The Final Screws Are Being Put to the Petro-Dollar System

Ever since the year 2000, the United States has used a combination of overt and covert wars to eliminate any leader or country that sought to function outside the U.S. controlled petro-dollar system.  And with the revelations that there were no ‘weapons of mass destruction’ in Iraq when former President George W. Bush used that lie to invade and assassinate Saddam Hussein, the real reasons that he sent in the military to eradicate Saddam’s government once and for all were due to the fact that Hussein was in the process of selling his oil in currencies other than the dollar.

“Europe’s dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros, despite the fact that the battered European currency unit, which used to be worth quite a bit more than $1, has dropped to about 82[cents]. Iraq says it will no longer accept dollars for oil because it does not want to deal “in the currency of the enemy.”

— Time Magazine, 2000

Saddam Hussein’s death was then followed up a decade later when President Barack Obama and then Secretary of State Hillary Clinton covertly funded and armed Islamic rebels (terrorists) to seize control over Libya, and to kill then President Muammar Gaddafi because he was in talks with six other African leaders to create a new gold backed currency that would be used by the coalition for the sale of their own oil output.

“In spite of French-led U.N. Security Council Resolution 1973 creating a no-fly zone over Libya with the express intent of protecting civilians, one of the over 3,000 new Hillary Clinton emails released by the State Department on New Year’s Eve, contain damning evidence of Western nations using NATO as a tool to topple Libyan leader Muammar al-Gaddafi. The NATO overthrow was not for the protection of the people, but instead it was to thwart Gaddafi’s attempt to create a gold-backed African currency to compete with the Western central banking monopoly.

— The Free Thought Project

But it would eventually take two world powers, that of Russia and China, to finally put a crack in the petro-dollar system when beginning in 2013, they signed several trade agreements that would lead up to Russia now selling its oil in both Rubles and RMB.And on Sept. 5, the final nails may be in the process of finally ending the U.S. controlled petro-dollar system once and for all as two interesting reports involving Russia, Saudi Arabia, Iran, and Germany have OPEC on the cusp of officially ending their partnership with the dollar, and starting a new coalition led by Vladimir Putin.

“On Monday, Russia and Saudi Arabia signed a joint oil market stabilization statement, aimed at tackling a global glut; Russia’s Energy Minister called it a “historic moment” in relations between OPEC members and non-members, while experts believe it could be the harbinger of a new alliance that will finally replace OPEC.

Russian, Saudi Energy Ministers Sign Joint Declaration to Stabilize Oil Market Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih agreed on Monday to cooperate on stabilizing the oil market and ensuring stable long-term investments.

The joint statement was signed in China’s Hangzhou on the sidelines of the G20 summit and followed a meeting between Russian President Putin and Saudi Deputy Crown Prince Mohammed bin Salman.

The two ministers announced that both countries have recognized an oil output freeze as the most effective tools available to provide stability to the oil market.

Alexander Novak called the agreement a “historic moment” in relations between members and non-members of the Organization of the Petroleum Exporting Countries (OPEC).

— Sputnik News

But not to be out-shined by fellow OPEC member Saudi Arabia on Monday, the Islamic republic of Iran signed an agreement with German officials to open two banks which would allow oil sales to Europe be done bi-laterally in Euros instead of dollars.

“Two private Iranian banks will open branches in Munich, officials confirmed Monday, as the Islamic republic looks for ways around ongoing barriers to international financing. The central bank announced late on Sunday that Middle East Bank and Sina Bank would set up in Germany’s Bavaria state, following a visit by local economy minister Ilse Aigner to Tehran. “This is a first since the revolution of 1979. We hope to open our branch by the end of 2016,” Parviz Aghili, director general of Middle East Bank, told AFP. Iran’s central bank is also now working with its German counterpart and several banks in the country to settle oil exports in euros.

— Russia Today

It appears that the days of the petro-dollar, as well as the strict hegemony of OPEC, are now numbered, and sitting at the head of the table is the world’s leading oil producer, Russia.  And interestingly, perhaps this more than the face to face stare down between Putin and Obama this weekend at the G20 conference is why a warning shot, or an outright assassination attempt, was made yesterday on the Presidential car Putin normally uses when traveling around Moscow.