The petrodollars

A former president of Columbia University, Dr. Nicholas Murray Butler, is supposed to have once said that the world is divided into three classes of people: a very small group that makes things happen, a somewhat larger group that watches things happen, and a great multitude that does not know what is happening. Among the group that watches things happen, some have realized the crucial importance of the manipulation of the oil producing countries to sell all their oil in U.S. dollars. The plan for effective control of the world reached a vital state in the 1970s, when, U.S. officials, it is claimed, bribed Nigerian officials to more than double the price of the crucial light crude oil of Nigeria. OPEC was also set up. Oil producers had significantly higher prices dangled before them by the oil buyers, provided that they "supported America," which meant investing the oil revenue in the big banks of the U.S.A. The Arabs did not know that the same people controlled the prime banks, and had the controlling interest in the major oil companies. it appears that a joint stock trust set up three years before the U.S. government declared joint trust stocks illegal in the last century, is that entity that is the ultimate controlling factor in the oil companies, and in major multinationals.

Because they had locked in deposits, the big banks were able to make huge loans to the third world countries, and rely on greed and mishandling to put these countries more and more into the power of these banks, and the families behind them. In 1991, an interview with David Rockefeller by Bryan Appleyard, was published in the British Sunday Times Magazine, under the heading "America's Last Emperor." A title that acknowledged the power of the bank that David Rockefeller headed for so many years. John D. Rockefeller had purchased the Chase Bank, and his brother William bought the National City Bank of New York. The Rockefeller Chase Bank was later merged with the Warburgs' Manhattan Bank, to form Chase Manhattan, the most powerful financial combine in the world, according to Professor Quigley. In the published interview referred to, Appleyard wrote, "The most serious misjudgment he (David Rockefeller) is accused of making, however, was in his job as a banker. From the early 1970s, the Chase was one of the leaders in recycling Arab petrodollars, resulting from the huge rises in oil prices, by loaning them to third world nations. It was the enthusiasm with which this policy, the ultimate global connection, was pursued, that led directly to the catastrophes that began in 1982 when Mexico defaulted on her debt payments. Ever since, third world debt has been one of capitalism's most tragic and intractable crises." The article continues with Rockefeller's comment on this, which is surely a gem! He said, "It may now seem to have been foolish or careless, but basically those loans were made because the countries needed them to survive, and keep alive their industry. In retrospect it clearly went too far. But something had to be done with the money, and the existence of such vast quantities of liquidity made it tempting for the banks to relax their credit standards."

It is interesting that on November 10, 1976, The Washington Post reported that an investigation into Arab deposits in U.S. banks was blocked by Senators who said the information should be provided "only under a formula that was satisfactory to David Rockefeller."

The vast quantities of Arab petrodollars that Chase and others had acquired, were put into bank holding companies set up for the purpose of loaning money to the third world countries. The frequent rise of oil prices, especially in the 1970s, was manipulated by the people who knew that the increased profits would come to their banks. Anthony Sutton, in his book about George Bush, reveals how oil man Vice President Bush personally flcw to the Middle East in early 1986, to persuade the Arab countries to raise the price of oil, Bush used the argument to the Arabs that U.S. security depended on a rise in the price of crude oil. Consternation resulted in the White House, and the Wall Streetjoumal, April 8, 1986, reported, "Said one VVhite House official with reference to Bush, 'I don't know what he's up to'.." They probably said the same thing when it was discovered that he had, when President, moved an army into Saudi Arabia without Congressional knowledge of its size.

There is a theory that third world countries who could not pay the interest due on their loans, not to mind the principal, were approached by the international bankers, who offered to forgive and absolve their debts, provided that they eliminated their own national currencies and became dollar denominated.

Subsequently, what is planned is the elimination of cash altogether, and going on to a unilateral centralized credit card system. Also, the natural mineral resources of the country would be signed away in return for perpetual royalties. The third world countries that agree to this would not let it be known. It would only be heard that they were bankrupt as regards their international debts. Eventually, the holding bank companies involved, who had received the Arab petrodollars for loaning from the international bankers who wished to evade responsibility, would be left holding only the liabilities of the third world countries. When enough of the third world countries had been forgiven their debts, the holding companies would declare themselves bankrupt, as was always planned. The Arabs are told that their money is gone, and legally the international bankers avoid paying the Arabs back their principal investment. Two birds have been killed with one stone, so to speak, and Arab leaders call America "Satan"!