfall profits from Iraqi oil and from huge refining margins its companies are earning.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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